Satellite IoT Market (2024-2031)
The Satellite IoT Market is projected to reach $2.48 billion by 2031, at a CAGR of 18.2% from 2024 to 2031.
- Published
- Jul 2024
- Pages
- 367
- Format
- PDF + Excel
- Report ID
- MRICT - 104833
- Base year
- 2023
- 2031 · FORECAST
- $2.48B
- 2031
- $2.48B
- CAGR 2024–2031
- 18.2%
2023 baseline · 2024–2031 forecast at 18.2% CAGR · hover a bar for the value
Key highlights
By Service Type: In 2024, the Direct-to-Satellite Services Segment to Dominate the Satellite IoT Market
By Frequency Band: In 2024, the KU Band Segment to Dominate the Satellite IoT Market
By Organization Size: In 2024, the Large Enterprises Segment to Dominate the Satellite IoT Market
By Sector: In 2024, the Military & Defense Segment to Dominate the Satellite IoT Market
Report summary
| Particulars | Details |
|---|---|
| Number of Pages | 367 |
| Format | |
| Forecast Period | 2024–2031 |
| Base Year | 2023 |
| CAGR (Value) | 18.2% |
| Market Size (Value) | USD 2.48 Billion by 2031 |
| Segments Covered | By Service Type · Satellite IoT Backhaul Services · Direct-to-Satellite Services · By Frequency Band · L Band · Ku Band · Ka Band · Other Frequency Bands · By Organization Size · Large Enterprises · Small & Medium-sized Enterprises · 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 |
| Countries Covered | North America (U.S., Canada), Europe (Germany, U.K., France, Italy, Spain, Rest of Europe), Asia-Pacific (China, Japan, South Korea, India, Singapore, and Rest of Asia-Pacific), Latin America (Brazil, Mexico, and Rest of Latin America), and the Middle East & Africa (UAE, Israel, Rest of the Middle East & Africa) |
| Key Companies | 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). |
Report overview
Segments covered: service type, frequency band, organization size, sector. Regions: North America, Europe, Asia-Pacific, Latin America, Middle East & Africa.
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. Additionally, the growing use of satellite IoT technology in maritime applications is expected to generate growth opportunities for the players in this market.
Report infographic
Market dynamics
3 factors across 2 forcesRising Demand for Interconnectivity Between Devices in Remote Areas
The demand for interconnectivity between devices has increased, especially in remote areas. Satellite IoT technology allows devices to connect to the internet and other devices through satellite networks, which use low-power, low-bandwidth communication protocols to transmit data. Satellite IoT devices can facilitate communication and data exchange in remote areas where traditional communication networks are unreliable. Satellite IoT technology allows a wide range of devices, such as sensors, trackers, and other Internet of Things (IoT) devices, to operate in areas where cellular or other terrestrial networks are unavailable.
Furthermore, satellite IoT devices can connect and communicate with each other regardless of their location, allowing for seamless data exchange, remote monitoring, and control. Satellite IoT technology is particularly useful in industries such as agriculture, transportation, and energy, where assets are distributed over large geographic areas and need real-time data monitoring and analysis for efficient and effective operations. Thus, the increasing adoption of satellite IoT services to facilitate device interconnectivity in remote areas is driving the growth of the satellite IoT market.
Increasing Use of Satellite IoT Technology in the Agriculture Industry
Satellite IoT technology is increasingly being used in agriculture to automate routine processes and remotely monitor crops and livestock in real-time. Satellite IoT technology enables precision agriculture, which uses data-driven insights to optimize crop yields, reduce waste, and conserve resources such as water and fertilizers. Satellite IoT services allow for the early detection of pest infestations, crop diseases, or irrigation problems, allowing farmers to quickly address these issues before they escalate. IoT sensors allow farmers to track the temperature and humidity levels in storage facilities, ensuring that agricultural produce meets the required quality standards. With satellite IoT technology, farmers can streamline operations and make more informed decisions based on insights. These benefits are driving the adoption of satellite IoT services in the agriculture sector, accelerating the growth of the satellite IoT market.
