M2M Satellite Communication Market - By Offering, By Technology (VSAT, Data Transmission, Satellite Constellation, Networking, Satellite Communication Protocols, Automatic Identification System), By Application, By End User & Forecast, 2024 – 2032

M2M Satellite Communication Market Size

M2M Satellite Communication Market was valued at USD 15.7 billion in 2023 and is estimated to register a CAGR of over 13% between 2024 & 2032 due to the increasing number of partnerships among leading companies. Rising collaborations are facilitating the integration of satellite communication technology into various industries, such as transportation, agriculture, and energy.
 

For instance, in March 2024, M2M Connectivity and communications firm Hypha joined forces to merge technologies from Starlink and Peplink vendors for enhancing emergency satellite connectivity. This collaboration aimed to integrate M2M's Internet of Things (IoT) hardware with Hypha's extensive experience in satellite communications.
 

Furthermore, partnerships enable the expansion of satellite communication networks for improving coverage and reliability in remote or underserved areas. With several industries continuing to embrace digital transformation and connectivity, the demand for M2M satellite communication solutions is expected to further.
 

The rising number of MOUs between industry leaders is another major factor contributing to the market growth. These agreements facilitate collaboration and knowledge exchange among prominent companies for fostering innovations. By pooling resources and expertise, organizations can develop comprehensive solutions tailored to the evolving needs of diverse sectors, from transportation to agriculture and beyond. The growing demand for seamless connectivity and real-time data exchange is also driving the significance of MOUs in driving advancements in M2M satellite communication solutions. To cite an instance, in July 2023, Saudi Arabia's Aramco and satellite 5G IoT operator providing M2M services OQ Technology, signed a new MoU for focusing on automation and satellite IoT connectivity for Aramco's remote sites.
 

The influx of government initiatives is promoting digitalization and connectivity while regulatory frameworks are supporting satellite communication. Policies aimed at expanding broadband access in rural and remote areas are also driving the adoption of satellite communication solutions, creating opportunities for the market growth.
 

While the market is experiencing rapid growth, one major limitation is the high cost associated with satellite communication hardware, infrastructure, and services, making it less accessible to smaller businesses and organizations with limited budgets. Additionally, satellite communication systems may encounter latency issues, resulting in delays in data transmission, which can be a significant drawback for real-time applications.
 

M2M Satellite Communication Market Trends

The rising application scope in diverse fields, including the marine sector will accelerate the market growth. Satellite communication technology is increasingly utilized in maritime applications for enabling real-time monitoring and communication for vessels at sea. From tracking ship locations and navigating through remote waters to managing onboard systems and ensuring crew safety, satellite based M2M solutions plays a crucial role in enhancing efficiency and safety in the marine industry. Moreover, the growing demand for maritime connectivity solutions, driven by the expansion of global trade, offshore exploration, and maritime surveillance, is further fueling the adoption of M2M satellite communication systems among ship operators, maritime agencies, and fleet management companies.  To cite an instance, in April 2023, Global Marine, a marine technology company based in New Zealand, teamed up with M2M One NZ to offer advanced marine connectivity solutions. This collaboration leveraged Global Marine's extensive maritime knowledge alongside M2M One's diverse range of IoT and communication hardware.
 

M2M Satellite Communication Market Analysis

Based on offering, the market is divided into hardware, software and services. In 2023, the hardware segment accounted for a market share of around 45% and is expected to cross USD 19 billion by 2032. With the evolution of technology, hardware components, such as satellite modems, antennas, and terminals have become more sophisticated, compact, and affordable. These advancements enable seamless integration of satellite communication capabilities into various devices and systems across industries. From IoT sensors to vehicle tracking units, the versatility and reliability of satellite communication hardware is helping meet the growing demands for connectivity in remote and challenging environments. The emphasis of businesses and organizations on seeking robust communication solutions for their operations will define the segment growth.
 

Based on technology, the market is categorized into VSAT, data transmission, satellite constellation, networking, satellite communication protocols, automatic identification system and others. The VSAT segment accounted for around 30% of the market share in 2023. VSAT technology offers reliable and high-speed connectivity for M2M communication, making it ideal for various industries and applications. With compact size, cost-effectiveness, and the ability to deliver broadband connectivity to remote locations, this technology is a preferred choice for businesses operating in challenging environments, such as maritime, oil and gas, and agriculture. With industries increasingly relying on real-time data exchange, the demand for VSAT technology is set to further expand.
 

