Satellite IoT Global Market Report 2023: Rising Proliferation of LEO-Based Services to Connect Remote Regions Drives Growth
Global Satellite IoT Market
Dublin, March 13, 2023 (GLOBE NEWSWIRE) -- The "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" report has been added to ResearchAndMarkets.com's offering.
The satellite IoT market is projected 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. The demand for LEO-based services, availability of funding, high-speed broadband, growth of governments in industrialized countries, and demand for low-cost broadband among consumers in less developed countries are driving the market for satellite IoT.
By frequency band, Ku-and Ka-band is expected to register the fastest growth rate during the forecast period.
The Ku-band frequency operates in a range between 10.7 GHz and 12.75 GHz and the Ka-band frequency operates between 18GHz-40GHz. The Ku-band has short-range and high-resolution imaging capabilities and is mainly used for satellite communications, especially downlink. The Ku-band frequency spectrum for satellite communication is primarily used for maritime VSAT services. This band is a more economical and flexible means for obtaining a high throughput on smaller reflector dishes due to its wider capacity and high availability. Eutelsat Communications Paris launched a satellite-based IoT connectivity service named 'Eutelsat IoT FIRST' operating in Ku-band via Eutelsat's geostationary satellites.
By organization size, large enterprises are to account for the largest market share during the forecast period.
Large enterprises are the early adopters of satellite IoT solutions and services. The adoption of satellite IoT among large enterprises is expected to increase in the coming years. With advancements in miniaturized technology, these satellites are useful for high precision and complex space missions, such as remote sensing and navigation, maritime and transport management, space and earth observations, disaster management, military intelligence, telecommunication, and other academic purposes. Constant innovation and technological advances in the miniaturization of electronics are expected to significantly boost large enterprises' growth in the proportion of satellite IoT launches.
Europe to register the highest CAGR during the forecast period.
Technological innovations in the satellite IoT ecosystem and their increased deployment are expected to fuel European market growth. The number of space exploration projects in the region is expected to increase over the next five years and is anticipated to trigger the demand for small satellites during the forecast period. The government is putting forth efforts to hasten the adoption of emerging technologies like AI, ML, automation, IoT, mobile and online applications, cloud-based services, and other technologies. The adoption of remote work practices by businesses has led to an increase in the need for cloud-based solutions and IoT devices, which is anticipated to fuel the expansion of the region's satellite IoT market.
Rising Proliferation of LEO-Based Services to Connect Remote Regions
Increasing Development in Satellite Networks
Growing Fleet of Autonomous and Connected Vehicles
Increasing Demand for Hybrid Satellite-Terrestrial Connectivity
High Costs Associated with the Development and Maintenance of Satellite Iot
Stringent Government Regulations
Rising Technological Advancements
Growing Use of Small Satellites for Various Applications
Vulnerability of Satellite IoT Devices to Cybersecurity Attacks
High Capital Requirements
No. of Pages
2022 - 2027
Estimated Market Value (USD) in 2022
Forecasted Market Value (USD) by 2027
Compound Annual Growth Rate
Key Topics Covered:
2 Research Methodology
3 Executive Summary
4 Premium Insights
5 Market Overview and Industry Trends
6 Satellite IoT Market, by Service Type
6.1.1 Service Types: Market Drivers
6.1.2 Market: Recession Impact
6.2 Satellite IoT Backhaul
7 Satellite IoT Market, by Frequency Band
7.1.1 Frequency Bands: Market Drivers
7.1.2 Market: Recession Impact
7.3 Ku and Ka-Band
7.5 Other Bands
8 Satellite IoT Market, by Organization Size
8.1.1 Organization Sizes: Market Drivers
8.1.2 Market: Recession Impact
8.2 Large Enterprises
8.3 Small & Medium-Sized Enterprises
9 Satellite IoT Market, by Vertical
9.1.1 Verticals: Market Drivers
9.1.2 Market: Recession Impact
9.3 Oil & Gas
9.4 Transportation & Logistics
9.5 Energy & Utilities
9.8 Military & Defense
9.9 Other Verticals
10 Satellite IoT Market, by Region
11 Competitive Landscape
12 Company Profiles
13 Adjacent/Related Markets
Fleet Space Technologies
Surrey Satellite Technology
For more information about this report visit https://www.researchandmarkets.com/r/b7pfjt
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