Satellite IoT market to grow at CAGR of 20% by 2027

The global satellite IoT communications market charts a trajectory of steady growth. A remarkable milestone was crossed in 2022, as the satellite IoT subscriber base soared past 4.5 million, reveals a report “The Satellite IoT Communications Market – 3rd Edition”.

The projected compound annual growth rate (CAGR) of 39.6 percent propels the subscriber count to a staggering 23.9 million units by 2027. In tandem, satellite IoT connectivity revenues are poised to undergo an exhilarating CAGR of 35.3 percent, surging from €275.4 million in 2022 to approximately €1.25 billion in 2027. Amid this evolution, the monthly Average Revenue Per User (ARPU) is projected to gracefully taper to €4.35 by 2027.

This comprehensive study not only unveils the latest trends and developments but furnishes a wealth of distinctive business insights, encompassing a 5-year industry forecast, expert analyses, and practical case studies to guide strategic decisions.

A mere 10 percent of Earth’s expanse tethered to terrestrial connectivity, the horizon beckons with astronomical prospects for satellite IoT communications. Marrying seamlessly with terrestrial networks, this technology holds exceptional promise, particularly in remote sectors like agriculture, maritime, and industrial applications. The stage is shared by 44 satellite IoT operators, of which 19 presently offer commercial satellite IoT connectivity services.

Giants like Iridium, Orbcomm, Inmarsat, and Globalstar emerge as pioneers. Iridium’s remarkable 20 percent subscriber expansion in the past year propelled it to the apex, serving an impressive 1.5 million subscribers. Meanwhile, Orbcomm’s transition from a satellite operator to a comprehensive solution provider is underscored by a subscriber base of 1.1 million across their network and partnerships. Fresh faces on the scene, like Astrocast and Kepler Communications, harness low-earth orbit nano satellite concepts to revolutionize possibilities.

It transcends surface knowledge, offering profound insights into the most relevant IoT applications for satellite connectivity. It deciphers the latest market developments and charts the course of key trends. Foreseeing the impact of emerging LEO nano satellite constellations, the report paints a vivid portrait of evolving market shares and regional dynamics across North America, Europe, China, and the ROW.

As the competitive landscape takes shape, the report dives deep into strategies, highlights the influence of LEO nano satellite constellations, and provides a panoramic snapshot of this thriving ecosystem. The journey to 2027 is laid bare, offering a glimpse of the ever-evolving global satellite IoT market.

CT Bureau