The global Satellite IoT Market, valued at approximately USD $$ billion in 2021, is expected to witness a healthy growth rate of over $$% during the forecast period 2022-2028. Satellite IoT refers to a system of interconnected devices, machines, and objects that have unique identifiers (UIDs) and can transfer data over a network without human-to-human or human-to-computer interaction.
The adoption of Satellite IoT services in various industries and the increase in space exploration missions have contributed to the market’s growth. For example, in 2019, the global revenue from satellites reached 271 billion U.S. dollars, with 95 new satellites launched in the same year. Technological advancements in satellite technology and the development of specialized satellite-launch solutions have also fueled the demand for Satellite IoT.
However, the high costs of satellite launching and disruptions in the supply chain of raw materials pose challenges to the market’s growth. Despite these challenges, the market is expected to grow significantly.
In terms of regional analysis, North America is the leading region, thanks to its early adoption of technology changes and government investments in the space industry. Asia-Pacific is also expected to experience significant growth due to the increasing adoption of Satellite IoT services in various industries.
Key players in the Satellite IoT Market include Vodafone Group plc, Iridium Communication, Inmarsat Global Limited, Intelsat Corporation, Thales Group, Swarm Technologies (Space X), Eutelsat Communication SA, OQ Technology, Swarm Technologies, and Thuraya Telecommunication.
The objective of the market research is to analyze the market size, forecast value, classify and forecast the market based on various factors, identify drivers and challenges for the market, examine competitive developments, and conduct pricing analysis. Additionally, the research aims to identify and analyze the profiles of leading players in the market.
Overall, the Satellite IoT Market is expected to grow significantly in the coming years, driven by the increasing adoption of Satellite IoT services and technological advancements in satellite technology.