Satellite IoT Market Size, Share with Focus on Emerging Technologies, Top Countries Data, Top Key Players Update, and Forecast 2027
MarketsandMarkets forecasts the global Satellite IoT Market size is expected to grow USD 1.1 billion in 2022 to USD 2.9 billion by 2027, at a Compound Annual Growth Rate (CAGR) of 21.9% during the forecast period. Due to the increase in the need for trusted and cost-effective communication services, the satellite IoT service market is growing at a huge rate.
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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.
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Unique Features in the Satellite IoT Market
Wherever there are geographically remote and inaccessible places where terrestrial networks are either unreliable or impractical to establish, satellite IoT offers universal coverage. This makes it possible for IoT devices to be connected in places like arctic regions, deserts, and oceans.
Long battery life for IoT devices placed in harsh or distant areas is made possible by satellite IoT systems, which are engineered to operate with low power consumption. Applications like asset tracking, environmental monitoring, and agriculture depend on this.
Real-time tracking and monitoring of assets, such as cars, boats, containers, and equipment, may be accomplished in large and remote places with inadequate terrestrial access thanks to satellite IoT. Logistics, shipping, and the oil and gas industries can all benefit from this capabilities.
When terrestrial networks are damaged, satellite IoT provides a dependable communication infrastructure, which is vital in emergency and disaster response scenarios. It makes remote rescue operations, humanitarian crises, and natural catastrophes easier to coordinate, gather data, and maintain situational awareness.
In remote and environmentally sensitive places, satellite IoT solutions serve environmental monitoring applications including wildlife tracking, weather forecasting, and climate research. Continuous data gathering and real-time transmission via satellite communication are advantageous for these applications.
Major Highlights of the Satellite IoT Market
Global connectivity is made possible via satellite IoT, which offers coverage in isolated and underserved locations where terrestrial networks are insufficient or nonexistent. This feature makes it easier to implement IoT in a variety of sectors and geographical areas.
IoT devices may connect in places where typical terrestrial networks are not as widespread thanks to satellite IoT, which provides coverage everywhere on land, in the sea, and in the air. Applications like asset tracking, maritime monitoring, and remote sensing will especially benefit from this.
Long battery life for IoT devices is made possible by the low power consumption of satellite IoT systems. This is essential for applications that need battery-operated, autonomous equipment in hard-to-reach places.
When terrestrial networks are damaged, satellite IoT provides a robust communication infrastructure, which is crucial in emergency and disaster response scenarios. It makes it possible to monitor, coordinate, and respond in real time to humanitarian emergencies, natural catastrophes, and remote rescue missions.
Real-time asset tracking and management are made possible by satellite IoT in a variety of industries, including oil and gas, transportation, logistics, and agricultural. It offers insight into the whereabouts, condition, and status of assets placed in difficult or remote locations.
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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). These players have adopted various growth strategies, such as partnerships, business expansions, mergers and acquisitions, agreements, and collaborations, new product launches to expand their presence in the satellite IoT market. Partnerships and new product launches have been the most adopted strategies by major players from 2018 to 2022, which helped them innovate their offerings and broaden their customer base.
ORBCOMM 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 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.
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