Satellite Data Services Market 2022 by Top Key Players, Types, Applications and Future Forecast to 2030 – Instant Interview
Satellite data services are considered as the method of gathering 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.
The Global satellite data services market was worth USD 5.3 billion in 2019 and is expected to reach a valuation of USD 73.47 billion by 2030, recording a CAGR of 27% over 2022-2030.
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 that are increasing the prospects of this business sector. At the same time, the rapid development of Earth observation imagery and analysis is giving impetus to the development of the market.
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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 increasing 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.
On the contrary, the shortage of qualified professionals in the field coupled with the lack of inadequate infrastructure in emerging regions limit the scope of market compensation.
Segmented analysis of the global satellite data services market
Based on the vertical, the market is divided into energy and power, defense and intelligence, environment, transport and logistics, engineering and infrastructure, maritime, insurance and agriculture. 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, the industry is divided into data analysis and 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 commercial vertical is fragmented into commercial and government and military. 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.
What is the fastest growing region in the industry?
North America, the Middle East and Africa, Europe, Asia-Pacific and Latin America are the major regions constituting the geographical terrain of the trade 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.
Explain the competitive framework of the market
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.
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