Satellite IoT Market Set for Significant Growth with Increased Adoption of LEO Satellites and IoT Devices

The satellite-based IoT service market is expected to grow from an estimated USD 291.5 million in 2024 to USD 397.3 million in 2033 at a CAGR of 3.50%. The Satellite Internet of Things (IoT) market is poised for substantial growth in the coming years, driven by the rising adoption of IoT devices and growing investment in low Earth orbit (LEO) satellites. As IoT connections are expected to surpass 25 billion by 2025, advancements in satellite IoT services are set to transform how devices connect and communicate globally.

Satellite IoT technology, which integrates GPS and spectrum band technology, is enhancing data delivery and security, fueling growth in this sector. Companies like Spire Worldwide Inc. are at the forefront of this development. In September 2021, Spire partnered with Myriota, a leading IoT satellite connectivity provider, to expand Myriota's service coverage worldwide. The collaboration aims to utilize Spire's LEO satellites, allowing for rapid global deployment of low-latency IoT services across multiple regions.

In addition, research and development efforts are helping reduce the cost of IoT terminals and modules, further contributing to market growth. In December 2022, Astrocast SA signed a multimillion-dollar deal with ArrowSpot to mass-produce the ArrowTrack SAT device, aimed at enhancing Satellite IoT (SatIoT) communication.

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Key Drivers for Market Expansion

One of the major factors driving growth in the Satellite IoT market is the increasing demand for device interconnectivity in remote and hard-to-reach areas. Satellite IoT enables devices to communicate and exchange data over vast distances, including regions where traditional networks are unavailable. By leveraging satellite networks and low-power communication protocols, IoT devices can transmit data in remote locations where cellular or terrestrial networks are not an option.

Industries such as agriculture, transportation, and energy stand to benefit the most from Satellite IoT, as real-time data monitoring and analysis are crucial for efficient operations across vast areas. For example, satellite IoT can help monitor assets, track shipments, and gather data in areas that would otherwise be difficult to reach with traditional infrastructure.

Additionally, in April 2023, Sateliot, a Barcelona-based startup, launched its first satellite as part of a new LEO constellation aimed at enhancing coverage for terrestrial 5G IoT applications. This initiative combines satellite connectivity with terrestrial networks to provide expanded IoT coverage.

Challenges for Market Growth

Despite the promising outlook, the Satellite IoT market faces several challenges, primarily the high costs associated with satellite deployment and maintenance. The launch and operation of satellites require significant investment, including manufacturing, launching, and ensuring the satellites' functionality in space. These costs can be especially burdensome for smaller companies or new entrants in the market, potentially hindering innovation and slowing down the expansion of satellite-based services.

Maintenance and operational expenses, such as satellite monitoring and repairs, add further financial strain. The high capital required for these activities could deter new players and slow the growth of the industry, limiting the widespread adoption of Satellite IoT solutions.

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Market Segmentation Insights

The Satellite IoT Service Market is segmented into three primary categories: Commercial, Defense, and Civil Government. The defense sector is expected to dominate the market due to the increasing demand for communication networks in remote areas. Similarly, the aerospace sector is set to play a major role in driving market growth, driven by the adoption of advanced satellite technologies such as GPS systems, which offer high data transmission capabilities and enhanced security.

The commercial sector is growing rapidly, as businesses across various industries seek reliable connectivity in remote and underserved locations. Agriculture, logistics, and energy companies are increasingly turning to Satellite IoT services to monitor assets, track shipments, and gather real-time data for better decision-making. The ability to connect devices and sensors worldwide, regardless of location, is fueling demand for satellite-based solutions in these industries.

Satellite-Based IoT Service Top Companies and Competitive Landscape

The satellite-based IoT service industry is emerging at a rapid pace and has been bolstered by the strong need to establish reliable connections in inaccessible regions. Many key players, such as Airbus, Astrocast SA, Boeing, and Eutelsat Communications SA, are doing the important job of enabling satellite-based connectivity solutions for most applications pertaining to agriculture, logistics, and environmental monitoring through seamless data transmission and remote monitoring services. Such would lead to a great boost in the satellite-based IoT service market as technology improves further and more industries adopt solutions with IoT.

For instance, in July 2022, Astrocast and Soracom formed a cooperation to incorporate the Astrocast Satellite IoT (SatIoT) solution into the Soracom platform. Soracom would supply blended IoT connection solutions to integrators and end users via this cooperation, which would incorporate cellular and satellite connections.

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Some of the key companies in the global Satellite-Based IoT Service market include:

Airbus

Astrocast SA

Boeing

Eutelsat Communications SA

Fleet Space Technologies

hiSky Ltd.

Inmarsat

Iridium Communications Inc.

Kepler Communications Inc.

Lacuna Space

Myriota

Orbcomm Inc.

0Q Technology

Thales

Thuraya

Satellite-Based IoT Service Latest Industry Updates

In December 2022, Astrocast SA has inked a multimillion-dollar contract with ArrowSpot to begin mass production of the ArrowTrack SAT device. Astrocast and ArrowSpot's deal includes hardware integration and satellite IoT (SatIoT) connectivity for the first three years.

In September 2022, iSky and Network Innovations announced a collaboration agreement under which hiSky's unique satellite network, along with its low data rate (LDR) network, will enable Industrialized Internet of Things (IIoT) applications, resulting in low-cost satellite solutions for end customers.

In August 2022, Inmarsat signed a deal worth $578 million over the next ten years to maintain and operate the worldwide end-to-end commercial communications infrastructure. The deal also states that the company would replace the old band with their newly built ELERA band to ensure seamless communication.

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Satellite-Based IoT Service Market Segmentation Analysis

Service Outlook (Revenue, USD Million; 2020-2033)

Commercial

Transport and Logistics

Aviation

Agriculture

Marine

Energy and Utilities

Oil and Gas

Automotive

Healthcare

Retail

Natural Resource Monitoring

Others (Construction, Media, Plant Engineering, Disaster Management, Infrastructure, and NGO)

Defence

Land

Airborne

Naval

Civil Government

Regional Outlook (Revenue, USD Million; 2020-2033)

North America

United States

Canada

Mexico

Europe

Germany

France

United Kingdom

Italy

Spain

Benelux

Rest of Europe

Asia-Pacific

China

India

Japan

South Korea

Rest of Asia-Pacific

Latin America

Brazil

Rest of Latin America

Middle East and Africa

Saudi Arabia

UAE

South Africa

Turkey

Rest of MEA

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