The worldwide satellite communication market was valued at $56.01 billion in 2019 and is predicted to reach $99.58 billion by 2027, representing a 9.2% compound annual growth rate (CAGR) between 2020 and 2027.
According to a CNBC storey, the $400 billion space sector is still controlled by huge aerospace and defense businesses that serve government-funded interests. However, investors claim that is changing, with Bank of America, Morgan Stanley, Goldman Sachs, and UBS all publishing regular research for clients on the state of the space business. The consensus on Wall Street is that space will be a multitrillion-dollar sector within the next 10 to 20 years, a prediction that investors are betting on now. In 2020, the global space economy generated $371 billion in sales, up 1.4 percent from the previous year.
• The commercial satellite industry maintained its dominance, accounting for $271 billion in revenue, or about 73 percent of the global space market.
• Satellite broadband revenue climbed by 10% to $2.8 billion in 2020, thanks to technological advancements that enhanced data capacity and helped boost subscribers.
• Innovations in the radio frequency (RF), carbon emission, and other mapping capabilities boosted satellite remote sensing revenues to $2.6 billion, up 12% from the previous year.
• Revenues from commercial launch services climbed by 9% to $5.3 billion in 2020, as the United States maintained its market share dominance in launch services.
• Revenues from global satellite ground equipment increased by 4% year over year to a little over $135 billion, owing to ongoing global sales of global navigation satellite system (GNSS) terminals like smartphones and tablets.
Despite the pandemic, the satellite industry expanded. The worldwide telecommunications and satellite communications market is expected to rise 3.3 percent in 2021, according to analysts.
Maritime shipping, the gas, and oil sector with monitoring the state of expensive equipment, and highways, tracking the position and condition of cargo, persons, and other assets are all well-known applications of satellite IoT technologies.
However, in addition to these well-known satellite IoT applications, there are several additional sectors where similar technologies can result in a significant change in the appearance of essential services and services.
Let’s take a look at how satellite communication is being used in ways we aren’t aware of today:
Flood control using satellite IoT. Sensors put in dangerous regions will broadcast monitoring data to control service, allowing for fast response in the case of a flood threat.
Observation of fires. Sensors that are linked to a satellite system and mounted to trees at a height of about 3 meters are becoming more prevalent. They may send over 20 environmental parameters, such as temperature, barometric pressure, and humidity.
Spills of oil and ice shears. Satellite buoy-sensor systems monitor the situation and collect real-time data on the spill’s impact on the environment, in addition to establishing the spill’s borders. When gathering data on the sensors record, ice conditions and transmit not only data on ice mass movement but also important meteorological data, which is used to build an operational and long-term analysis of ice mass movement.
Plastic trash has accumulated in the seas. The ocean-going waste collector monitors the cleaning system and communicates vital data on the state and functioning of a particular vessel to the situational center via satellite communication technologies.