USD 1.1 Billion
Satellite IoT Market Size, Share, Growth Analysis, By Service Type (Satellite IoT Backhaul, Direct-to-Satellite), By Organization Size (Large, SMEs), By Vertical (Maritime, Oil & Gas), By Region - Industry Forecast 2024-2031
Report ID:
SQMIG45A2340 |
Region:
Global |
Published Date: October, 2024
Pages:
198
|Tables:
91
|Figures:
73
Satellite IoT Market Insights
Global Satellite IoT Market size was valued at around USD 1.34 billion in 2022 and is expected to rise from USD 1.63 billion in 2023 to reach a value of USD 6.53 Billion by 2031, at a CAGR of 21.9% over the forecast period (2024–2031).
Continuous advances in satellite technology, including miniaturization, increased bandwidth, and lower satellite deployment have increased the capabilities and accessibility of satellite IoT solutions. These technological advances enable a wider range of applications and promote acceptance across industries. The proliferation of IoT devices in industries such as agriculture, transportation, logistics, energy, environmental monitoring, etc. has enabled reliable connectivity and demand for ubiquity has increased. Satellites provide global coverage, making satellite IoT an ideal solution for applications that require connectivity in remote or geographically dispersed areas.
Regulatory factors including spectrum allocation, licensing requirements, and compliance with international standards play an important role in shaping the global satellite IoT market. Regulatory framework for satellite operations times and ensures that the spectrum available for IoT applications is essential for market growth and innovation.
Market Snapshot - 2024–2031
Global Market Size
Largest Segment
Direct-to-satellite
Fastest Growth
Satellite IoT backhaul
Growth Rate
21.9% CAGR
Global Satellite IoT Market ($ Bn)
Country Share for North America Region (%)
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Satellite IoT Market Segmental Analysis
Global Satellite IoT Market is segmented by Service Type, Frequency Band, Organization Size, Vertical and region. Based on Service Type, the market is segmented into Satellite IoT Backhaul, and Direct-to-Satellite. Based on Frequency Band, the market is segmented into L-Band, Ku-and Ka-Band, S-Band, and Other Bands. Based on Organization Size, the market is segmented into Large Enterprises, and Small & Medium Sized Enterprises. Based on Vertical, the market is segmented into Maritime, Oil & Gas, Transportation & Logistics, Energy & Utilities, Agriculture, Healthcare, Military & Defense, and Other Verticals. Based on region, the market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East & and Africa.
Analysis by Service Type
Direct-to-satellite segment is dominating the market. Direct-to-satellite applications enable IoT devices to communicate directly with orbiting satellites without the need for terrestrial infrastructure such as cell towers or Wi-Fi connectivity. These applications are typically located in remote residential areas, such as marine infrastructure or rural, asset management, disaster management, and other applications.
Satellite IoT backhaul is the fastest growing segment in the market. Satellite IoT backhaul, on the other hand, uses satellite connectivity to provide backhaul for IoT devices connected to terrestrial networks. This enables you to extend IoT connectivity to remote or hard-to-reach areas with limited or no terrestrial connectivity. Thus, as the demand for IoT connectivity increases, especially in industries such as transportation, agriculture and gas, the satellite IoT market is expected to expand rapidly in the coming years.
Analysis by Satellite Type
LEO satellites are located at an altitude of less than 2,000 kilometers and provide seamless communication with high data rates, making them suitable for applications that require real-time data transfer. MEO satellites can be at altitudes of kilometers. LEO satellites attract huge investments from big players due to their flexibility, affordability, advanced technology, and ease of assembly. There is a huge demand for low-cost, high-speed Internet in government, retail, banking, oil and gas and other commercial industries. Furthermore, the need for rural Internet access among individual users in developing countries is driving investment in LEO constellations.
GEO is the fastest growing segment in the market. The role of geostationary (GEO) satellites in the satellite IoT market is very important, especially in providing reliable global connectivity and connectivity for IoT devices. GEO satellites are placed at a specific location on the earth’s equator above and enable consistent positioning relative to the surface. Provides coverage of large geographic areas, making it ideal for serving IoT applications that require ubiquitous connectivity over wide areas, with locations including remote and complex. Geo satellites have a range of about 36,000 km. The use of satellites for IoT communication networks is determined by specific application requirements, which drives the growth of the satellite IoT market.
Global Satellite IoT Market By Service Type (%)
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Satellite IoT Market Regional Insights
North America accounts for the largest share of the satellite IoT market. The increase is due to rising government spending on military communications systems. The presence of several key players, such as Honeywell International, Inc., General Dynamics Corporation, L3 Harris Technologies Corporation, etc., is fueling the growth of the market across the region. 5G networks will play a key role in helping policymakers and governments share the social and economic benefits of an advanced, digital, data-rich economy. As a result, authorities must build and upgrade passive assets such as fiber networks and data centers to meet the demand of the market.
The Asia-Pacific region has emerged as an important player to expand the satellite IoT market. Asia Pacific offers significant opportunities for satellite based IoT solutions. Industries such as agriculture, mining, marine and logistics, in the region need remote sensing and asset tracking solutions to improve efficiency, safety and security. Furthermore, the increasing adoption of IoT technologies across industries in Asia Pacific is increasing the demand for reliable and ubiquitous connectivity solutions.
