Satellite IoT Market worth $5.86 Billion by 2030 - Exclusive Report by The Insight Partners
Satellite IoT Market is growing at a CAGR of 21.5% from 2022 to 2030.
Pune, India., Oct. 19, 2023 (GLOBE NEWSWIRE) -- According to a new report on “Satellite IoT Market Forecast to 2030 – Global and Regional Share, Trends, and Growth Opportunity Analysis – Service Type (Direct-to-Satellite, Satellite IoT Backhaul), Frequency Band (L-Band, Ku and Ka-Band, S-Band, Others), Enterprise Size (Large Enterprises, SMEs), End Use Industry (Oil and Gas, Transportation and Logistics, Energy and Utilities, Agriculture, Healthcare, Military and Defense, Maritime, Others); and Geography” the market in terms of revenue was estimated to be worth $1.23 billion in 2022 and is poised to reach $5.86 billion by 2030, growing at a CAGR of 21.5% from 2022 to 2030.
The growth of the satellite IoT market is driven by rising demand for high-speed internet connectivity and growing number of satellites launches. However, rising demand for satellite IoT for transforming corporate sustainability is emerging as a future trend in the industry.
Download Sample PDF Brochure: https://www.theinsightpartners.com/sample/TIPRE00030124/Global Satellite IoT Market Scope:
Report Coverage Details
Market Size Value in USD 1.23 Billion in 2022
Market Size Value by USD 5.86 Billion by 2030
Growth rate CAGR of 21.5% from 2022 to 2030
Forecast Period 2022-2030
Base Year 2022
Segments covered Service Type, Frequency Band, Enterprise Size, End Use Industry and Geography.
Regional scope North America, Europe, Asia Pacific, Middle East & Africa, South & Central America.
Country scope Argentina, Australia, Brazil, Canada, China, France, Germany, India, Italy, Japan, Mexico, Russian Federation, Saudi Arabia, South Africa, South Korea, United Arab Emirates, United Kingdom, United States
Report coverage Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Rising Demand for Satellite IoT for Transforming Corporate Sustainability is Creating an Opportunity for the Growth of the Global Satellite IoT Market:
Satellite IoT can be of great help in various industries. In the agricultural sector, it can help make agricultural water to be used more efficient and less environmentally harmful. Similarly, satellite internet of things can also help in connecting, monitoring, and managing remote assets by introducing IoT at remote sites, further improving operational efficiency. In addition, it also helps to eliminate the time required by the staff to travel miles to monitor and control devices at different remote locations, as through satellite IoT solutions, organizations can achieve most of essential monitoring and configuration outcomes through desktop anywhere in the world. Thus, it not only helps to remove the time, cost, and risks that travel entails, but it also eliminates tonnes of CO2 emissions from the corporate footprint.
Moreover, with these solutions, large mining companies will not have to send its staff to the desert to check whether the critical water pump is functioning correctly. Similarly, an off-shore fish farm manager will not have to dispatch a powerboat every month to ensure the navigation lights are operational or not. This information, along with seawater quality, will instead be gathered and returned in real time by sensors and the Swarm satellite network.
Furthermore, Satellite IoT can also enable electricity grids to bring mission-critical data into the SCADA system in real-time to improve grid resilience. Currently, an electricity line maintenance crew has to drive hundreds of miles to check the status of a remote substation. With IoT smart grid solutions, this data will be captured by on-site sensors and delivered over Swarm satellite to the lines company’s SCADA system. This provides environmental benefits by reducing travel significantly. According to the United States Environmental Protection Agency (EPA), average passenger vehicles emit 404 grams of CO2 per mile or over 25 metric tons of emissions per 100,000 miles of remote monitoring tasks. The prevention of thousands of miles of travel through the adoption of satellite IoT devices will protect the planet from millions of tons of CO2 emissions. Thus, all the above factors raise the demand for satellite IoT to transform corporate sustainability, creating an opportunity for the growth of the satellite IoT market.
