The global Satellite IoT market is projected to expand from USD 1.1 billion in 2022 to USD 2.9 billion by 2027, with a Compound Annual Growth Rate (CAGR) of 21.9% during the forecast period. This rapid growth is driven by the rising demand for reliable and cost-effective communication services, fueling the expansion of satellite IoT services.
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By frequency band, L-Band frequency is estimated to account for the largest market share in 2022
The L-band frequency operates within a range of 1–2 GHz. All GPS signals are in the L-band of the frequency spectrum (1–2 GHz). GPS units can receive accurate data in all weather conditions during the day or night, as L-band waves penetrate clouds, fog, rain, and storms. L-band is widely used in space-based platforms due to its capability for long-range applications. L-band is used extensively for fleet management and asset tracking. Israel Aerospace Industries offers ELM-2112FP Persistent Foliage Penetration satellite antenna, which uses the L-band in dense forest areas for surveillance.
L-band is viewed traditionally as the preferred option for applications involving small amounts of data transfer. Inmarsat uses an L-band satellite network as it offers the lowest latency and provides a resilient and flexible solution for IoT applications.
By organization size, SMEs are expected to register the fastest growth rate during the forecast period.
The adoption of satellite IoT services among small and medium-sized enterprises is expected to gain traction as it provides flexibility, scalability, and reduced operational costs. Satellite IoT services are used by various organizations, such as space agencies, private companies, individuals, institutes, the military, non-profit organizations, schools, and universities, for various applications. The major usage of satellite IoT is for research purposes in applications from earth observation to reconnaissance missions.
The satellite IoT industry offers SMEs a very lucrative opportunity because they don’t have to shoulder nearly as much capital expenditure as the established satellite network operators have.
Europe is likely to emerge as the fastest-growing market during the forecast period
Europe is anticipated to have highest CAGR for the forecasted period. The European region has a significant market share of the satellite IoT market due to the increased demand for remote sensing, Earth observation, and scientific exploration activities. The UK, Russia, Germany, Italy, Finland, and the Rest of Europe have been covered under this region. The ability of satellite IoT satellites to provide enhanced geospatial imagery has further boosted their demand in the region, as companies expect geospatial data to provide crucial information for supply chain management and business development. In 2021, the European Commission awarded a contract worth USD 1.7 billion to Thales Alenia Space and Airbus Defense and Space to develop an initial set of next-generation Galileo navigation satellites.
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Unique Features in the Satellite IoT Market
One of the standout features of Satellite IoT is its ability to provide global coverage, even in remote and rural areas where traditional terrestrial networks may not be available. This capability is crucial for industries such as agriculture, maritime, and logistics, allowing organizations to maintain connectivity and gather data from assets located in hard-to-reach locations.
Satellite IoT devices are designed to operate with low power consumption, enabling them to function efficiently in remote environments where power sources may be limited. This feature is essential for applications like wildlife tracking, environmental monitoring, and asset tracking, where devices may need to operate for extended periods without battery replacement.
Satellite IoT facilitates real-time data transmission, allowing businesses to receive timely updates on their assets and operations. This feature is particularly valuable in applications such as fleet management, emergency response, and remote monitoring, where timely information can lead to faster decision-making and improved operational efficiency.
The Satellite IoT market offers scalable solutions that can grow with the needs of an organization. As the number of connected devices increases, satellite networks can support additional devices without the limitations often associated with terrestrial networks. This scalability is crucial for industries adopting IoT technologies on a larger scale.
Security is a critical concern in IoT, and Satellite IoT systems incorporate advanced security features to protect data transmitted over satellite networks. Encryption, authentication protocols, and secure communication channels help safeguard sensitive information from potential cyber threats, making Satellite IoT suitable for applications requiring high security, such as defense and critical infrastructure monitoring.
Major Highlights of the Satellite IoT Market
A major highlight of the Satellite IoT market is its ability to provide global connectivity, making it possible to monitor and manage assets in the most remote locations. This feature is particularly beneficial for industries such as agriculture, logistics, and maritime, where traditional terrestrial networks may be unavailable or unreliable.
