Satellite IoT Market Outlook 2025-2034: Key Trends, Growth Drivers, and Market Share

"What combination of drivers is leading to accelerated growth in the satellite iot market?
The expansion of the satellite IoT market is expected to be fuelled by the burgeoning space industry. The space industry includes all economic activities associated with the production of components destined for outer space, their delivery to these zones, and related services. It plays a significant role in growing and improving satellite IoT through its offering of affordable, scalable solutions, global connectivity, advanced technology, and tailored solutions for IoT applications in various sectors. For example, in July 2024, the United Kingdom Space Agency, a government agency based in the UK, recorded an 11% increase from 2022 in organisations involved in space-related ventures, with a total of 175 new UK entities identified. Hence, the prospering space industry is driving the satellite IoT market's growth.

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What is the projected compound annual growth rate (CAGR) of the satellite iot market from 2025 to 2034, and what factors influence it?
In recent years, the satellite IoT market has witnessed substantial growth. The market size is expected to increase from $1.93 billion in 2024 to $2.37 billion in 2025, marking a compound annual growth rate (CAGR) of 22.4%. This growth in the historic period is as a result of the global need for connectivity, tracking and management of assets, environmental monitoring, precision in agriculture, safety measures for maritime and aviation, responses in emergencies and disaster management, applications within the energy sector, as well as scientific research, exploration and optimizing supply chains.

Significant expansion is anticipated in the satellite Internet of Things (IoT) market in the upcoming years. This market is projected to reach a value of $5.32 billion in 2029, with a compound annual growth rate (CAGR) of 22.5%. Several factors contributing to this expected growth span from the increased adoption of Low Earth Orbit (LEO)-based services, the rise in digitalization, an increase in cybersecurity threats, a burgeoning space industry, and a heightened demand for interconnectivity and connected devices for immediate monitoring. Key trends during this forecasted period include enhancements in wireless technology, launches of multiple cube and small satellites, an increased focus on environmentally friendly satellite technologies, integration with upcoming 5G networks, and progress in optical communication using lasers.

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How are the latest trends influencing the growth of the satellite iot market?
Leading firms in the satellite IoT market are concentrating on the creation of innovative products through the use of advanced technologies such as TIGER-5 and TIGER-6 satellites, aiming to enhance their financial stance in the industry. These satellites are broadening the scope of 5G connectivity by incorporating the 5G NTN IoT satellite constellation. For instance, in November 2023, TIGER-5 and TIGER-6 satellites were launched by OQ Technology, a satellite telecom operator based in Luxembourg, on SpaceX's Falcon 9 during the Transporter-9 rideshare mission. These 6U nanosatellites, which come equipped with NB-IoT cell tower payloads, were dispatched into the Low Earth Orbit. The satellites were detached and established into orbit 75 minutes post launch, and contact was confirmed on the same day.

What are the major segments of the satellite iot market and their role in driving growth?
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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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.

Who are the key firms paving the way for growth in the satellite iot market?
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.

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What Is Covered In The Satellite IoT Global Market Report?

•Market Size Forecast: Examine the satellite iot market size across key regions, countries, product categories, and applications.
•Segmentation Insights: Identify and classify subsegments within the satellite iot market for a structured understanding.
•Key Players Overview: Analyze major players in the satellite iot market, including their market value, share, and competitive positioning.
•Growth Trends Exploration: Assess individual growth patterns and future opportunities in the satellite iot market.
•Segment Contributions: Evaluate how different segments drive overall growth in the satellite iot market.
•Growth Factors: Highlight key drivers and opportunities influencing the expansion of the satellite iot market.
•Industry Challenges: Identify potential risks and obstacles affecting the satellite iot market.
•Competitive Landscape: Review strategic developments in the satellite iot market, including expansions, agreements, and new product launches.

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