To improve the efficiency of terrestrial communication networks, space has become an ideal solution. According to Alén Space, more than 25.2 billion IoT connections are predicted to exist worldwide by 2025, and the IoT market will be US$ 1,072.08 billion (950 billion euros). Also, the launch of small satellite constellations can play a very important role in various environmental conditions, especially in remote or hard-to-reach places, where real-time data can be received from sensors and linked devices for IoT-based business models. Thus, a satellite helps to receive, store, and transmit real-time information to any point.
Also, satellite communication can be very effective for remote management. Sensors can help in the remote control of all types of devices. It not only helps to receive real-time information but also helps in sending commands for configurations remotely anywhere worldwide. Satellite communications support land-based communications even in hard-to-reach areas such as the Amazon basin, Antarctica, offshore platforms, or critical infrastructure like nuclear power plants. Also, in virtually uncommunicated areas including large rural areas, desert territories, jungle areas, frozen areas, and high seas, satellites guarantee communication in any circumstances. Furthermore, the growing internet access across the world will further lead to the market growth in the forecasted period. According to Oberlo, in 2022, active internet users globally are approximately 62.6%. So, for high internet access, several projects are being launched in various developed and developing regions where satellites play a major role. Thus, the rising demand for satellites to provide internet access, M2M communication, and IoT will fuel the market growth in the forecasted period.
Order a Copy of this Report at https://www.theinsightpartners.com/buy/TIPRE00030124/Global Satellite IoT Market: Segmental Overview
Based on service type, the satellite IoT market is segmented into direct-to-satellite and satellite IoT backhaul. The direct-to-satellite segment held the largest satellite IoT market share in 2022 and is also anticipated to register the highest CAGR in the market during the forecast period. Based on frequency band, the market is segmented into L-band, Ku and Ka-band, S-band, and others. The Ku and Ka-band segment held the largest share in the market in 2022 and is also anticipated to register the highest CAGR in the market during the forecast period. Based on enterprise size, the market is segmented into large enterprises and SMEs. The large enterprises segment held the largest satellite IoT market share in 2022 and is also anticipated to register the highest CAGR in the market during the forecast period. Based on end use industry, the market is segmented into oil and gas, transportation and logistics, energy and utilities, agriculture, healthcare, military and defense, maritime, and others. The transportation and logistics segment held the largest share in the market in 2022, whereas agriculture is anticipated to register the highest CAGR in the market during the forecast period. Based on geography, the satellite IoT market is segmented into North America, Europe, Asia Pacific (APAC), Middle East & Africa (MEA), and South America (SAM). North America held the largest share in the satellite IoT market in 2022 and is also anticipated to register the highest CAGR in the market during the forecast period.
Global Satellite IoT Market: Competitive Landscape
Astrocast, Iridium Communications Inc, Inmarsat Global Limited, Globalstar, Thales, EchoStar Mobile, Eutelsat, Orbcomm, Commsat, and OQ Technology are among the key satellite IoT market players. These satellite IoT market players focus on product launches, expansion and diversification, and acquisition strategies, which allow them to access prevailing business opportunities.
Recent Developments:
· In February 2023: Emnify, the market-leading cloud-native enabler of IoT Cellular Connectivity, announced a new strategic and technological partnership with satellite IoT connectivity provider Lynk. Through this partnership, emnify will make Lynk’s innovative ”cell towers in space“ available to all emnify customers. To guarantee consistent and reliable IoT connectivity, emnify customers will be able to leverage their existing GSM or LTE cellular radio device to connect to Lynk’s satellite-based cell towers.
· In July 2023: Astrocast announced that it had extended its partnership with Airbus to increase its satellite Internet of Things (SatIoT) technology. Astrocast expects to further enhance its SatIoT bandwidth and quality of services through the partnership, which would help it improve data transmission capacity, efficiency, latency, and security, allowing customers to optimize their operational efficiency according to their needs.
Go through further research published by The Insight Partners:
Satellite M2M and IoT Network Market - Global Analysis and Forecast to 2030
Satellite Internet Market - Global Analysis and Forecast to 2030
Satellite Communication Services Market - Global Analysis and Forecast to 2030
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