Satellite IoT Market worth $2.9 billion by 2027 - Exclusive Report by MarketsandMarkets™
CHICAGO, Feb. 24, 2023 /PRNewswire/ -- The Global 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, according to a new report by MarketsandMarkets™. 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.
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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 highestCAGR 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.
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The major vendors covered in the satellite IoT market include 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), Vodafone (UK), Surrey Satellite Technology (UK), Head Aerospace (China), I.M.T. SRL (Italy), Fleetspace Technologies (Australia), Swarm Technologies (US), Alenspace (Spain), OQ Technology (Luxembourg), Fossa Systems (Spain), Kepler Communications (Canada), Sateliot (Spain), Myriota (Australia), Kineis (France), and Nanoavionics (Lithuania).
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