Satellite IoT Market Soars to US$4 Billion by 2030, Driven by Growth in Key Verticals and Strategic Partnerships

NEW YORK, Aug. 6, 2024 /PRNewswire/ -- The satellite Internet of Things (IoT) market is experiencing a remarkable transformation, driven by innovative technological advancements and a growing demand for global connectivity. According to global technology intelligence firm ABI Research, the satellite IoT market is projected to surpass 26 million connections with a US$4 billion market size by 2030, highlighting significant growth potential in this sector.

Victor Xu, Satellite Communications Industry Analyst at ABI Research, identifies key market opportunities for satellite IoT in the Agriculture, Energy & Utilities, Fisheries and Aquaculture, and Environmental Monitoring verticals. "Satellite IoT is expected to play a valuable role in agriculture, with connections forecast to grow to more than 1.4 million by 2029. Satellite IoT applications such as precision farming, yield prediction and analysis, livestock management, and optimized irrigation are enabling more efficient, sustainable, and profitable farming practices.

In the energy and utilities sector, satellite IoT is also increasingly adopted for real-time monitoring and management of critical infrastructure, with smart grid connections expected to exceed 500,000 by 2029. According to Xu, "Satellite IoT has been transforming fisheries and aquaculture operations by enabling real-time Vessel Monitoring Systems (VMS), effective fish stock management, and comprehensive water quality monitoring, at the same time ensuring sustainability and regulatory compliance. These advancements represent a significant opportunity given the industry's vast scale. For environmental monitoring, satellite IoT is crucial for providing real-time data on climate conditions and natural disasters, with Condition-Based Monitoring (CBM) connections expected to surpass 1 million by 2029."

Strategic partnerships are also playing a crucial role in the growth and development of the Satellite IoT market. Companies have been forming alliances to leverage each other's strengths and expand their market reach. Jake Saunders, Vice President at ABI Research, points out, "Prominent satellite IoT providers such as Inmarsat, ORBCOMM, Globalstar, Myriota, and hiSky have been actively working together with their partners to expand their service offerings and enhance connectivity solutions. These collaborations are essential for addressing the diverse needs of industries and ensuring the successful deployment of satellite IoT technologies across various applications."

These findings are from ABI Research's Satellite Communications: Highlights & Developments in the Satellite IoT Marketplace: 3Q 2024 report. This report is part of the company's Satellite Communications Innovation & Technologies research service, which includes research, market data, and analyst insights.

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SOURCE ABI Research