Satellite IoT Market to Surpass $5.23 Billion by 2029 | Key Trends & Insights

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How Will the Satellite IoT Market Grow by 2025 in Terms of Size and Growth?
The Satellite IoT market has witnessed remarkable growth in the past few years and is projected to expand from $1.93 billion in 2024 to a higher value of $2.35 billion in 2025, which means a Compound Annual Growth Rate (CAGR) of 21.4%. The expansion experienced in this historical period is due to international connectivity demands, proper tracking and management of assets, the need for monitoring the environment, the enhancement of precision farming, safety requirements in the maritime and aviation industries, the urgency of disaster management, energy sector applications, scientific research and exploration, and the need to optimize supply chains.

What Are the Estimated Growth Rates for the Satellite IoT Industry Through 2029?
In the upcoming years, significant expansion is anticipated in the satellite IoT market size. Projected to reach a worth of $5.23 billion by 2029, its compound annual growth rate (CAGR) is expected to be 22.2%. The growth forecast for this period is credited to increased use of LEO-based services, rapid digitalization, rise in cybersecurity threats, expanding space sector, higher demand for interconnectivity, and rising requirement for connected devices for real-time monitoring. Some of the notable trends during the forecast period would be the progression in wireless technology, the roll-out of various cubits and small satellites, an increasing emphasis on environmentally friendly satellite technologies, fresh integrations with 5G networks, and advances in optical communication utilizing lasers.

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What Are the Strategic Drivers Boosting Satellite IoT Market Performance?
The expansion of the space industry is anticipated to fuel the progression of the satellite IoT market. The term space industry signifies the monetary activities associated with the production of parts bound for outer space, their delivery, and linked services. It plays a vital role in the growth and enhancement of satellite IoT by offering affordable and flexible solutions, worldwide connectivity, advanced technology, and catering to the unique requirements of IoT applications in diverse sectors. In July 2024, it was reported by the United Kingdom Space Agency, a government agency based in the UK, that a total of 175 fresh UK firms were identified as engaging in space-related operations, marking a rise of 11% since 2022. Therefore, the booming space industry is facilitating the development of the satellite IoT market.

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What Are the Segments in the Satellite IoT Market?
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

What Are the Key Adoption Trends in the Satellite IoT Market?
Leading corporations in the satellite IoT market are focusing on introducing innovation-driven products utilizing technologies like TIGER-5 and TIGER-6 satellites to elevate their financial standing in the industry. These satellites are broadening the reach of 5G connectivity by incorporating into the 5G NTN IoT satellite network. Specifically, in November 2023, TIGER-5 and TIGER-6 satellites were launched by OQ Technology, a company based in Luxembourg that operates in satellite telecommunications, on SpaceX's Falcon 9 for the Transporter-9 rideshare mission. These 6U nanosatellites equipped with NB-IoT cell tower payloads were deployed into the Low Earth Orbit. The satellites were distanced and set into orbit 75 minutes post-launch and established contact on the same day.

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Which Companies Lead the Competitive Landscape of the Satellite IoT Industry?
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.

Where Are the Key Satellite IoT Market Opportunities by Region?
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.

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