Redding, California, June 07, 2023 (GLOBE NEWSWIRE) -- According to a new market research report titled, ‘Satellite IoT Market by Service Type (Satellite IoT Backhaul Service, Direct to Satellite Service), Frequency Band, Organization Size, Sector (Agriculture, Military & Defense, and Transportation & Logistics, and Geography - Global Forecast to 2030,’ the satellite IoT market is projected to reach $11.4 billion by 2030, at a CAGR of 18.2% from 2023 to 2030.
Satellite IoT refers to connecting IoT devices or nodes using a satellite network or satellite communication. Satellites provide secured communication by using encryption units at hub stations and user terminals. In addition, the benefits offered by satellite IoT, such as reliability, multicasting, speed, ubiquitous coverage, real-time data and insights, and cost-effectiveness, are driving the growth of the satellite IoT market.
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he growth of the satellite IoT market is driven by the increasing development of satellite networks, increasing demand for hybrid satellite-terrestrial connectivity, and the growing adoption of satellite IoT to automate the business process in the agriculture sector. However, the high cost associated with the development and maintenance of satellite IoT restrains the growth of the satellite IoT market.
Further, the growing adoption of satellite IoT in various industries, rising technological advancements, and growing use of small satellites in various applications are expected to create market growth opportunities. However, the vulnerability of satellite IoT devices to cyber-attacks is a major challenge for the players operating in this market.
The satellite IoT market is segmented by service type (satellite IoT backhaul service and direct-to-satellite service), frequency band (L Band, Ku band, Ka band, and other frequency bands), organization size (large enterprises and small & medium-sized enterprises), and sector (agriculture, construction, utilities, oil & gas, military & defense, transportation & logistics, maritime, and other sectors). The study also evaluates industry competitors and analyzes the market at the regional and country levels.
Based on service type, the 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 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 in various sectors and the rising need for direct-to-satellite services in smart agriculture and marine space. Also, this segment is slated to register the highest CAGR during the forecast period.
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Based on frequency band, the satellite IoT market is segmented into L Band, Ku band, Ka band, and other frequency bands. In 2023, the L Band segment is expected to account for the larger share of the satellite IoT market. The large market share of this segment is attributed to the growing adoption of the L band in various applications such as radars, global positioning systems (GPS), radio, telecommunications, and aircraft surveillance and the growing demand for the L band in the maritime sector. However, the Ka band segment is slated to register the highest CAGR during the forecast period due to the growing adoption of the Ka band in military aircraft, space telescopes, and vehicle speed detection systems.
Based on organization size, the satellite IoT market is segmented into large enterprises and small & medium-sized enterprises. In 2023, the large enterprises segment is expected to account for the larger share of the satellite IoT market. The large market share of this segment is attributed to the strong infrastructure of large enterprises, the management of satellite IoT platforms by skilled IT personnel, and growing technological advancements. However, the small & medium-sized enterprises segment is slated to register the highest CAGR during the forecast period.
Based on sector, the 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 satellite IoT market. The large market share of this segment is attributed to the increasing need for aircraft safety systems and telematics, rising demand for border intrusion and detection, and rising security concerns and the need for reliable surveillance.
However, the agriculture segment is slated to register the highest CAGR during the forecast period. The rising need for environmental and weather monitoring, growing demand for livestock monitoring, and the growing adoption of satellite IoT in precision farming and smart greenhouses are expected to support the growth of this segment.
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Based on geography, the satellite IoT market is segmented into North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. In 2023, North America is expected to account for the largest share of the satellite IoT market. North America’s large market share is attributed to the presence of leading satellite IoT providers and their increasing focus on developing advanced satellite IoT solutions. The surging demand for earth observation satellites also supports the large share of this market.
However, Asia-Pacific is projected to register the highest CAGR during the forecast period. The infrastructural growth in APAC, especially in China, South Korea, India, Australia, Singapore, and Japan, the rapid growth of regional economies, growing awareness regarding satellite IoT among small and medium-sized organizations, and the growing adoption of satellite IoT in agriculture sector offer growth opportunities for the players operating in the satellite IoT market.
The key players operating in the satellite IoT market are ORBCOMM Inc. (U.S.), Iridium Communications Inc. (U.S.), Astrocast SA (Switzerland), Airbus SE (Netherlands), Globalstar (U.S.), Thales Group (France), Eutelsat Communications S.A. (France), Swarm Technologies Inc. (U.S.), Thuraya Telecommunications Company (UAE), Verizon Communications Inc. (U.S.), Alén Space (Spain), Surrey Satellite Technology Limited. (U.K.), Fleet Space Technologies Pty Ltd. (Australia), Vodafone Group Plc. (U.K.), and FOSSA Systems S.L. (Spain).
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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 Band
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
-
- Europe
-
- Germany
- U.K.
- France
- Italy
- Spain
- Rest of Europe
-
- Asia-Pacific
-
- Japan
- China
- India
- South Korea
- Singapore
- Rest of Asia-Pacific
-
- Latin America
-
- Brazil
- Mexico
- Rest of Latin America
-
- Middle East & Africa
-
- UAE
- Israel
- Rest of the Middle East & Africa
-
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