Satellite IoT Markets - Global Forecast to 2030: Growing Use of Satellite IoT Technology in Maritime Applications and Remote Areas Expected to Generate Growth Opportunities

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Mar 01, 2024, 14:30 ET

DUBLIN, March 1, 2024 /PRNewswire/ -- The "Satellite IoT Market by Service Type, Frequency Band, Organization Size, Sector (Military & Defense, Agriculture, Construction, Oil & Gas, Utilities, Transportation & Logistics, Maritime) - Global Forecast to 2030" report has been added to ResearchAndMarkets.com's offering.

The global satellite IoT market is projected to reach USD 2.1 billion by 2030, at a CAGR of 18.2% during the forecast period of 2023-2030

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.

Based on service type, the global satellite IoT market is segmented into satellite IoT backhaul service and direct-to-satellite service.

In 2023, the direct-to-satellite service segment is expected to account for the larger share of the global 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 direct-to-satellite services in smart agriculture and marine applications. Moreover, this segment is projected to register the highest CAGR during the forecast period.

Based on organization size, the global satellite IoT market is segmented into small & medium-sized enterprises and large enterprises.

In 2023, the large enterprises segment is expected to account for the larger share of the global satellite IoT market. The large market share of this segment is attributed to the increasing adoption of satellite IoT technology among large enterprises to reduce their operational costs and environmental footprint, the growing use of satellite IoT for remote sensing and navigation, maritime and transport management, and the rising need to reduce on-site maintenance and inspections. However, the small & medium-sized enterprises segment is expected to register the highest CAGR during the forecast period.

Based on sector, the global satellite IoT market is segmented into agriculture, construction, utilities, oil & gas, military & defense, transportation & logistics, maritime, and other sectors.

In 2023, the military & defense segment is expected to account for the largest share of the global satellite IoT market. The large market share of this segment is attributed to the rising need for enhanced connectivity in remote and harsh environments, the growing need for improved situational awareness in military & defense, and the increasing deployments of satellite IoT services across the military & defense sector.

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.

In 2023, North America is expected to account for the largest share of the global 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 during the forecast period.

Key questions answered in the report

Which are the high-growth market segments in terms of service type, frequency band, organization size, and sector?
What is the historical market for satellite IoT across the globe?
What are the market forecasts and estimates for 2023-2030?
What are the major drivers, restraints, opportunities, challenges, and trends in the global satellite IoT market?
Who are the major players in the global satellite IoT market, and what market share do they hold?
How is the competitive landscape?
What are the recent developments in the global satellite IoT market?
What strategies are adopted by the major players in the global satellite IoT market?
What are the geographical trends and high-growth countries?
Who are the local emerging players in the global satellite IoT market, and how do they compete with the other players?

Market Insights

Factors Affecting Market Growth

Rising Demand for Interconnectivity Between Devices in Remote Areas Driving the Adoption of Satellite IoT Services
Increasing Use of Satellite IoT Technology in the Agriculture Industry Accelerating Market Growth
High Implementation Costs Limiting the Adoption of Satellite IoT Services
Growing Use of Satellite IoT Technology in Maritime Applications Expected to Generate Growth Opportunities for Market Players
Satellite IoT Devices' Vulnerability to Cyberattacks Raising Data Privacy & Security Concerns Among End Users

Trends

Low Earth Orbit (LEO) Satellite-based Connectivity
Increasing Demand for Environmental and Weather Monitoring Devices

Case Studies

Pricing Analysis

Factors that Influence the Pricing of Satellite IoT Services
Astrocast SA (Switzerland): Satellite IoT Data Plans
Iridium Communications Inc. (U.S.): Iridium Certus Rates - IoT
Globalstar, Inc. (U.S.): Service Plans

Company Profiles (Business Overview, Financial Overview, Product Portfolio, Strategic Developments)

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.)
Alen Space S.L. (Spain)
Fossa Systems S.L. (Spain)
SATELIO IOT SERVICES
S.L. (Spain)
OQ Technology (Luxembourg).

Competition Analysis

Key Growth Strategies
Competitive Dashboard
Industry Leaders
Market Ranking, By Key Player
Market Differentiators
Vanguards
Emerging Companies
Vendor Market Positioning

Scope of the Report

Satellite IoT Market, by Service Type

Satellite IoT Backhaul Service
Direct-to-Satellite Service

Satellite IoT Market, by Frequency Band

L Band
Ku Band
Ka Band
Other Frequency Bands

Satellite IoT Market, by Organization Size

Large Enterprises
Small & Medium-sized Enterprises

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

Satellite IoT Market, by Geography

North America
U.S.
Canada
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

For more information about this report visit https://www.researchandmarkets.com/r/y7ocy7

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