Growth Opportunities of Satellite Data Services Market 2022, Top
The Satellite Data Services Market was worth USD 5.3 Billion in 2019 and is projected to reach a valuation of USD 73.47 Billion by 2030, registering a CAGR of 27% over 2022-2030.
A Satellite data services is called the method of collecting crucial data on earth using artificial satellites. These satellites mainly provide information about weather conditions and surface changes on the earth by capturing related images. These photographs are then used by commercial and public authorities for applications such as weather reporting, environmental monitoring and management, security monitoring, as well as construction project mapping, among others.
What are the determinants of growth and the constraints of this vertical industry?
The growing demand for satellite data from a wide range of industries as well as the privatization of the space sector are the main factors increasing the prospects of this commercial sphere. At the same time, the rapid development of Earth observation imagery and analysis is giving impetus to the development of the market.
Furthermore, the increasing adoption of advanced technologies such as machine learning, AI, and cloud computing in the space segment creates lucrative opportunities for the industrial sphere to flourish. Furthermore, the increase in the use of satellite information to facilitate the efficient development of connected vehicles and smart cities is fueling the expansion of the market. In addition, the increase in R&D investments in the field as well as the boom in space exploration activities have a positive influence on the dynamics of this sphere of activity. Moreover, the growing demand to get real-time satellite imagery on smart devices due to the emergence of advanced features like Google Earth is boosting the overall outlook of the industry.
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The market is expected to grow owing to factors such as increasing demand for satellite data from different industry verticals, increasing demand for Earth observation satellites, and privatization of the space industry. However, market expansion is hampered by strict government restrictions governing the use of satellites and a shortage of launch vehicles specifically designed to carry small satellites. Additionally, 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, along with the growth of the NewSpace movement, are all expected to present lucrative opportunities for market expansion.
Global Satellite Data Services Market Segment Analysis:
• Energy and power
• Defense and Intelligence
• Transport and logistics
• Engineering and infrastructure
The agriculture segment is poised to rack up notable gains over the period 2022-2030 due to the increasing use of satellite imagery for assessing crop conditions and yields.
In terms of service
• Image data
The data analytics segment is expected to generate significant returns over the estimated timeframe due to the growing demand for data analytics services to meet GIS map development.
Based on end use
The government and 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 control and surveillance purposes.
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North America, the Middle East and Africa, Europe, Asia-Pacific and Latin America are the major regions constituting the geographical terrain of the business sphere. Of these, North America is expected to capture a high share of revenue over the period 2022-2030. This is attributable to the increase in space exploration activities, the availability of adequate infrastructure and the increase in R&D investments in the field.
Main market players:
Major players defining the competitive range in 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, Britain’s Royal Navy offered a 12-month contract to Airbus to provide satellite surveillance services to one of its security centres.
Frequently asked questions about this report:
• What is the size of the satellite data services market?
• What is the growth of the satellite data services market?
• Which segment accounted for the largest market share of satellite data services?
• Who are the main players in the satellite data services market?
• What are the factors driving the market for satellite data services?
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