Satellite IoT Market Soars to US$4 Billion by 2030, Driven by Growth in Key Verticals and Strategic Partnerships

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Aug 06, 2024, 08:30 ET

NEW YORK, Aug. 6, 2024 /PRNewswire/ -- The satellite Internet of Things (IoT) market is experiencing a remarkable transformation, driven by innovative technological advancements and a growing demand for global connectivity. According to global technology intelligence firm ABI Research, the satellite IoT market is projected to surpass 26 million connections with a US$4 billion market size by 2030, highlighting significant growth potential in this sector.

Victor Xu, Satellite Communications Industry Analyst at ABI Research, identifies key market opportunities for satellite IoT in the Agriculture, Energy & Utilities, Fisheries and Aquaculture, and Environmental Monitoring verticals. "Satellite IoT is expected to play a valuable role in agriculture, with connections forecast to grow to more than 1.4 million by 2029. Satellite IoT applications such as precision farming, yield prediction and analysis, livestock management, and optimized irrigation are enabling more efficient, sustainable, and profitable farming practices.

In the energy and utilities sector, satellite IoT is also increasingly adopted for real-time monitoring and management of critical infrastructure, with smart grid connections expected to exceed 500,000 by 2029. According to Xu, "Satellite IoT has been transforming fisheries and aquaculture operations by enabling real-time Vessel Monitoring Systems (VMS), effective fish stock management, and comprehensive water quality monitoring, at the same time ensuring sustainability and regulatory compliance. These advancements represent a significant opportunity given the industry's vast scale. For environmental monitoring, satellite IoT is crucial for providing real-time data on climate conditions and natural disasters, with Condition-Based Monitoring (CBM) connections expected to surpass 1 million by 2029."

Strategic partnerships are also playing a crucial role in the growth and development of the Satellite IoT market. Companies have been forming alliances to leverage each other's strengths and expand their market reach. Jake Saunders, Vice President at ABI Research, points out, "Prominent satellite IoT providers such as Inmarsat, ORBCOMM, Globalstar, Myriota, and hiSky have been actively working together with their partners to expand their service offerings and enhance connectivity solutions. These collaborations are essential for addressing the diverse needs of industries and ensuring the successful deployment of satellite IoT technologies across various applications."

These findings are from ABI Research's Satellite Communications: Highlights & Developments in the Satellite IoT Marketplace: 3Q 2024 report. This report is part of the company's Satellite Communications Innovation & Technologies research service, which includes research, market data, and analyst insights.

About ABI Research

ABI Research is a global technology intelligence firm uniquely positioned at the intersection of technology solution providers and end-market companies. We serve as the bridge that seamlessly connects these two segments by providing exclusive research and expert guidance to drive successful technology implementations and deliver strategies proven to attract and retain customers.

ABI Research是一家全球性的技术情报公司，拥有得天独厚的优势，充当终端市场公司和技术解决方案提供商之间的桥梁，通过提供独家研究和专业性指导，推动成功的技术实施和提供经证明可吸引和留住客户的战略，无缝连接这两大主体。

For more information about ABI Research's services, contact us at +1.516.624.2500 in the Americas, +44.203.326.0140 in Europe, +65.6592.0290 in Asia-Pacific, or visit www.abiresearch.com.

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Deborah Petrara
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SOURCE ABI Research