NEW YORK , Aug. 6, 2024 /PRNewswire/ -- The satellite Internet of Things (IoT) market is experiencing a remarkable transformation, driven by innovative technological advancements and a growing demand for global connectivity. According to global technology intelligence firm ABI Research , the satellite IoT market is projected to surpass 26 million connections with a US$4 billion market size by 2030, highlighting significant growth potential in this sector.
Victor Xu , Satellite Communications Industry Analyst at ABI Research, identifies key market opportunities for satellite IoT in the Agriculture, Energy & Utilities, Fisheries and Aquaculture, and Environmental Monitoring verticals. "Satellite IoT is expected to play a valuable role in agriculture, with connections forecast to grow to more than 1.4 million by 2029.
Satellite IoT applications such as precision farming, yield prediction and analysis, livestock management, and optimized irrigation are enabling more efficient, sustainable, and profitable farming practices. In the energy and utilities sector, satellite IoT is also increasingly adopted for real-time monitoring and management of critical infrastructure, with smart grid connections expected to exceed 500,000 by 2029. According to Xu, "Satellite IoT has been transforming fisheries and aquaculture operations by enabling real-time Vessel Monitoring Systems (VMS), effective fish stock management, and comprehensive water quality monitoring, at the same time ensuring susta.