The growing adoption of IoT technologies across various sectors is a key driver for the Satellite IoT market. As businesses seek to leverage data for operational efficiencies, the need for reliable and scalable communication solutions is becoming paramount, making Satellite IoT an attractive option for many organizations.
Satellite IoT enables continuous and real-time data collection from remote devices, allowing organizations to monitor assets effectively. This capability is particularly valuable for applications such as environmental monitoring, agriculture, and disaster management, where timely data can lead to better decision-making and improved outcomes.
The market is benefiting from advancements in satellite technology, including the deployment of small satellites and low Earth orbit (LEO) constellations. These innovations enhance connectivity, reduce latency, and improve overall service quality, making Satellite IoT solutions more efficient and effective.
The emergence of new technologies is leading to more cost-effective Satellite IoT solutions. As prices for satellite connectivity continue to decline, businesses can implement IoT solutions without incurring prohibitive costs, making it an increasingly attractive option for various applications.
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Top Companies in the Satellite IoT Market
The major vendors covered in the satellite IoT market include 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), Kepler Communications (Canada), Sateliot (Spain), Myriota (Australia), Kineis (France), and Nanoavionics (Lithuania).
Orbcomm (US) a global leader and innovator in the industrial Internet of Things, provides solutions that connect businesses to their assets to deliver increased visibility and operational efficiency. It was acquired by GI Partners in September 2021. It offers a broad set of asset monitoring and control solutions, including seamless satellite and cellular connectivity, unique hardware, and powerful applications, all backed by end-to-end customer support, from installation to deployment to customer care. ORBCOMM’s satellite and dual-mode satellite-cellular terminals deliver complete visibility and control of industrial assets operating in remote areas, with global satellite connectivity over Inmarsat’s IsatData Pro network.
Astrocast (Switzerland) is a company that deals in the satellite IoT industry. It provides leading integrated solutions that enable cost-effective SatIoT communications. The company offers satellite services from satellite infrastructure, fully designed, assembled, and in-house operated. Astrocast offers a bidirectional and highly secure connection to any IoT device on Earth. The company delivers its services to industries, such as maritime, environmental, mining, oil and gas, connected vehicles, agriculture and livestock, and asset monitoring. Astrocast is developing global nanosatellite constellations and low-power modules to ubiquitously connect, efficiently and at ultra-low-cost, millions of IoT devices in remote, rural and maritime areas.
Inmarsat Global (UK) is a leading provider of satellite IoT solutions. Leveraging its extensive satellite network coverage, the company offers reliable and scalable connectivity for IoT devices in remote and challenging environments worldwide. Inmarsat’s IoT offerings cater to various industries, including maritime, aviation, agriculture, and energy, enabling businesses to track assets, monitor operations, and access critical data regardless of location. Their solutions emphasize global coverage, low-latency communications, and integration with IoT platforms, empowering enterprises to unlock new opportunities and optimize their operations through satellite-based IoT connectivity.
Airbus (Netherlands) is a key player in the satellite IoT sector. The company provides end-to-end satellite IoT solutions, leveraging its expertise in aerospace and telecommunications. Airbus offers satellite connectivity services tailored for IoT applications, enabling remote monitoring, tracking, and data collection across various industries such as transportation, agriculture, and environmental monitoring. Their solutions focus on global coverage, low-power consumption, and seamless integration with IoT platforms, empowering businesses to harness the benefits of satellite-based IoT connectivity for improved efficiency and decision-making.
Thales (France) is a leading provider of satellite IoT solutions. Leveraging its expertise in aerospace, defense, and cybersecurity, Thales offers comprehensive satellite connectivity services tailored for IoT applications. Their solutions encompass satellite communication terminals, network infrastructure, and management platforms, enabling reliable and secure data transmission for remote monitoring, tracking, and asset management across various industries. Thales emphasizes global coverage, robust security features, and integration with IoT platforms, empowering businesses to leverage satellite-based IoT connectivity for enhanced operational efficiency and decision-making capabilities
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