REDDING,
Calif., July 18, 2024 /PRNewswire/ -- According to
a new market research report titled, 'Satellite IoT
Market by Service Type, Frequency Band, Organization
Size, Sector (Military & Defense, Agriculture, Construction,
Oil & Gas, Utilities, Transportation & Logistics, Maritime)
- Global Forecast to 2031,' the satellite IoT market is
projected to reach $2.48
billion by 2031, at a CAGR of 18.2% from 2024 to
2031.
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Satellite IoT services are used for satellite communication
networks to connect terrestrial IoT sensors and IoT end nodes to a
server. Satellite IoT communication operates on different frequency
bands, such as the L band, Ku band, and Ka band. These services
have a wide range of applications, such as weather forecasting,
equipment tracking, remote monitoring, television signal, fleet
management, aircraft safety systems and telematics, internet
communications, and the global positioning system. Satellite IoT
services are used in several sectors, such as agriculture,
construction, utilities, oil & gas, military & defense,
transportation & logistics, and maritime.
The growth of the satellite IoT market is driven by the rising
demand for interconnectivity between devices in remote areas and
the increasing use of satellite IoT technology in the agriculture
industry. However, the high costs of implementing satellite IoT
solutions restrain the growth of this market. Additionally, the
growing use of satellite IoT technology in maritime applications is
expected to generate growth opportunities for the players in this
market. However, satellite IoT devices' vulnerability to
cyberattacks is a major challenge for market growth. Additionally,
low earth orbit (LEO) satellite-based connectivity and the
increasing demand for environmental and weather monitoring devices
are key trends in the satellite IoT market.
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The satellite IoT market is segmented by service type (satellite
IoT backhaul services and direct-to-satellite services), frequency
bands (L band, Ku band, Ka band, and other frequency bands),
organization size (large enterprises and small & medium-sized
enterprises), sector (agriculture [environmental and weather
monitoring, equipment tracking, and other applications],
construction [site monitoring, fleet management, and other
applications], utilities [remote monitoring, worker safety and
security, and other applications], oil & gas [remote
monitoring, worker safety and security, and other applications],
military & defense [border intrusion and detection, aircraft
safety systems and telematics, and other applications],
transportation & logistics [telematics, location tracking, and
other applications], maritime [communication and navigation,
weather and meteorological data, and other applications], and other
sectors), and geography. The study also evaluates industry
competitors and analyzes the market at regional and country
levels.
Based on service type, in 2024, the
direct-to-satellite services segment is expected to account for the
larger share of around 71.0% of the satellite IoT market.
The large market share of this segment is attributed to the rising
demand for direct-to-satellite IoT services for tracking and
managing remote operations and the growing demand for these
services in smart agriculture and marine applications. Moreover,
this segment is projected to register the highest CAGR during the
forecast period.
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Based on frequency band, in 2024, the Ku band
segment is expected to account for the largest share of above
40.0% of the satellite IoT market. Factors such as lower
spectrum costs, the growing use of the Ku band for short-range and
high-resolution imaging capabilities, and the rising use of the
band in smart energy, smart water, and smart power applications are
driving the growth of this segment. Moreover, this segment is
projected to register the highest CAGR during the forecast
period.
Based on organization size, in 2024, the large
enterprises segment is expected to account for the larger share of
above 75.0% of the satellite IoT market. However, the small
& medium-sized enterprises segment is expected to register the
highest CAGR during the forecast period. The growth of this segment
is driven by the increasing adoption of satellite IoT technology to
track, monitor, and manage assets and the rising need for increased
operational efficiency among SMEs.
Based on sector, in 2024, the military & defense
segment is expected to account for the largest share of around
37.0% of the satellite IoT market. The large market share of
this segment is attributed to the rising need for enhanced
connectivity in remote and harsh environments and the growing need
for improved situational awareness in military & defense.
Satellite IoT is making a significant impact in the military sector
by utilizing sensors and devices that enhance situational
awareness, streamline complex procedures, and ultimately improve
the success rate of defense operations.
However, the agriculture segment is projected to register the
highest CAGR during the forecast period..
Based on geography, in 2024, North America is expected to account for the
largest share of around 49.0% of the satellite IoT market.
North America's large market share
is attributed to the presence of leading satellite IoT providers
across the region, efforts by leading companies to launch new
satellite IoT solutions, and the increasing adoption of satellite
IoT in precision farming and smart greenhouses.
However, Asia-Pacific is
expected to register the highest CAGR of above 19.0% during
the forecast period. The growth of this region is driven by the
infrastructural growth in APAC, especially in China, South
Korea, Japan, and
India.
The key players operating in the satellite IoT market are
Iridium Communications Inc. (U.S.) Astrocast SA (Switzerland), Airbus SE (Netherlands), Globalstar, Inc. (U.S.), Thales
(France), Eutelsat Communications
S.A (Italy), Thuraya
Telecommunications Company (UAE), Vodafone Group Plc (U.K.),
Inmarsat Global Limited (U.K.), ORBCOMM Inc. (U.S.), Swarm
Technologies Inc. (U.S.), Alén Space, S.L. (Spain), Fossa Systems, S.L. (Spain), SATELIO IOT SERVICES, S.L.
(Spain), and OQ Technology
(Luxembourg).
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Scope of the Report:
Global Satellite IoT Market, by Service
Type
- Satellite IoT Backhaul Services
- Direct-to-Satellite Services
Global Satellite IoT Market, by Frequency
Band
- L Band
- Ku Band
- Ka Band
- Other Frequency Bands
Global Satellite IoT Market, by Organization
Size
- Large Enterprises
- Small & Medium-sized Enterprises
Global Satellite IoT Market, by Sector
- Agriculture
- Environmental and Weather Monitoring
- Equipment Tracking
- Other Agricultural Applications
- Construction
- Site Monitoring
- Fleet Management
- Other Construction Applications
- Utilities
- Remote Monitoring
- Worker Safety & Security
- Other Utility Applications
- Oil & Gas
- Remote Monitoring
- Worker Safety & Security
- Other Oil & Gas Applications
- Military & Defense
- Border Intrusion and Detection
- Aircraft Safety Systems and Telematics
- Other Military & Defense Applications
- Transportation & Logistics
- Telematics
- Location Tracking
- Other Transportation & Logistics Applications
- Maritime
- Communication and Navigation
- Weather and Meteorological Data
- Other Maritime Applications
- Other Sectors
Global Satellite IoT Market, by
Geography
- North America
- Asia-Pacific
- Japan
- China
- India
- South Korea
- Singapore
- Rest of Asia-Pacific
- Europe
- Germany
- U.K.
- France
- Italy
- Spain
- Rest of Europe
- Latin America
- Brazil
- Mexico
- Rest of Latin America
- Middle East & Africa
- UAE
- Israel
- Rest of Middle East &
Africa
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Related Reports:
Industrial IoT Market by Component (Hardware, Platform,
Services, and Connectivity), Industry Verticals (Agriculture,
Manufacturing, Energy & Utility, Oil & Gas, Aerospace,
Retail, and Others), and Geography - Global Forecasts to 2029.
Narrowband-IoT (NB-IoT) Chipset Market By Deployment
(In-Band, Guard Band, Standalone), By Vertical (Agriculture,
Logistics and Transportation, Healthcare, Smart Building), By
Application (Smart Agriculture, Personal Care, Smart Building), And
Geography - Global Forecast To 2027
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