North America held a revenue share of around 37% in the global M2M satellite communication market in 2023. Emerging as one of the leading regions in technological innovation and industrial development, North America is witnessing a surge in the adoption of satellite communication solutions across various sectors. Industries, such as transportation, oil & gas, agriculture, and government agencies rely on M2M satellite communication for efficient data exchange, remote monitoring, and connectivity in remote or underserved areas. The continuous expansion of industries and technological advancements will prove favorable for the market growth.

U.S. M2M satellite communication industry size is poised to depict 11% CAGR from 2024 to 2032, led by the proliferation of IoT devices and the subsequent need for reliable and ubiquitous connectivity solutions across various industries. Several government agencies across the country are taking steps to support the growth of satellite M2M communication by allocating spectrum resources, streamlining regulatory processes, and promoting interoperability standards. The presence of a conducive regulatory environment to drive innovation and investment in satellite communication will favor the market growth.
 

M2M Satellite Communication Market Share

Viasat and EchoStar Corporation held significant market share of over 10% in 2023. Viasat focuses on expanding its global satellite coverage, focusing on regions with limited terrestrial network infrastructure. Launching new satellites, especially in the high-throughput and low Earth orbit (LEO) categories, provides enhanced bandwidth and lower latency, making Viasat's M2M solutions more competitive globally.
 

EchoStar Corporation focuses on developing custom M2M solutions that cater to specific industry needs, such as precision agriculture, energy sector monitoring, and emergency response, differentiates Echostar in the market.
 

M2M Satellite Communication Market Companies

Major players operating in the market are:

• EchoStar Corporation
• Gilat Satellite Networks
• Globalstar
• Honeywell International Inc.
• Marlink
• Orange S.A.
• ORBCOMM
• Rogers Communication
• Thales Group
• Viasat
   

M2M Satellite Communication Industry News

• In February 2023, EchoStar entered a partnership with Astro Digital to develop a global S-band mobile satellite service (MSS) network. This network will consist of 28 satellites and is aimed at delivering IoT, M2M, and other data services starting in 2024.
   
• In December 2022, Iridium Communications Inc. launched Iridium Messaging TransportSM (IMTSM), a cloud-native networked data service tailored for Iridium Certus. IMT supports various data transmissions like machine-to-machine (M2M), weather updates, emails, transactions, and group communications.
   

The M2M satellite communication market research report includes in-depth coverage of the industry with estimates & forecasts in terms of revenue (USD Billion) from 2018 to 2032, for the following segments:

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Market, By Offering

• Hardware
  • Modems
  • Terminals
  • Antennas
  • Others 
• Software
  • Data processing & analytics software
  • Connectivity management platform
  • Security & encryption software
  • Geospatial analysis & mapping software
  • Remote monitoring & control software
  • Others
• Services
  • Satellite services
  • Data services
  • Security services
  • Voice services
  • Business services

Market, By Technology

• VSAT (Very Small Aperture Terminal)
• Data transmission
• Satellite constellation
• Networking
• Satellite communication protocols
• Automatic identification system
• Others

Market, By Application

• Asset tracking & management
• Remote monitoring & control
• Telemetry and sensor networks
• Security & surveillance
• Emergency and disaster management
• Others

Market, By End User

• Mining
• Agriculture
• Energy & utilities
• Government & public sector
• Automotive
• Maritime
• Retail
• Military & defense
• Healthcare
• Manufacturing
• Others

The above information is provided for the following regions and countries:

• North America
  • U.S.
  • Canada
• Europe
  • UK
  • Germany
  • France
  • Italy
  • Spain
  • Russia
  • Nordics
  • Rest of Europe
• Asia Pacific
  • China
  • India
  • Japan
  • South Korea
  • ANZ
  • Southeast Asia
  • Rest of Asia Pacific 
• Latin America
  • Brazil
  • Mexico
  • Argentina
  • Rest of Latin America
• MEA
  • South Africa
  • UAE
  • Saudi Arabia
  • Rest of MEA