The number of satellite IoT connections in the world will reach 41 million units in 2030 with a CAGR of 28% over the 2020-2030 period.
The convergence of technological innovation (NTN standardization), rising demand for connectivity in remote locations, decreasing satellite launch costs and increasing application potentials are driving the satellite IoT market’s growth.
Transportation, agriculture and maritime will be the top three application segments for satellite IoT in 2030.
The number of satellite IoT connections globally is projected to grow from 3.6 million units in 2020 to 41 million units by 2030, registering a CAGR of 28% over the period, according to Counterpoint’s latest ‘Satellite IoT Ecosystem and Market Overview, 2023’ report.
Although satellite IoT has been around since the 1990s, its adoption has remained limited due to proprietary systems and the high costs associated with hardware and data. However, this landscape is changing with advancements in standardization. The introduction of 3GPP Release 17, finalized in 2022 and being commercialized in 2024, enables single hardware solutions that support both cellular and satellite connectivity. Similarly, the upcoming NR-NTN standard, expected to enter commercialization with Releases 18 and 19 by 2027, is expected to drive adoption across diverse applications requiring high-speed and real-time data.
The agriculture sector is forecasted to experience rapid growth, with its CAGR exceeding 52% during 2023-2030, driven by precision farming initiatives. In tracking applications, NB-NTN will lead as the dominant technology, especially for oil and gas field transportation, with significant adoption expected by 2025. The deployment of NR-NTN is expected to unlock new use cases by 2027, including autonomous connected vehicles, video streaming, and expanded maritime applications.
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Counterpoint research is a young and fast growing research firm covering analysis of the tech industry. Coverage areas are connected devices, digital consumer goods, software & applications and other adjacent topics. We provide syndicated research reports as well as tailored. Our seminars and workshops for companies and institutions are popular and available on demand. Consulting and customer
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