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3. Satellite IoT Market Size & Share - Future Growth Expectations

The global Satellite IoT Market size will increase at a Compound Annual Growth Rate (CAGR) of 21.9% from USD 1.1 billion in 2022 to USD 2.9 billion by 2027. Due to the increase in the need for trusted and cost-effective communication services, the satellite IoT service is growing at a huge rate.

The Satellite IoT market is poised for substantial growth in the coming years, driven by several key factors:

• Expanding IoT Ecosystem
• Increased Demand for Global Coverage
• Advancements in Satellite Technology
• Cost Reduction in Satellite Launches
• Integration with Terrestrial Networks

These factors collectively drive the growth and expansion of the satellite IoT market, making it a crucial component of the broader IoT landscape.

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Expanding IoT Ecosystem:

The rapid growth of the Internet of Things (IoT) ecosystem drives demand for ubiquitous connectivity solutions, including satellite-based IoT, to support applications in remote and underserved areas.

Increased Demand for Global Coverage:

Industries such as maritime, aviation, agriculture, and oil & gas require reliable global connectivity, which satellite IoT networks can uniquely provide, enhancing operational efficiency and safety in remote locations.

Advancements in Satellite Technology:

Innovations in satellite technology, including the development of small satellites and Low Earth Orbit (LEO) constellations, reduce latency and cost while increasing data throughput, making satellite IoT more accessible and efficient.

Cost Reduction in Satellite Launches:

The decreasing cost of launching satellites, driven by advancements in launch vehicle technology and the emergence of reusable rockets, lowers the barrier to entry for satellite IoT deployments, encouraging more players to enter the market.

Integration with Terrestrial Networks:

Hybrid connectivity solutions that integrate satellite IoT with terrestrial networks (e.g., 5G, LPWAN) provide seamless, cost-effective connectivity, expanding the applicability and attractiveness of satellite IoT solutions.

Satellite IoT Market Share - Global Industry Landscape

The Satellite IoT market is characterized by the presence of several key players competing for market share. Some of the leading companies in the Satellite IoT industry include:

• Orbcomm (US)
• Astrocast (Switzerland)
• Inmarsat Global (UK)
• Airbus (Netherlands)
• Thales (France)

These Satellite IoT Companies have adopted various growth strategies, such as partnerships, business expansions, mergers and acquisitions, agreements, and collaborations, new product launches to expand their presence in the satellite IoT market.

Orbcomm (US):

• Market Share: Orbcomm is a leading player in the satellite IoT market, particularly strong in North America.
• Key Offering: Orbcomm provides comprehensive IoT and M2M (machine-to-machine) communication solutions, including satellite and cellular connectivity, IoT devices, sensors, and a robust data management platform. Their solutions cater to industries such as transportation, logistics, heavy equipment, and maritime.

Astrocast (Switzerland):

• Market Share: Astrocast is an emerging player with a growing presence in the satellite IoT market, particularly in Europe.
• Key Offering: Astrocast offers low-cost, low-power satellite IoT connectivity through its nanosatellite network. Their solutions are designed for remote monitoring and asset tracking in industries such as agriculture, environmental monitoring, maritime, and oil & gas.

Inmarsat Global (UK):

• Market Share: Inmarsat is a major global provider of satellite communication solutions, with a significant market share in satellite IoT.
• Key Offering: Inmarsat provides global satellite IoT connectivity services, focusing on reliable and secure communication for remote and harsh environments. Their solutions support various applications, including asset tracking, environmental monitoring, and maritime and aviation connectivity.

Airbus (Netherlands):

• Market Share: Airbus is a key player in the aerospace and satellite communications market, with a notable presence in satellite IoT.
• Key Offering: Airbus offers end-to-end satellite IoT solutions, including satellite connectivity services, IoT terminals, and integration with IoT platforms. Their solutions are used in sectors such as transportation, agriculture, and environmental monitoring for tracking and data collection.

Thales (France):

• Market Share: Thales is a significant player in the satellite communications market, with a strong presence in satellite IoT.
• Key Offering: Thales provides comprehensive satellite IoT solutions that include satellite communication terminals, secure connectivity services, and network management platforms. Their solutions are designed for critical applications in defense, public safety, transportation, and industrial sectors, emphasizing security and reliability.

Related Reports:

Satellite IoT Market by Service Type (Satellite IoT Backhaul, Direct-to-satellite), Frequency Band (L-Band, Ku and Ka-Band, S-band), Organization Size (Large Enterprises, Small and Medium Sized Enterprises), Vertical & Region - Global Forecast to 2027