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Satellite IoT Market Size, Share, and COVID Impact Analysis, By Service Type (Direct-to-Satellite, and Satellite IoT Backhaul); By Satellite Type (Low Earth Orbit (LEO), Medium Earth Orbit (MEO), and Geostationary Earth Orbit (GEO)), and Regional Forecast, 2024-2032

Region :Global | Report ID: FBI108271 | Status : Ongoing

 

KEY MARKET INSIGHTS

Satellite IoT refers to the use of satellite networks to provide connectivity to Internet of thing (IoT) devices. These devices are typically deployed in remote locations, in which cellular and other terrestrial networks may not be available or reliable. The use of satellite network connectivity enables electronic equipment to connect with the internet, and transmit data and instructions remotely, with a central control system.


The satellite IoT market is expected to exhibit a significant growth in the upcoming years, driven by the increasing implementation of IoT devices and the increasing investments in small sat Low Earth Orbit (LEO-based) satellites. According to GSMA, IoT connections are expected to increase to more than 25 billion by 2025.  The IoT implementation in such satellites for the utilisation of GPS and band spectrum technologies enhances the delivery and data rates, resulting in improved security, thus boosting the growth of the satellite IoT market.


  • On September 2021, Spire Global Inc., a space-based data and analytics provider, partnered with Myriota, an IoT satellite connectivity provider, to enhance Myriota’s global service deployment timeline. By utilizing of Spire’s low-earth orbit satellites, the company, aims to rapidly expand coverage to a global low latency constellation in other regions.


Impact of COVID-19 on the Satellite IoT Market


The covid-19 pandemic has impacted the satellite IoT market growth, due to supply chain disruptions, financial challenges and uncertainties towards IoT service providers. With lockdowns and social distancing measures, the market faced a temporary shutdown, however, it is expected to recover with the growing demand for remote monitoring and asset management solutions. According to Microsoft Research, one third of the decision makers intended to boost their IoT investments in response to the pandemic, while 41% plan to maintain their current level of commitment. The pandemic also accelerated the need for digital transformation across various industries, including agriculture, transportation, and energy.

The use of satellite–based IoT technology has the potential to enhance various industries’ efficiency and productivity, and the pandemic has accelerated the need for such solutions, resulting in a surge in investments and market growth. Thus, the market experienced a slight decline in the growth rate due to supply chain disruption, however, the accelerated adoption of remote monitoring and asset management solutions in numerous industries fueled the market growth in the post-pandemic period.

Segmentation


By Service Type – By service type, the market is bifurcated into direct-to-haul satellite and satellite IoT backhaul. Direct-to-satellite services allows IoT devices to communicate directly with satellites in the orbit, without the need for terrestrial infrastructure such as cell towers or Wi-Fi networks. These services are generally utilized for applications such as asset management, disaster response, and others, in remote inhabited areas, such as maritime environments or rural areas.

Satellite IoT backhaul, on the other hand, involves the use of satellite connectivity to provide backhaul for IoT devices that are connected to terrestrial networks. It enables the extension of IoT connectivity to remote or hard-to-reach locations where terrestrial connectivity is limited or non-existent. Thus, as the demand for IoT connectivity grows, particularly in industries such as transportation, agriculture, and gas among others, the satellite IoT market is expected to expand rapidly in the coming years.

By Satellite Type – In this market study, satellites used for communication are categorised into Low Earth Orbit (LEO), Geostationary Earth Orbit (GEO), and Medium Earth Orbit (MEO) satellites. LEO satellites are located at an altitude of less than 2,000 km and offer low-latency communication with high data rates, making them suitable for applications that require real-time data transfer. MEO satellites are located at an altitude of 10,000 km and provide a balance between coverage and latency, making it more suitable for navigation and positioning applications.

GEO satellites are located at an altitude of around 36,000 km and offer continuous coverage over a large area, enabling applications such as broadcasting and broadband services. The type of satellites used for IoT inter-communication is determined by specific application requirements, which drives the growth of satellite IoT market.

By Industry – Satellite IoT has a broad range of applications in various industries such as transportation & logistics, maritime, military and defence, agriculture, healthcare, among others (oil & gas, etc.). In the transportation sector, such modules are used for cargo and vehicle tracking, real-time location monitoring, and logistics optimization. In maritime, satellite IoT enables vessel tracking, safety monitoring, and improved non-terrestrial navigation. It also provides secure and reliable communication channels, surveillance and reconnaissance support to the defence personals and military industries. Such applications are boosting the use of satellite IoT modules and equipment in multiple industries.

Key Insights


The report will cover the following key insights:


  • Micro Macro Economic Indicators

  • Drivers, Restraints, Trends, and Opportunities

  • Business Strategies Adopted by the Key Players

  • Impact of COVID-19 on the Global Satellite IoT Market

  • Consolidated SWOT Analysis of Key Players


Regional Analysis


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The global satellite IoT market is distributed into five regions: North America, South America, Europe, the Middle East & Africa, and Asia Pacific. As of 2022, a significant share of  the market is help by North America, due to regions high military expenditure on satellite networking, presence of numerous key players, and leading suppliers, such as Iridium Communication, Orbcomm, Intelsat, Globalstar, Northrop Grumman, and Swarm Technologies, and others. Asia Pacific is expected to grow significantly due to major semiconductor developments and investments in interoperable IoT technologies.

The distribution of the global satellite IoT market by region is as follows:


  • North America – 32%

  • South America – 7%

  • Europe – 24%

  • Middle East and Africa – 12%

  • Asia Pacific – 25%


Key Players Covered


The key players in this market include Iridium Communication, Orbcomm, Intelsat, Globalstar, Northrop Grumman, Swarm Technologies, Immarsat Global, Fleet Space Technologies Pvt. Ltd., Myriota Pty Ltd., Astrocast, Airbus, Head Aerospace, Kepler Communications, and Nanoavionics, and others.

Segmentation


















By Service Type


By Satellite Type


By Industry


By Region



  • Direct-to-Satellite

  • Satellite IoT Backhaul




  • Low Earth Orbit (LEO)

  • Medium Earth Orbit (MEO)

  • Geostationary Earth Orbit (GEO)




  • Transportation & Logistics

  • Maritime

  • Military and Defence

  • Agriculture

  • Healthcare

  • Others (Oil & Gas, etc.)




  • North America (U.S., Canada, and Mexico)

  • South America (Brazil, Argentina, and Rest of South America)

  • Europe (U.K., Germany, France, Italy, Spain, Russia, Benelux, Nordics, and Rest of Europe)

  • Middle East & Africa (Turkey, Israel, GCC, North Africa, South Africa, and Rest of MEA)

  • Asia Pacific (China, India, Japan, South Korea, ASEAN, Oceania, and Rest of Asia Pacific)



Key Industry Developments



  • April 2023: Sateliot, a satellite communication service provider, launched a 5G-based LEO satellite coined ‘GroundBreaker’.  The company aims to extend the coverage of IoT applications, by utilizing 5G technology and provide 5G networks to terrestrial and non-terrestrial users.

  • March 2023: Monogoto, a cloud-based cellular network provider, announced a partnership with Skylo Technologies, a terrestrial network service operator, to provide affordable and accessible satellite connections for asset tracking applications. Following the collaboration, the company aims to aid developers to include satellite connectivity to existing public and private networks through Monogoto Cloud.





  • Ongoing
  • 2023
  • 2019-2022

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