Press release
Charting The Rise Of Satellite IoT Market Alongside Space Industry Expansion: Major Factor in the Transformation of the Satellite IoT Market in 2025
Satellite IoT Market Size
The satellite IoT market has grown exponentially in recent years. It will increase from $1.93 billion in 2024 to $2.37 billion in 2025, at a CAGR of 22.4%. This growth is attributed to global connectivity needs, asset tracking and management, environmental monitoring, precision agriculture, maritime and aviation safety, emergency response and disaster management, energy sector applications, scientific research, and supply chain optimization.
The satellite IoT market is anticipated to experience exponential growth, reaching $5.32 billion by 2029 at a CAGR of 22.5%. Growth is driven by the rise of LEO-based services, increased digitalization, the surge in cybersecurity threats, the growth of the space industry, and the demand for interconnected devices. Major trends include advancements in wireless technology, launches of small satellites and cubits, eco-friendly satellite technologies, 5G network integration, and optical communication innovations.
What Key Elements Are Boosting Growth in the Satellite IoT Market?
The expansion of the space industry is expected to drive the growth of the satellite IoT market. The space industry includes economic activities related to the manufacturing, deployment, and operation of space-based technologies. The industry's growth supports satellite IoT by offering cost-effective and scalable connectivity solutions for various industries. For instance, in July 2024, the United Kingdom Space Agency reported a net increase of 175 new space-related organizations in the UK, an 11% rise compared to 2022. Consequently, the growing space industry is contributing to the expansion of the satellite IoT market.
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Who Are the Major Industry Players Fueling Satellite IoT Market Expansion?
Major companies operating in the satellite IoT market are Airbus SE, Northrop Grumman Corporation, Space Exploration Technologies Corp., EchoStar Corporation, Inmarsat Limited, Iridium Communications Inc., Orbcomm, Globalstar Inc., Spire Global Inc., Kepler Communications Inc., Ligado Networks, NanoAvionics Corp., Fleet Space Technologies Pty. Ltd., Skylo Technologies, Actility S.A., Alén Space, Leaf Space, Kineis, Myriota Pty. Ltd., Sateliot, Xona Space Systems Inc., OQ Technology, Hiber AB, Fossa Systems S.L., Sky and Space Global Ltd.
Which Key Developments Are Influencing the Satellite IoT Market?
Companies in the satellite IoT market are concentrating on innovative product development with advanced technologies such as TIGER-5 and TIGER-6 satellites to improve financial performance. These satellites contribute to expanding 5G connectivity by incorporating the 5G NTN IoT satellite constellation. For instance, in November 2023, OQ Technology, a Luxembourg-based satellite telecom operator, launched the TIGER-5 and TIGER-6 satellites aboard SpaceX's Falcon 9 during the Transporter-9 rideshare mission. These 6U nanosatellites, equipped with NB-IoT cell tower payloads, were deployed into Low Earth Orbit, separated, and established contact within 75 minutes of launch.
How Is the Segmentation of the Satellite IoT Market Defined?
The satellite iot market covered in this report is segmented -
1) By Service Type: Direct-To-Satellite, Satellite IoT Backhaul
2) By Frequency Band: L-Band, Ku And Ka-Band, S-Band, Other Band Frequency
3) By Enterprise Size: Large Enterprise, Small And Medium-Sized Enterprise
4) By Industry Vertical: Oil And Gas, Transportation And Logistics, Energy And Utilities, Agriculture, Maritime, Healthcare, Military And Defense, Other Industry Verticals
Subsegments:
1) By Direct-To-Satellite: Low-Power Wide Area Network (LPWAN), Global Tracking And Monitoring, Remote Asset Management
2) By Satellite IoT Backhaul: Data Offloading Services, Connectivity Solutions For Remote Areas, Integration With Terrestrial Networks
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What Is the Leading Region in the Satellite IoT Market?
North America was the largest region in the satellite IoT market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the satellite IoT market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
What Is Covered In The Satellite IoT Global Market Report?
- Market Size Analysis: Analyze the Satellite IoT Market size by key regions, countries, product types, and applications.
- Market Segmentation Analysis: Identify various subsegments within the Satellite IoT Market for effective categorization.
- Key Player Focus: Focus on key players to define their market value, share, and competitive landscape.
- Growth Trends Analysis: Examine individual growth trends and prospects in the Market.
- Market Contribution: Evaluate contributions of different segments to the overall Satellite IoT Market growth.
- Growth Drivers: Detail key factors influencing market growth, including opportunities and drivers.
- Industry Challenges: Analyze challenges and risks affecting the Satellite IoT Market.
- Competitive Developments: Analyze competitive developments, such as expansions, agreements, and new product launches in the market.
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