M2M Satellite Communication Market worth $28.7 billion by 2028 - Exclusive Report by MarketsandMarkets™
CHICAGO, Feb. 9, 2024 /PRNewswire/ -- The M2M Satellite Communication Market is estimated to grow from USD 15.5 billion in 2023 to USD 28.7 billion in 2028, at a CAGR of 13.1% during the forecast period, according to a new report by MarketsandMarkets™. The M2M Satellite Communication Market revolves around the use of satellite networks to facilitate seamless communication between machines and devices globally. It enables remote connectivity across diverse industries, offering robust, reliable, and often real-time data transfer for applications in areas where traditional terrestrial networks may be limited or unavailable. This market segment continues to grow due to its ability to support IoT, remote monitoring, asset tracking, and other critical operations in challenging environments.
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Scope of the Report
By offering the services segment to account for higher CAGR during the forecast period.
The M2M Satellite Communication Market offers a diverse array of services tailored to connect and manage devices across industries. Data services facilitate seamless information exchange between remote devices, enabling real-time monitoring and control. Voice services provide instant communication in areas with limited terrestrial networks, ensuring reliable voice connectivity. Satellite services, including telemetry and remote monitoring, leverage satellite networks for global coverage, enabling effective asset tracking and environmental monitoring. Security services address the need for robust data protection and secure communication, safeguarding sensitive information. Business services encompass consultancy, project management, and ongoing support, ensuring organizations derive maximum value from their M2M deployments.
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By Technology, Satellite Constellation is expected to hold the largest market size for the year 2023.
Satellite constellations provide extensive coverage and enhance the reliability of communication services. M2M communication involves the exchange of data between devices or systems without human intervention, and satellite constellations contribute to this by ensuring global connectivity. One notable example is the deployment of Low Earth Orbit (LEO) satellite constellations, where multiple small satellites operate in synchronized orbits at relatively low altitudes. The interconnected nature of these constellations facilitates seamless communication between devices across various industries, including agriculture, transportation, and environmental monitoring.
The energy and utilities vertical is projected to grow at the highest CAGR during the forecast period.
With energy assets dispersed across remote and often challenging environments, M2M satellite communication offers a robust solution for real-time data transmission and control. Satellite communication technology allows for the seamless connectivity of devices such as sensors, smart meters, and monitoring equipment, enabling utilities to remotely manage and optimize their energy distribution networks. This is particularly crucial for power grid operations, where M2M solutions ensure continuous data flow, aiding in fault detection, grid stability management, and response to dynamic energy demands.
Europe is expected to hold the second-largest market size for the estimated year.
The M2M Satellite Communication Market in Europe is characterized by the collaborative efforts of major countries such as Germany, France, Italy, Spain, and others. Germany, with its robust space industry, leads in secure satellite communications with programs like SPAINSAT NG, showcasing advancements in military capabilities. France, through initiatives like the Syracuse 4B military satellite and collaboration with India on satellite constellations, emphasizes innovation and international partnerships. Italy, with the COSMO-SkyMed constellation and SICRAL 3 secure communications system, plays a significant role in Earth observation and defense communication. Other European countries, including The Netherlands, Switzerland, and Sweden, contribute expertise in areas like Earth observation, precision engineering, and scientific research, enhancing the overall landscape of M2M satellite communication.
Top Key Companies in M2M Satellite Communication Market:
The major M2M satellite communication hardware, software and service providers include Marlink (France), Viasat (US), Thales (France), ORBCOMM (US), Iridium Communications (US), Globalstar (US), Orange (France), EchoStar (US), Intelsat (US), Rogers Communications (Canada), SES (Luxembourg), Gilat (Israel), Telia (Sweden), Kore Wireless (US), Honeywell (US), Qualcomm (US), Telesat (Canada), Wireless Logic (England), Outerlink Global Solutions (US), Nupoint Systems (Canada), Businesscom Networks (US), Semtech (US), Yahsat (UAE). These companies have used both organic and inorganic growth strategies such as product launches, acquisitions, and partnerships to strengthen their position in the M2M Satellite Communication Market.
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M2M Satellite Communication Market Advantages:
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