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Satellite IoT Market Size, Share, Forecast, & Trends Analysis by Service Type, Frequency Band, Organization Size, Sector (Military & Defense, Agriculture, Construction, Oil & Gas, Utilities, Transportation & Logistics, Maritime) – Global Forecast to 2031

According to this latest publication from Meticulous Research®, the satellite IoT market is projected to reach $2.48 billion by 2031, at a CAGR of 18.2% from 2024 to 2031. The growth of the satellite IoT market is driven by the rising demand for interconnectivity between devices in remote areas and the increasing use of satellite IoT technology in the agriculture industry. However, the high costs of implementing satellite IoT solutions restrain the growth of this market. Additionally, the growing use of satellite IoT technology in maritime applications is expected to generate growth opportunities for the players in this market. However, satellite IoT devices’ vulnerability to cyberattacks is a major challenge for market growth. Additionally, low earth orbit (LEO) satellite-based connectivity and the increasing demand for environmental & weather monitoring devices are key trends in the satellite IoT market.

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As of November 14, 2024, India has 111,487 auto parts stores, representing a 5.34% increase from 2023. Among these, 109,355 (98.09%) are single-owner operations, while 2,132 (1.91%) are part of larger brands. The states with the highest number of auto parts stores are Maharashtra with 15,484, Uttar Pradesh with 15,075, and Gujarat with 8,105. The average age of auto parts stores in India is approximately 3 years and 4 months.

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The global automotive industry is undergoing a gradual shift from fossil fuel-powered vehicles to electric vehicles (EVs). Decreasing prices of EV batteries are driving this transition, making electric vehicles more cost-effective and competitive compared to traditional internal combustion engine vehicles. As EV battery costs decline, the overall ownership expenses of electric vehicles reduce significantly, broadening their accessibility to a wider consumer base and accelerating their global adoption.

Governments worldwide are actively investing in and implementing policies and regulations to facilitate the adoption of EVs. For example, in July 2022, the Government of Chhattisgarh (India) introduced an electric vehicle (EV) policy aimed at bolstering EV charging infrastructure, expediting the transition from internal combustion engine (ICE) vehicles to electric ones, and incentivizing EV manufacturing within the state.

Autonomous vehicles (AVs) have the potential to improve traffic flow and road safety. Human error is a leading cause of accidents, and AVs can minimize the risk by eliminating factors such as distracted driving, fatigue, and impaired driving. The sophisticated sensor systems of AVs can detect potential hazards more accurately and react faster than human drivers, reducing the number of accidents on the road.

In addition, traffic congestion is a worldwide challenge that poses significant economic, social, and environmental impacts. Countries worldwide, especially in urban areas, are confronted with the pressing challenge of managing traffic congestion. With advanced traffic management systems and real-time data analysis, AVs can optimize traffic flow and reduce congestion. Thus, all such factors are expected to drive the autonomous vehicles market growth.

The Japan construction market has experienced steady growth in recent years, driven by urban redevelopment projects, infrastructure upgrades, and advancements in sustainable building practices. As one of the world\'s most developed economies, Japan continues to invest heavily in construction to address its aging infrastructure and urban challenges. This article explores key trends, opportunities, and forecasts shaping the Japanese construction market.

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