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 compound annual growth rate (CAGR) of 28% over the period, according to Counterpoint Technology Market Research’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.

By: DocMemory
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