Satellite IoT connectivity set to soar with 150% growth by 2029

A new study by Juniper Research forecasts a significant increase in the number of satellites dedicated to the Internet of Things (IoT) connectivity. The report anticipates a rise from 10,000 satellites to over 24,000 by 2029, reflecting a 150% growth over the next five years. The escalating demand for connectivity in nomadic areas from IoT network users largely drives this growth.

The study notes that 98% of the new satellites to be launched within this period will be low earth orbit (LEO) satellites. The cost-effectiveness of launching LEO satellites compared to their geostationary earth orbit (GEO) counterparts is cited as a primary reason for this high percentage.

The study advocates substantial investments in multi-orbit satellite solutions to address the increasing demand adequately. This approach combines the low latency and high throughput capabilities of LEO satellites with the extensive geographic coverage offered by GEO satellites into a unified service. This combined model is expected to support a wide range of IoT applications, including data-intensive and low-power wide area (LPWA) connections.

The report further emphasises the importance of strategic partnerships between satellite network operators to bridge the coverage gaps between LEO and GEO technologies. By doing so, operators can provide comprehensive services that meet the varying connectivity needs of different IoT applications. The construction, infrastructure, and logistics sectors are key areas where these partnerships could stimulate growth. The diverse connectivity requirements in these sectors, such as nomadic operational areas and conditional monitoring, necessitate a dual approach using both LEOs and GEOs.

Paul Stevens, Lead Analyst at Juniper Research, commented, "The growth in satellite IoT connectivity will play a crucial role in expanding the reach of IoT applications. Multi-orbit solutions will be vital in delivering the spectrum of connectivity options required for different use cases, especially in remote and underserved regions."

Juniper Research's comprehensive research suite provides an in-depth analysis of the satellite IoT market, including forecasts for 60 countries and over 143,000 market statistics over six years. The dataset includes a Competitor Leaderboard and a Country Readiness Index, which examine current and future market opportunities.

The increased deployment of satellites dedicated to IoT connectivity signifies a major development for global communications. By addressing the connectivity challenge in nomadic and remote areas, this growth is expected to propel various industries forward, enhancing operational efficiency and data collection capabilities.

Juniper Research is an analyst firm that provides market intelligence, data, and research on a wide range of digital technologies and their impact on business and consumer markets. Focusing on identifying disruptive trends and opportunities in sectors such as fintech, telecommunications, and the Internet of Things (IoT), Juniper Research delivers in-depth analysis and actionable insights to help businesses navigate the digital landscape.