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How has the satellite iot market grown over the years?

The satellite IoT market has grown exponentially, with an expected rise from $1.93 billion in 2024 to $2.37 billion in 2025 at a CAGR of 22.4%. Factors driving this growth include global connectivity needs, asset tracking, environmental monitoring, precision agriculture, maritime and aviation safety, disaster management, energy applications, scientific research, and supply chain optimization.

What Is the forecasted market size and growth rate for the satellite iot market?

The satellite IoT market is set for exponential expansion, reaching $5.32 billion in 2029 at a CAGR of 22.5%. Growth factors include increasing LEO-based services, rising digitalization, cybersecurity threats, space industry expansion, growing demand for interconnectivity, and real-time monitoring needs. Major trends include advancements in wireless technology, launches of small satellites, eco-friendly satellite technology focus, integration with 5G networks, and laser-based optical communication developments.

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What are the major factors driving growth in the satellite iot market?

The expansion of the space industry is predicted to fuel the progression of the satellite IoT market. The term “space industry” refers to economic undertakings that encompass the production of components for use in outer space, the delivery of these components, and corresponding services. This sector aids in the augmentation and enhancement of the satellite IoT through the delivery of cost-efficient, scalable solutions, international connectivity, advanced technology, and meeting the unique requirements of IoT applications across various sectors. For example, according to data from the United Kingdom Space Agency, a governmental organization based in the UK, a gross of 175 UK companies engaged in space-related activities were recognized in July 2024, marking an 11% rise from 2022. Therefore, the flourishing space industry is a significant driver behind the progression of the satellite IoT market.

What key areas define the segmentation of the global satellite iot Market?

The satellite iot market covered in this report is segmented –

1) By Service Type: Direct-To-Satellite, Satellite IoT Backhaul

2) By Frequency Band: L-Band, Ku And Ka-Band, S-Band, Other Band Frequency

3) By Enterprise Size: Large Enterprise, Small And Medium-Sized Enterprise

4) By Industry Vertical: Oil And Gas, Transportation And Logistics, Energy And Utilities, Agriculture, Maritime, Healthcare, Military And Defense, Other Industry Verticals

Subsegments:

1) By Direct-To-Satellite: Low-Power Wide Area Network (LPWAN), Global Tracking And Monitoring, Remote Asset Management

2) By Satellite IoT Backhaul: Data Offloading Services, Connectivity Solutions For Remote Areas, Integration With Terrestrial Networks

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What are the top market players propelling the growth of the satellite iot industry?

Major companies operating in the satellite IoT market are Airbus SE, Northrop Grumman Corporation, Space Exploration Technologies Corp., EchoStar Corporation, Inmarsat Limited, Iridium Communications Inc., Orbcomm, Globalstar Inc., Spire Global Inc., Kepler Communications Inc., Ligado Networks, NanoAvionics Corp., Fleet Space Technologies Pty. Ltd., Skylo Technologies, Actility S.A., Alén Space, Leaf Space, Kineis, Myriota Pty. Ltd., Sateliot, Xona Space Systems Inc., OQ Technology, Hiber AB, Fossa Systems S.L., Sky and Space Global Ltd.

What are the key trends shaping the future of the satellite iot market?

Major players in the Satellite IoT market, like OQ Technology, are harnessing pioneering technologies such as TIGER-5 and TIGER-6 satellites to increase their market profitability. These innovative satellites aim to extend the reach of 5G connectivity, incorporating the 5G NTN IoT satellite constellation. To illustrate, in November 2023, the Luxembourg-based satellite telecom firm OQ Technology dispatched TIGER-5 and TIGER-6 satellites via SpaceX’s Falcon 9 on the Transporter-9 rideshare mission. The released 6U nanosatellites, equipped with NB-IoT cell tower payloads, were propelled into the Low Earth Orbit. A mere 75 minutes after being launched, the satellites were positioned into orbit and communication was established on the same day.

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What regions are dominating the satellite iot market growth?

North America was the largest region in the satellite IoT market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the satellite IoT market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

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