Table of contents
12 chapters · 131 sections · 367 pages · click to expandSegmental analysis
| Segment | Largest share (2024) | Fastest growth (2024–2031) |
|---|---|---|
| By Service Type | Direct-to-Satellite Services | — |
| By Frequency Band | KU Band | — |
| By Organization Size | Large Enterprises | Small & medium-sized enterprises |
| By Sector | Military & Defense | Agriculture |
By Service Type
- The direct-to-satellite services segment is expected to account for the larger share of above 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 & managing remote operations and the growing demand for direct-to-satellite services in smart agriculture & marine applications.
- Moreover, this segment is projected to register the highest CAGR during the forecast period.
By Frequency Band
- The KU Band Segment to Dominate the Satellite IoT Market
- The Ku band segment is expected to account for the largest share of above 40.0% of the satellite IoT market.
- The segment’s large share is attributed to the increasing adoption of the Ku band due to lower spectrum costs, the growing use of the Ku band for short-range and high-resolution imaging capabilities, and the rising use of the Ku band in smart energy, smart water, and smart power applications.
- Moreover, this segment is projected to register the highest CAGR during the forecast period.
By Organization Size
- The large enterprises segment is expected to account for the larger share of above 75.0% of the 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 & environmental footprint, the growing use of satellite IoT for remote sensing & navigation and maritime & 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.
- 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.
By Sector
- The military & defense segment is expected to account for the largest share of above 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 & 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.
- The growth of this segment is driven by the increasing need for satellite IoT services to provide real-time data about environment temperature, soil, and water content; the growing need to enhance the effectiveness of pesticides & fertilizers, and enhancing herd management; and increasing deployment of satellite IoT services for irrigation management.
Geographic analysis
North America
Largest shareIn 2024, North America is expected to account for the largest share of above 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. In 2024, North America Region to Dominate the Satellite IoT Market
Asia-Pacific
Fastest growthHowever, Asia-Pacific is expected to register the highest CAGR of above 19.0% during the forecast period. The fast growth of this region is driven by the infrastructural growth in APAC, especially in China, South Korea, Japan, and India; the rapid growth of regional economies; the growing technological advancements; growing awareness regarding satellite IoT among small and medium-sized organizations; and rising need for direct-to-satellite services in smart agriculture and marine space. Furthermore, the growing adoption of the Ka-band in military aircraft, space telescopes, and vehicle speed detection systems, growing wireless networking systems, and growing demand for bandwidth to increase transmission capacity and data transfer rates are expected to improve the demand for satellite IoT services, in turn supporting the growth of the market.
Competitive landscape
- June 2023
Eutelsat Communications S.A. (Italy) partnered with Emirates Integrated Telecommunications Company PJSC (UAE) to upgrade its Direct-to-Home satellite services across the Middle East and North Africa (MENA) region.
- December 2022
Iridium Communications Inc. (U.S.) launched Iridium Messaging Transport (IMT), a two-way cloud-native networked data service optimized for use over Iridium Certus and designed to make it easier to add satellite connections to existing or new IoT solutions.
- December 2022
Globalstar, Inc. (U.S.) signed an agreement with Wiagro (Argentina) to supply IOT transmitters for Agtech applications. Globalstar supplies 2,500 ST100 satellite modem transmitters for their Smart Silobag, which allows for the remote monitoring of grain conditions stored in silo bags.
- 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
- SATELIO IOT SERVICES
- OQ Technology · Luxembourg
Frequently asked questions
The satellite IoT market study focuses on market assessment and opportunity analysis through the sales of satellite IoT across different regions and countries across different market segmentations. This study is also focused on competitive analysis for satellite IoT based on an extensive assessment of the leading players’ product portfolios, geographic presence, and key growth strategies.
Cite this report
Meticulous Research. (2024). Satellite IoT Market - Global Opportunity Analysis and Industry Forecast (2024-2031) (Report No. MRICT - 104833). Meticulous Market Research Pvt. Ltd. https://www.meticulousresearch.com/product/satellite-iot-market-5516