What Has Been the Growth of the Satellite IoT Market So Far?
The satellite iot market has seen considerable growth due to a variety of factors.
• There has been significant expansion in the size of the satellite IoT market in the past few years. The forecast estimates this market to rise from $1.93 billion in 2024 to $2.37 billion in 2025, showcasing a Compound Annual Growth Rate (CAGR) of 22.4%.
The historic period's growth can be credited to the international need for connectivity, tracking and management of assets, monitoring environmental factors, advancements in precision agriculture, safety protocols in maritime and aviation, responses to emergencies and disaster management, applications in the energy sector, scientific investigations and exploration, as well as optimization of supply chains.
How Will the Satellite IoT Market?
The satellite iot market is expected to maintain its strong growth trajectory in upcoming years.
• In the coming years, the satellite IoT market is anticipated to undergo a rapid expansion. It is projected to reach a total of $5.32 billion by 2029, with an annual growth rate of 22.5% on a compound basis (CAGR). The increase during the predicted period can be attributed to the expanding usage of LEO-based services, accelerating digitization, a surge in cybersecurity incidents, a growing space industry, higher demand for interconnectivity, and an increased need for real-time monitoring connected devices. Noteworthy trends during this predicted period consist of developments in wireless technology, the launch of various cubesats & small satellites, heightened attention to eco-friendly satellite technologies, integration with next-generation 5G networks, and breakthroughs in laser-based optical communication.
Which Factors Are Boosting Growth In The Satellite IoT Market?
The expansion of the space industry is predicted to fuel the progression of the satellite IoT market. The term "space industry" refers to economic undertakings that encompass the production of components for use in outer space, the delivery of these components, and corresponding services. This sector aids in the augmentation and enhancement of the satellite IoT through the delivery of cost-efficient, scalable solutions, international connectivity, advanced technology, and meeting the unique requirements of IoT applications across various sectors. For example, according to data from the United Kingdom Space Agency, a governmental organization based in the UK, a gross of 175 UK companies engaged in space-related activities were recognized in July 2024, marking an 11% rise from 2022. Therefore, the flourishing space industry is a significant driver behind the progression of the satellite IoT market.
What Key Areas Define The Segmentation Of The Global 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
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What Trends Are Reshaping The Future Of The Satellite IoT Market?
Major players in the Satellite IoT market, like OQ Technology, are harnessing pioneering technologies such as TIGER-5 and TIGER-6 satellites to increase their market profitability. These innovative satellites aim to extend the reach of 5G connectivity, incorporating the 5G NTN IoT satellite constellation. To illustrate, in November 2023, the Luxembourg-based satellite telecom firm OQ Technology dispatched TIGER-5 and TIGER-6 satellites via SpaceX's Falcon 9 on the Transporter-9 rideshare mission. The released 6U nanosatellites, equipped with NB-IoT cell tower payloads, were propelled into the Low Earth Orbit. A mere 75 minutes after being launched, the satellites were positioned into orbit and communication was established on the same day.
Who Are the Key Players 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.
What Is The Most Dominant 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.
