Satellite IoT Market will Grow at 21.1% CAGR to Surpass USD 8.7 Billion by 2032

Satellite IoT refers to the use of satellite communication networks and services to connect terrestrial IoT sensors and IoT end-nodes to a server, either in conjunction with or as an alternative to terrestrial communication networks. Satellite IoT because there is no need to keep terrestrial and satellite communication options separate, consumers and industrial users be able to take advantage of a reduction in running costs. Moreover, Networking services provided by satellite constellations have become more affordable, available, and accessible over the years.

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Drivers, Restraints, and Opportunities-

The growth of the global satellite IoT market is driven by the increase in use of satellite IoT to automate routine processes in agriculture industry. However, the high cost of innovation, and budget constraints hamper the growth of the market. Furthermore, rapid changes in business model software due to the geographical expansion of the businesses is expected to provide lucrative growth opportunities for the market during the forecast period.

According to the report, the global generated $1.3 billion in 2022, and is estimated to reach $8.7 billion by 2032, witnessing a CAGR of 21.1% from 2023 to 2032. The report offers a detailed analysis of changing market trends, top segments, key investment pockets, value chains, regional landscapes, and competitive scenarios.

Factors such as growth in digitalization and increase in adoption of advanced technologies are positively impacting the growth of the market. In addition, the increase in adoption of satellite IoT in various industries such as utilities, maritime, defense & military, among others to enhance productivity, fuel the growth of the market. Furthermore, the increase in investments in advanced technologies such as AI, ML, cloud-based services and IoT is expected to provide lucrative growth opportunities for the market during the forecast period.

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Moreover, integration of satellite with mainstream technologies for business intelligence positively impacts the growth of the market. However, the high cost of technologies and regulatory issues and lack of comprehensive government policies regarding satellite IoT are expected to hamper the market growth.

By service type, the direct-to-satellite segment held the major share in 2022, garnering more than two-thirds of the global satellite IoT market revenue and is estimated to maintain its leadership status throughout the forecast period. The satellite IoT backhaul segment would also showcase the fastest CAGR of 23.2% during the forecast period, owing to deployment of low-power devices dispersed over wide geographical areas. Satellites will play a key role in bridging the gap towards a pervasive IoT able to easily handle disaster recovery scenarios (earthquakes, tsunamis, flash floods, and others.), where the presence of a resilient backhauling communications infrastructure is crucial.

Depending on industry vertical, the oil and gas segment dominated the satellite IoT market share in 2022 and is expected to continue this dominance during the forecast period, owing complex infrastructures to improve operational efficiencies, save costs, increase automation and enhance worker and environmental safety. However, the agriculture segment is expected to witness the highest growth in the upcoming years, owing to emergence of satellite IoT, which offers IoT connectivity in remote areas, at a much lower cost and development time than the rest of the existing solutions.

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By frequency band, the L-band segment contributed to the highest share in 2022, accounting more than one-third of the global satellite IoT market revenue and is estimated to maintain its leadership status throughout the forecast period. The Ku and Ka-band segment would also showcase the fastest CAGR of 23.6% throughout the forecast period, owing to the increasing frequency on Ka-band system can get more bandwidth, which means a higher data transfer rate.

Region-wise, North America dominated the satellite IoT market size in 2022 owing to the increasing investment in advanced technologies such as cloud-based services, AI/ML, business analytics solutions and IoT to improve businesses and the customer experience are anticipated to propel the growth of the satellite IoT market. However, Asia-Pacific is expected to exhibit the highest growth during the forecast period. This is attributed to the increase in penetration of digitalization and higher adoption of advanced technology are expected to provide lucrative growth opportunities for the market in this region.

Key players profiled in the satellite IoT industry include ORBCOMM, Iridium Communications Inc., Inmarsat Global Limited, Airbus, Astrocast, Intelsat, Globalstar, Thales, OQ Technology, and Eutelsat Communications S.A.. Market players have adopted various strategies, such as product launches, collaboration & partnership, joint ventures, and acquisition to expand their foothold in the satellite IoT industry.

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The report analyzes these key players in the global satellite IoT market. These players have adopted various strategies such as expansion, new product launches, partnerships, and others to increase their market penetration and strengthen their position in the industry. The report is helpful in determining the business performance, operating segments, developments, and product portfolios of every market player.

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