Satellite IoT Market is Estimated to Grow at CAGR of ~20%, 2021-2028 | Latest Industry Coverage by Douglas Insights

Satellite IoT Market research study provides a thorough analysis of the present market and has a sound outline of the future. It helps determine factors driving industry growth and analyzes current market conditions and industry trends.

Isle of Man, Oct. 12, 2022 (GLOBE NEWSWIRE) -- One of the pioneering comparison engines worldwide, Douglas Insights, now includes information on the opportunities, trends, driving factors, demands, and restraints of the satellite IoT market. Industry professionals, organisations, market analysts, and researchers can get in-depth analyses of data, market insights, and research reports through the comprehensive study provided by Douglas Insights. The research offers a variety of both private and public assessments on the parameters of publisher rating, table of contents, date of release, and price, which is very helpful for both data analysts and market researchers. 

The onslaught of the Covid-19 pandemic had a negative impact on several industries around the world, and the satellite IoT is no different. Strict lockdowns and gathering limitations have been implemented in several developed countries. Temporary closures of some enterprises and manufacturing sectors have a negative impact on revenue growth.

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The operators and manufacturers of the satellite IoT industry employed creative techniques to improve growth chances. Satellite IoT service providers are now attempting to re-establish their business with the aid of cutting-edge technology solutions in order to deal with uncertainties and overcome difficulties caused by the global financial crisis. 

Now that the pandemic is over in the majority of the countries, the global market will be driven by the growing deployment of satellite IoT services across a range of end-use sectors. 

Market Drivers:

Due to worldwide technological improvements, the global satellite IoT market is anticipated to grow significantly. Many firms employ satellite IoT services to monitor and track equipment for intelligent data transfers. It is an intricate web of satellite-connected Internet services. By linking actuators and sensors to the Internet, satellite IoT is utilised to provide safety to numerous end-use sectors. The worldwide satellite Internet of Things market is being driven by the development and growth of wireless connectivity. Satellite IoT services are very helpful for a mobile network to expand beyond the limitations of terrestrial networks. Deep sea, remote, and mining regions are just a few examples of places where satellite connection enables IoT systems. 

There are real worth possibilities for the industry players due to the growing usage of satellite IoT services across a number of industrial categories, including military and defence, oil and gas, automotive, healthcare, agriculture, and energy & utilities. Many businesses and organisations rely on satellite Internet of Things (IoT) services because they are more effective in connecting, monitoring, and tracking assets on a real-time basis. During the projected time frame, the satellite IoT market is expected to increase due to the increasing need for better physical environmental communication and interaction with the aid of smart technology. The need for satellite IoT services is growing as a result of safe logistical requirements in numerous remote activities across various industries. 

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Better prospects for the expansion of the satellite IoT market are created by the players' increase in competition. Market players are implementing IoT technology breakthroughs, which support market growth. Satellite IoT service providers are concentrating on addressing market obstacles. Due to the growing use of satellite services in a variety of industries, including oil & gas, transportation and logistics, etc., to increase efficiency and reduce costs, North America is predicted to drive market expansion. The primary regions of the earth are being covered by low-cost and economical satellite IoT services, according to industry players. 

Both the industrial and consumer sectors are becoming more dependent on the Internet of Things (IoT), and technological innovations are growing. Sensors are used in industrial IoT (IoT) to track, gather, and share information in sectors like agriculture, healthcare, automotive, and manufacturing. 

With the use of IoT technology, crucial aspects of the industry, such as the worldwide distribution system, can be remotely managed. However, since only 15% of the earth is serviced by cellular connectivity, technology companies have been forced to research ways to go beyond territorial facilities. Satellite technology enables utility providers to expand the use of smart grids to more distant users. IoT is a crucial component of this and is required for automation and preventative analysis.

Satellite IoT Market Report Coverage

Report Attributes Details
Market Size in 2021  $850 million
Market Size Projection in 2031 ~ $6 billion
CAGR (2021-2028) 20%
Largest Market North America
Growth Drivers  Worldwide technological improvements &
Strategic investment by key players
Segmentation By Service Type, By Frequency Band, and By End-User
Regional Analysis North America (US, Canada), Latin America (Brazil, Mexico, Argentina, Rest of Latin America), Europe (U.K, Germany, Italy, France, Spain, Russia and Rest of Europe), APAC (China, Japan, India, South Korea, Australia, ASEAN and Rest of Asia Pacific), ME (GCC Countries, Israel, and Rest of Middle East) & Africa (South Africa, North Africa and Central Africa)
Key Companies Covered ORBCOMM, Inc., Iridium Communication, Globalstar, Inmarsat Global Limited, Astrocast, Airbus S.A.S., Intelsat Corporation, Thales Group, Swarm Technologies (Space X), Eutelsat Communication SA, Alen Space, OQ Technology, Swarm Technologies, Northrop Grumman, Thuraya Telecommunication, Verizon Communications and others



By Service Type

  • Sat-IoT Backhaul Services
  • Direct to Satellite Services

By Frequency Band

  • L-band
  • Ku- and Ka-band
  • S-Band
  • Others (X-band and C-band)

By End-use

  • Agriculture
  • Oil & Gas
  • Automotive
  • Transportation & Logistics
  • Energy & Utilities
  • Healthcare
  • Military & Defense
  • Others

Key questions answered in this report

  • COVID 19 impact analysis on global Satellite IoT industry.
  • What are the current market trends and dynamics in the Satellite IoT market and valuable opportunities for emerging players?
  • What is driving Satellite IoT market?
  • What are the key challenges to market growth?
  • Which segment accounts for the fastest CAGR during the forecast period?
  • Which product type segment holds a larger market share and why?
  • Are low and middle-income economies investing in the Satellite IoT market?
  • Key growth pockets on the basis of regions, types, applications, and end-users
  • What is the market trend and dynamics in emerging markets such as Asia Pacific, Latin America, and Middle East & Africa?

Unique data points of this report

  • Statistics on Satellite IoT and spending worldwide
  • Recent trends across different regions in terms of adoption of Satellite IoT across industries
  • Notable developments going on in the industry
  • Attractive investment proposition for segments as well as geography
  • Comparative scenario for all the segments for years 2018 (actual) and 2031 (forecast)

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