Geostationary Orbit (GEO) Satellite IoT Market Size

Geostationary Orbit Satellite IoT Market Size

Geostationary Orbit (GEO) Satellite IoT Market was valued at USD 134.1 million in 2023 and is anticipated to register a CAGR of over 20% over the forecast period of 2024-2032. The increasing need for global connectivity is a major driver of growth in the GEO Satellite IoT market.

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As businesses and individuals seek seamless communication and data access across diverse geographic locations, GEO satellites provide a vital solution. This is especially true in remote & underserved regions where terrestrial infrastructure is lacking. The demand for ubiquitous connectivity supports various applications, from international business operations to remote monitoring and rural internet access, driving investment in satellite technology and expanding the market.

Technological advancements in satellite design and launch capabilities are propelling the GEO satellite IoT market forward. Innovations such as miniaturized satellites, enhanced propulsion systems, and improved ground equipment have reduced costs and increased efficiency. For instance, in February 2024, connectivity enabler BICS partnered with non-terrestrial network (NTN) operator Skylo to provide widespread narrowband IoT (NB-IoT) connectivity through geostationary orbit (GEO) satellites. This collaboration aims to enhance global IoT coverage, leveraging GEO satellites to deliver reliable, low-power connectivity across diverse and remote locations.

The proliferation of IoT devices is a significant growth driver for the GEO satellite IoT market. As the number of connected devices in sectors, including agriculture, transportation, and smart cities grows, the need for reliable, wide-area connectivity becomes more pressing. GEO satellites provide extensive coverage and data transmission capabilities, accommodating the vast amount of data generated by IoT devices. For instance, the European Space Agency (ESA) funded the Sentinel-1 mission, which was launched in April 2014, and leverages satellite IoT for precision farming, enhancing agricultural productivity and sustainability.

High costs are a significant pitfall for the GEO Satellite IoT market. The expenses associated with launching and maintaining GEO satellites are substantial, including the costs of satellite production, launch services, and ground infrastructure. These high costs can limit market accessibility, particularly for smaller companies or developing regions. Additionally, the financial burden may impact the affordability of satellite-based IoT services, potentially slowing the adoption and reducing the overall market growth.