Global Satellite IoT Market By Geography
- Largest
- Fastest
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Satellite IoT Market Dynamics
Drivers
Technological Advancements in Satellite IoT Applications and Wireless Technologies to Drive Market Growth
- Satellite IoT is the integration of Internet of Things devices and services into satellite networks. IoT devices are small, low-power devices equipped with sensors and communication capabilities to collect data and communicate with other devices or systems. Satellite IoT market revenue strategies for growth internet of things (IoT) and machine-to-machine communications (M2M) was responsible. According to statistical analysis, more than 6,000 satellites orbit the earth. About 3,000 of them are in LEO and many of these satellites are owned by the same companies, allowing companies and government agencies to network together. Although most people are familiar with satellite applications such as GPS tracking and others. These technologies have simply been implemented satellite technologies have already proven to be credible in industrial IoT ecosystems, and as IoT develops, it will become a valuable resource for cities, communities, farms, and manufacturers.
Network Applications for Satellite IoT
- The driving force behind the global satellite IoT market is the expanding range of information uses and applications across industries, providing significant market growth. As IoT technology matures and develops and its integration with satellite connectivity opens new opportunities. businesses looking to monitor, manage and operate their assets and services. In transportation, energy, environmental monitoring, satellite IoT is changing how companies collect, make decisions, and provide data performance improves. Satellite IoT enables farmers to remotely monitor crop health, soil moisture levels and weather conditions in real time, allowing for more precise agricultural planning and better input allocation.
Restraints
Increased Costs Associated with Satellite IoT Development and Maintenance
- High cost of setting up and maintaining the ground station system is one of the major factors restraining the growth of the market. Most of the materials required are usually custom-made or purchased from commercial off-the-shelf (COTS) suppliers. The value chain of this system requires significant investments in R&D, manufacturing, system integration and assembly phases. Additionally, satellite IoT services are used for the most sophisticated security systems.
Vulnerability of Satellite IoT Devices to Cybersecurity Attacks
- In the last few years, there has been an increase in cases of cybersecurity breaches around the world. Security is an important area of technological concern for most organizations using IoT systems and 5G networks, with a wide range of devices including networks, platforms and devices. The proliferation of IoT means that if a single encryption device or communication is not secured, it can be manipulated.
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Satellite IoT Market Competitive Landscape
Global satellite IoT market is characterized by intense competition driven by technological advancements, expanding use cases, and the growing demand for global connectivity in remote and challenging environments Collaboration between satellite communications provider and IoT platform is the strategy followed by key players. For example, Inmarsat brings its extensive experience and infrastructure in satellite communications, enabling reliable and world-class connectivity, especially in remote and challenging areas that may not be accessible by terrestrial networks. By combining their strengths, Inmarsat and Actility aim to provide end-to-end solutions for various IoT use cases such as asset management, environmental monitoring, and industrial workflow automation and can be enabled for real-time monitoring, efficiency, and automation.
Top Player’s Company Profiles
- Orbcomm (US)
- Iridium Communication (US)
- Globalstar (US)
- Astrocast (Switzerland)
- Inmarsat Global (UK)
- Airbus (Netherlands)
- Intelsat (US)
- Thales (France)
- Eutelsat (France)
- Northrop Grumman (US)
- Thuraya (Singapore)
- Vodafone (UK)
- Surrey Satellite Technology (UK)
- Head Aerospace (China)
- I.M.T. SRL (Italy)
- Fleetspace Technologies (Australia)
- Swarm Technologies (US)
- Alenspace (Spain)
- OQ Technology (Luxembourg)
- Fossa Systems (Spain)
Recent Developments
- In April 2023, Sateliot, a satellite communications service provider, launches ‘GroundBreaker’, a 5G-based LEO satellite. The company aims to expand the range of IoT applications, using 5G technology to provide 5G networks for both terrestrial and off-terrestrial users.
- In March 2023, Cloud-based cellular network provider Monogoto announces a partnership with terrestrial network service operator Skylo Technologies, partnering to provide affordable and convenient satellite connectivity for asset management applications. Subsequently, the company aims to help developers deploy satellite connectivity to public and private networks through Monogoto Cloud.
- In September 2021, space-based data analytics service Spire Global Inc. will launch a 100,000-square-foot space-based data analytics service partnered with IoT satellite communications provider. Using Spire's low Earth orbit satellites, the company aims to expand global cutting-edge constellations to lower levels rapidly in other provinces.
Satellite IoT Key Market Trends
- Increasing Technological Advances: Another LEO satellite saw the use of Ka-band and V-band spectrum while providing higher data rates, greater security, narrower beams and smaller antennas. Efficient antennas with better spectrum utilization increased the content/data transfer rate of each satellite, enabling LEO-constellation capabilities. Recent advances in analytics, combined with increasing computing power and AA based algorithms are helping to reduce operational costs and response times.
Satellite IoT Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Correlates, and Analyses the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
The global satellite IoT market has experienced tremendous growth driven by several factors. The proliferation of IoT devices in various industries such as agriculture, transportation, energy and environmental monitoring has increased the demand for reliable and ubiquitous connectivity solutions. Satellite-based IoT services for the world making it particularly suitable in remote and inaccessible areas where traditional terrestrial communications are feasible or cost effective. Furthermore, advances in satellite technology, including miniaturization, increased bandwidth capabilities along with reduced costs, enabling satellite IoT for a wide range of applications and industries. Companies are using satellite IoT to enable asset tracking, remote monitoring and data collection for improved operational efficiency, safety and security, and good decisions.
| Report Metric | Details |
|---|---|
| Market size value in 2022 | USD 1.34 billion |
| Market size value in 2031 | USD 6.53 Billion |
| Growth Rate | 21.9% |
| Base year | 2023 |
| Forecast period | 2024–2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
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| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Satellite IoT Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Satellite IoT Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Satellite IoT Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Satellite IoT Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Satellite IoT Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Satellite IoT Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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