According to ABI Research, the satellite IoT market is undergoing a significant transformation, spurred by cutting-edge technological advancements and a growing demand for global connectivity. The satellite IoT market is expected to exceed 26 million connections and reach a market value of US$4 billion by 2030, indicating substantial growth potential.
Victor Xu, Satellite Communications Industry Analyst at ABI Research said: “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 optimised irrigation are enabling more efficient, sustainable, and profitable farming practices.”
In the energy and utilities sector, satellite IoT is being increasingly adopted for the 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 instrumental in the expansion and evolution of the Satellite IoT market. Companies are forming alliances to capitalise on each other’s strengths and broaden their market reach.
Jake Saunders, Vice President at ABI Research, noted: “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.”
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