Satellite IoT Market Worth $2.1 Billion by 2030

Meticulous Research®-a leading global market research company, published a research report titled, 'Satellite IoT Market by Service Type, Frequency Band, Organization Size, Sector (Military & Defense, Agriculture, Construction, Oil & Gas, Utilities, Transportation & Logistics, Maritime) - Global Forecast to 2030.'

According to this latest publication from Meticulous Research®, the global satellite IoT market is expected to register a CAGR of 18.2% during the forecast period to reach $2.1 billion by 2030. The growth of the satellite IoT market is driven by the rising demand for interconnectivity between devices in remote areas and the increasing use of satellite IoT technology in the agriculture industry. However, the high costs of implementing satellite IoT solutions restrain the growth of this market. Additionally, the growing use of satellite IoT technology in maritime applications is expected to generate growth opportunities for the players in this market. However, satellite IoT devices' vulnerability to cyberattacks is a major challenge for market growth.

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The global satellite IoT market is segmented by service type (satellite IoT backhaul services and direct-to-satellite services), frequency bands (L band, Ku band, Ka band, and other frequency bands), organization size (large enterprises and small & medium-sized enterprises), sector (agriculture [environmental and weather monitoring, equipment tracking, and other applications], construction [site monitoring, fleet management, and other applications], utilities [remote monitoring, worker safety and security, and other applications], oil & gas [remote monitoring, worker safety and security, and other applications], military & defense [border intrusion and detection, aircraft safety systems and telematics, and other applications], transportation & logistics [telematics, location tracking, and other applications], maritime [communication and navigation, weather and meteorological data, and other applications], and other sectors), and geography. The study also evaluates industry competitors and analyzes the market at regional and country levels.

Based on service type, the global satellite IoT market is segmented into satellite IoT backhaul service and direct-to-satellite service. In 2023, the direct-to-satellite service segment is expected to account for the larger share of the global satellite IoT market. The large market share of this segment is attributed to the rising demand for direct-to-satellite IoT services for tracking and managing remote operations and the growing demand for direct-to-satellite services in smart agriculture and marine applications. Moreover, this segment is projected to register the highest CAGR during the forecast period.

Based on frequency band, the global satellite IoT market is segmented into L band, Ku band, Ka band, and other frequency bands. In 2023, the Ku band segment is expected to account for the largest share of the global satellite IoT market. The segment's large share is attributed to the increasing adoption of the Ku band due to lower spectrum costs, the growing use of the Ku band for short-range and high-resolution imaging capabilities, and the rising use of the Ku band in smart energy, smart water, and smart power applications. Moreover, this segment is projected to register the highest CAGR during the forecast period.

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Based on organization size, the global satellite IoT market is segmented into small & medium-sized enterprises and large enterprises. In 2023, the large enterprises segment is expected to account for the larger share of the global satellite IoT market. The large market share of this segment is attributed to the increasing adoption of satellite IoT technology among large enterprises to reduce their operational costs and environmental footprint, the growing use of satellite IoT for remote sensing and navigation, maritime and transport management, and the rising need to reduce on-site maintenance and inspections.

However, the small & medium-sized enterprises segment is expected to register the highest CAGR during the forecast period. The growth of this segment is driven by the increasing adoption of satellite IoT technology to track, monitor, and manage assets and the rising need for increased operational efficiency among SMEs.

Based on sector, the global satellite IoT market is segmented into agriculture, construction, utilities, oil & gas, military & defense, transportation & logistics, maritime, and other sectors. In 2023, the military & defense segment is expected to account for the largest share of the global satellite IoT market. The large market share of this segment is attributed to the rising need for enhanced connectivity in remote and harsh environments, the growing need for improved situational awareness in military & defense, and the increasing deployments of satellite IoT services across the military & defense sector. Satellite IoT is making a significant impact in the military sector by utilizing sensors and devices that enhance situational awareness, streamline complex procedures, and ultimately improve the success rate of defense operations.

However, the agriculture segment is projected to register the highest CAGR during the forecast period. The growth of this segment is driven by the increasing need for satellite IoT services to provide real-time data about environment temperature, soil, and water content, the growing need to enhance the effectiveness of pesticides and fertilizers, and enhancing herd management, and increasing deployment of satellite IoT services for irrigation management.

Based on geography, the global satellite IoT market is segmented into North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. In 2023, North America is expected to account for the largest share of the global satellite IoT market. North America's large market share is attributed to the presence of leading satellite IoT providers across the region, efforts by leading companies to launch new satellite IoT solutions, and the increasing adoption of satellite IoT in precision farming and smart greenhouses.

However, Asia-Pacific is expected to register the highest CAGR during the forecast period. The fast growth of this region is driven by the infrastructural growth in APAC, especially in China, South Korea, Japan, and India; the rapid growth of regional economies; the growing technological advancements; growing awareness regarding satellite IoT among small and medium-sized organizations; and rising need for direct-to-satellite services in smart agriculture and marine space. Further, the growing adoption of the Ka-band in military aircraft, space telescopes, and vehicle speed detection systems, growing wireless networking systems, and growing demand for bandwidth to increase transmission capacity and data transfer rates are expected to improve the demand for satellite IoT services, in turn supporting the growth of the market.

Key Players

The key players operating in the global satellite IoT market are Iridium Communications Inc. (U.S.) Astrocast SA (Switzerland), Airbus SE (Netherlands), Globalstar, Inc. (U.S.), Thales (France), Eutelsat Communications S.A (Italy), Thuraya Telecommunications Company (UAE), Vodafone Group Plc (U.K.), Inmarsat Global Limited (U.K.), ORBCOMM Inc. (U.S.), Swarm Technologies Inc. (U.S.), Alén Space, S.L. (Spain), Fossa Systems, S.L. (Spain), SATELIO IOT SERVICES, S.L. (Spain), and OQ Technology (Luxembourg).

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Key questions answered in the report:

Which are the high-growth market segments in terms of service type, frequency band, organization size, and sector?
What is the historical market for satellite IoT market across the globe?
What are the market forecasts and estimates for 2023-2030?
What are the major drivers, restraints, opportunities, challenges, and trends in the global satellite IoT market?
Who are the major players in the global satellite IoT market, and what market share do they hold?
How is the competitive landscape?
What are the recent developments in the global satellite IoT market?
What are the different strategies adopted by the major players in the market?
What are the geographic trends and high-growth countries?
Who are the local emerging players in the global satellite IoT market, and how do they compete with the other players?

Mr. Khushal Bombe
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