According to MarketsandMarkets™, the Satellite IoT Market is expected to grow from USD 1.1 billion in 2022 to USD 2.9 billion by 2027, at a CAGR of 21.9% during the forecast period. Direct-to-satellite is a reliable solution in times of disasters or natural calamities in areas where fast deployments are required, and not much hardware is available or possible to arrange, driving the growth of satellite IoT market.
Browse in-depth TOC on “Satellite IoT Market“
170 – Tables
43 – Figures
195 – Pages
Download PDF Sample: https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=203680911
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.
Europe is likely to emerge as the fastest-growing market during the forecast period
Europe is anticipated to have highest CAGR for the forecasted period. The European region has a significant market share of the satellite IoT market due to the increased demand for remote sensing, Earth observation, and scientific exploration activities. The UK, Russia, Germany, Italy, Finland, and the Rest of Europe have been covered under this region. The ability of satellite IoT satellites to provide enhanced geospatial imagery has further boosted their demand in the region, as companies expect geospatial data to provide crucial information for supply chain management and business development. In 2021, the European Commission awarded a contract worth USD 1.7 billion to Thales Alenia Space and Airbus Defense and Space to develop an initial set of next-generation Galileo navigation satellites.
List of Top Companies in the Satellite IoT Market
- 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)
Some of the Key Questions Answered in this Report:
- What trends, challenges and barriers will influence the development and sizing of the global market?
- SWOT Analysis of each defined key player along with its profile and Porter’s five forces analysis to complement the same.
- What is the Satellite IoT Market growth momentum or market carriers during the forecast period?
- What are the global trends in the Satellite IoT market? Would the market witness an increase or decline in the demand in the coming years?
- What is the estimated demand for different types of products in Satellite IoT? What are the upcoming industry applications and trends for Satellite IoT market?
- What Are Projections of Global Satellite IoT Industry Considering Capacity, Production and Production Value? What Will Be the Estimation of Cost and Profit? What Will Be Market Share, Supply and Consumption? What about Import and Export?
- Where will the strategic developments take the industry in the mid to long-term?
- What are the factors contributing to the final price of Satellite IoT? What are the raw materials used for Satellite IoT?
- How big is the opportunity for the Satellite IoT market? How will the increasing adoption of Satellite IoT for mining impact the growth rate of the overall market?
- Which region may tap the highest market share in the coming era?
- Which application/end-user category or Product Type may seek incremental growth prospects?
- What focused approach and constraints are holding the Satellite IoT market demand?