Satellite IoT market growth projections

Market research indicates significant expansion for the satellite Internet of Things (IoT) sector. Projections suggest connections will grow from 7.7 million in 2023 to approximately 197.7 million by 2035, representing a compound annual growth rate of 31%.

Low Earth Orbit (LEO) satellite connections are expected to be the primary driver of this growth, with a projected compound annual growth rate of 88.6%. This surge is attributed to rapid satellite deployment, increased bandwidth, improved service availability, and declining costs. In contrast, Geostationary Orbit (GEO) markets are expected to see a more moderate growth rate of 7.3%.

Adoption is being driven by various industries, including agriculture, defense, energy, and logistics. The automotive sector is a major contributor, with connected vehicle satellite connections forecasted to rise from 11,000 in 2023 to over 112 million by 2035. Major automakers such as Tesla, Geely, BMW, and Stellantis are currently testing satellite communication solutions to facilitate switching between terrestrial and non-terrestrial networks.