Global Satellite IoT Market Overview 2024: Size, Growth Rate, and Segments

The satellite iot global market report 2024 from The Business Research Company provides comprehensive market statistics, including global market size, regional shares, competitor market share, detailed segments, trends, and opportunities. This report offers an in-depth analysis of current and future industry scenarios, delivering a complete perspective for thriving in the industrial automation software market.

Satellite IoT Market, 2024 report by The Business Research Company offers comprehensive insights into the current state of the market and highlights future growth opportunities.

Market Size –
The satellite IoT market size has grown exponentially in recent years. It will grow from $1.57 billion in 2023 to $1.93 billion in 2024 at a compound annual growth rate (CAGR) of 23.0%.  The growth in the historic period can be attributed to global connectivity needs, asset tracking and management, environmental monitoring, precision agriculture, maritime and aviation safety, emergency response and disaster management, energy sector applications, scientific research and exploration, and supply chain optimization.

The satellite IoT market size is expected to see rapid growth in the next few years. It will grow to $4.34 billion in 2028 at a compound annual growth rate (CAGR) of 22.4%.  The growth in the forecast period can be attributed to rising proliferation of LEO-based services, booming digitalization, increase in cybersecurity attacks, growing space industry, rise in demand for interconnectivity , increase in demand for connected devices for real time monitoring. Major trends in the forecast period include advancement in wireless technology, launches of various cubits & small satellites, growing focus on eco-friendly satellite technologies, new integration with 5G networks, advancements in optical communication with lasers.

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Scope Of Satellite IoT Market
The Business Research Company’s reports encompass a wide range of information, including:
1. Market Size (Historic and Forecast): Analysis of the market’s historical performance and projections for future growth.
2. Drivers: Examination of the key factors propelling market growth.
3. Trends: Identification of emerging trends and patterns shaping the market landscape.
4. Key Segments: Breakdown of the market into its primary segments and their respective performance.
5. Focus Regions and Geographies: Insight into the most critical regions and geographical areas influencing the market.
6. Macro Economic Factors: Assessment of broader economic elements impacting the market.

Satellite IoT Market Overview

Market Drivers –
The growing space industry is expected to propel the growth of the satellite IoT market going forward. The space industry refers to economic activities related to manufacturing components that go into outer space, delivering them to those regions, and related services. The space industry contributes to the expansion and improvement of satellite IoT by providing cost-effective and scalable solutions, global connectivity, enhanced technology, and addressing the specific needs of IoT applications in various industries. For instance, in March 2023, according to gov.uk, a UK-based government agency, UK space organizations revenue increased to £17.5 ($18.86) billion from £16.5 ($17.79) billion in 2020, while the sector expanded to 1,590 entities from 1,293, adding 1,772 jobs. Therefore, the growing space industry is driving the growth of the satellite IoT market.

Market Trends –
Major companies operating in the satellite IoT market are focused on developing innovative products with technologies such as TIGER-5 and TIGER-6 satellites to boost financial performance in the market. These satellites are expanding the frontier of 5G connectivity by including the 5G NTN IoT satellite constellation. For instance, in November 2023, OQ Technology, a Luxembourg-based satellite telecom operator, launched TIGER-5 and TIGER-6 satellites on SpaceX’s Falcon 9 during the Transporter-9 rideshare mission. These 6U nanosatellites, featuring NB-IoT cell tower payloads, were deployed into the Low Earth Orbit. The satellites were separated and placed into orbit 75 minutes after launch, with contact established on the same day.

The aerospace support and auxiliary equipment market covered in this report is segmented –
1) By Type: Commercial Radars, Satellites
2) By Ownership: Public, Private
3) By Platform: Airborne, Land, Naval, Space

Subsegments Covered: Continuous Waveform, Pulse Waveform, Large Satellite, Mini Satellite, Micro Satellite, Nano Satellite

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Regional Insights –
North America was the largest region in the satellite IoT market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the satellite IoT market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

Major companies operating in the satellite IoT market are Airbus SE, Northrop Grumman Corporation, Space Exploration Technologies Corp., EchoStar Corporation, Inmarsat Limited, Iridium Communications Inc., Orbcomm, Globalstar Inc., Spire Global Inc., Kepler Communications Inc., Ligado Networks, NanoAvionics Corp., Fleet Space Technologies Pty. Ltd., Skylo Technologies, Actility S.A., Alén Space, Leaf Space, Kineis, Myriota Pty. Ltd., Sateliot , Xona Space Systems Inc., OQ Technology , Hiber AB, Fossa Systems S.L., Sky and Space Global Ltd.

Table of Contents
1. Executive Summary
2. Satellite IoT Market Report Structure
3. Satellite IoT Market Trends And Strategies
4. Satellite IoT Market – Macro Economic Scenario
5. Satellite IoT Market Size And Growth
…..
27. Satellite IoT Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix

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