Satellite-based IoT communications are experiencing a surge in growth, with the global market steadily expanding, as revealed by a recent report from leading IoT analyst firm Berg Insight. The subscriber base for satellite IoT has exceeded 5.1 million in 2023 and is projected to reach an impressive 26.7 million units by 2028, reflecting a compound annual growth rate (CAGR) of 39.2%. This growth is driven by the vast untapped potential in areas where terrestrial connectivity services are limited, making satellite IoT a crucial component for various industries.
The applications of satellite IoT are diverse, ranging from agriculture, asset tracking, maritime and transportation to oil and gas exploration, utilities, construction, and government operations. Both established satellite operators and emerging initiatives are investing in IoT connectivity to capitalize on this expanding market. The study by Berg Insight encompasses 40 satellite IoT operators, with key players like Iridium, Orbcomm, Viasat (Inmarsat), and Globalstar taking the lead.
Johan Fagerberg, principal analyst at Berg Insight, noted, “Iridium leads the pack with 1.8 million subscribers, followed by Orbcomm and Viasat, who have evolved into comprehensive solution providers. Globalstar, with 0.48 million subscribers, is also a significant player in the market.” Additionally, newer players like Myriota, Kineis, and Thuraya are making strides with their innovative offerings.
The evolving landscape of satellite IoT is witnessing a wave of fresh initiatives, including projects like Astrocast, AST SpaceMobile, and Hubble Network, utilizing advanced technologies like low-earth orbit nano satellites. Collaborations between satellite and mobile operators are becoming more prevalent, paving the way for hybrid satellite-terrestrial connectivity solutions.
Fagerberg highlighted, “Skylo is leading the charge in hybrid cellular/satellite offerings, partnering with major telecom companies to deliver innovative solutions.” Various satellite IoT operators are forging partnerships with mobile operators to capitalize on the growing demand for integrated connectivity options.
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