Global Satellite Data Services Market Expected to Garner
New York, USA, November 16, 2021 (GLOBE NEWSWIRE) – According to a report published by Research Dive, the global satellite data services market should generate a turnover of $ 22,431.6 million and grow at a remarkable rate CAGR of 12.7% over the forecast period 2021-2028.
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According to our analysts, with the increasing demand for satellite imagery data in various industries such as mining, construction, agriculture, and many others, the market is expected to increase during the analysis period. In addition, the increasing use of satellite imagery in the construction industry to give graphical reference to engineers to achieve more precision in construction is the main factor that is expected to accelerate the growth of the market throughout. the analysis period. In addition, the increasing implementation of technological advancements in the space industry such as the use of artificial intelligence and machine learning is further expected to create massive growth opportunities for the satellite data services market. during the analysis period. However, government limitations related to satellite data services may hamper the growth of the market during the estimated period.
Impact of Covid-19 on the satellite data services market
Due to the outbreak of the novel coronavirus pandemic, along with several other industries, the satellite data services market has also had a negative impact. Due to the disruption of the supply chain and the closure of factories, the market has faced various challenges. Moreover, the hurdles such as strict lockdown, implementation of various designs and developments, and lack of manufacturing facilities with inadequate operational launch stations, market growth has been slowed down during the crisis.
Learn about the impact of COVID-19 on the global satellite data services market: https://www.researchdive.com/connect-to-analyst/8424
Market segments for satellite data services
The report has divided the market into segments based on services, applications, end users, and regions.
Services: Image Data Sub-Segment Must Be Most Profitable
The Image Data sub-segment is expected to generate revenue of $ 11,126.4 million during the analysis period. This is mainly due to the growing demand for imaging data in the public and private sectors. Further, the use of satellite imagery by meteorologists as an important and powerful tool is expected to increase the growth of the satellite data services market sub-segment during the forecast period.
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Application: the commercial sub-segment will be the most lucrative
The business sub-segment is expected to generate $ 7,587.5 million in revenue over the period of analysis. This is major due to the increasing use of satellite data in the commercial sector for various purposes such as navigation, satellite television and commercial satellite imagery. Moreover, the increasing demand for commercial satellites in agriculture and agribusiness is further expected to enhance the growth of the market sub-segment during the analysis period.
End-user: Aerospace and Defense sub-segment will be the most profitable
The Aerospace and Defense sub-segment is expected to generate revenue of $ 9,496.5 million during the forecast period. This is mainly due to the growing demand for satellite data in the defense sector. In addition, the information provided by the satellites helping the aerospace and defense activities to prevent future damage and to function properly is the main factor that is expected to enhance the growth of the satellite data services market sub-segment throughout. the forecast period.
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Region: Asia-Pacific region is expected to have huge growth opportunities
The Asia-Pacific region is expected to generate revenue of $ 5,926.4 million over the forecast period. This is mainly due to the increase in population and economic development in the countries of this region. Moreover, the increasing advancements of the military sector in some countries in this region are expected to amplify the regional growth of the market during the forecast period.
Key players in the satellite data services market
â¢ Airbus SAS
â¢ East View Geospatial Inc.
â¢ ImageSat International
â¢ L3Harris Technologies Inc.
â¢ Maxar Technologies
â¢ Planet Labs Inc.
â¢ Satellite imagery company
â¢ SpecTIR LLC
â¢ Trimble Inc.
â¢ Ursa Space Systems Inc.
These players work extensively on the development of new business strategies and tactics to acquire the leading position in the global industry.
For example, in July 2021, EarthDaily Analytics Crop (EDA), a leading Canadian expert in the field of data processing, announced its new goal of launching more than nine satellites to observe details of the Earth with precision. The launch operation will be carried out by 2023, and these satellites are expected to provide data for multiple sectors like agriculture, defense, environment and many more.
In addition, the report also summarizes other important aspects such as product portfolio, financial performance of key players, latest strategic developments and SWOT analysis. Click here for a summary report on the development strategies of the absolute best companies
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