market for satellite data services
The satellite data services market was valued at $5.3 billion in 2019 and is expected to reach a valuation of $73.47 billion by 2030, growing at a CAGR of 27% over 2022-2030.
A Satellite data services are referred to as a method by which artificial satellites are used to collect important data about the earth. These satellites mainly provide information about weather and surface changes on Earth by taking corresponding pictures. These photos are then used by commercial and public authorities for applications such as weather reporting, environmental monitoring and management, safety monitoring, construction mapping, and more.
What are the growth determinants and obstacles of this industry?
Increasing demand for satellite data from a variety of industries along with privatization of the space sector are the main factors improving the prospects of this business segment. Besides, the rapid development of earth observation imagery and analysis is giving impetus to the market development.
Additionally, the increasing adoption of advanced technologies such as machine learning, AI and cloud computing in the space segment is creating lucrative opportunities for the industrial space to thrive. The increasing use of satellite-based information to facilitate the efficient development of connected vehicles and smart cities is also driving the market expansion. In addition, increasing R&D investments in this field together with an increase in space research activities are positively affecting the dynamics of this business area. In addition, increasing demand for real-time satellite imagery on smart devices due to the emergence of advanced features such as Google Earth is stimulating the overall industry outlook.
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The market is expected to grow due to factors such as increasing demand for satellite data from various industrial sectors, increasing demand for earth observation satellites and privatization of space industry. However, the expansion of the market is hampered by strict government restrictions on the use of satellites and a shortage of launch vehicles specifically designed to carry small satellites. Add to this the increasing use of artificial intelligence (AI), machine learning (ML) and cloud computing in the space industry, as well as the development of smart cities and connected vehicles using satellite data, and the growth of the NewSpace movement, are all said to open up lucrative opportunities for the provide market expansion.
Global Satellite Data Services Market Segment Analysis:
Based on vertical
• Energy & Power
• Defense & Intelligence
• Transportation & Logistics
• Technology & infrastructure
The agricultural segment is poised to make notable gains over the period 2022-2030 due to the increasing use of satellite imagery to assess crop conditions and yields.
In terms of service
• Image data
Due to the growing demand for data analytics services for GIS map development, the data analytics segment is expected to generate significant returns over the estimated timeframe.
Based on end use
The Government & Military segment is expected to dominate the market in terms of volume share. This is attributed to the increasing use of high-quality satellite imagery for border surveillance and surveillance purposes.
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North America, Middle East and Africa, Europe, Asia Pacific and Latin America are the major regions that make up the geographic terrain of the business sphere. Among these, North America is expected to account for a high revenue share in the period 2022-2030. This is due to the increasing space exploration activities, the availability of adequate infrastructure and increasing investments in research and development in this area.
Important market participants:
The prominent players defining the competitive scale of the global satellite data services industry are Airbus SAS, East View Geospatial Inc., ImageSat International (ISI), L3Harris Technologies, Inc., Maxar Technologies, Planet Labs Inc., Satellite Imaging Corporation, SpecTIR LLC , Trimble Inc. and Ursa Space Systems Inc.
Notably, in June 2021, the UK Royal Navy offered Airbus a 12-month contract to provide satellite-based surveillance services for one of its security centers.
Frequently asked questions about this report:
• How big is the market for satellite data services?
• What is the market growth for satellite data services?
• Which segment accounted for the largest market share in satellite data services?
• Who are the major players in the satellite data services market?
• What are the factors driving the market for satellite data services?
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