Global Satellite Data Services Market to reach USD 34.48 billion with CAGR of 21% by 2027

Global Satellite Data Services Market is valued at approximately USD 9.08 billion in 2020 and is anticipated to grow with a healthy growth rate of more than 21 % over the forecast period 2021-2027. Satellite data service is the process of collecting information about the Earth, gathered by manmade satellites in their orbits. Satellites deliver information about surface and weather changes on the planet. Satellite data services deal with capturing images of Earth or other planets with the assistance of imaging satellites. The increase in environmental monitoring, meteorology, and map-making, and increasing investments in satellite launching has led to the adoption of Satellite Data Services across the forecast period.

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Increasing investment in satellite due to services utilized by military & defense and agriculture departments across the globe for the optimum working operation result and accuracy is also contributing to the market. For instance, NSIL, the Indian government’s commercial space arm, plans to invest Rs 10,000 crore over the next five years to own and operate satellites as well as launch rockets. However, the high cost of development and maintenance impedes the growth of the market over the forecast period of 2021-2027. Also, with the increasing use of satellites in weather forecasting and military purposes, the adoption & demand for Satellite Data Services is likely to increase.

Major market players included in this report are:
Airbus Se
Digitalglobe, Inc
Harris Geospatial Solutions, Inc.
Planet Labs, Inc.
Satellite Imaging Corporation
Iceye
Ursa Space Systems
Satpalda Geospatial Services
Earth-I Ltd.
Land Info Worldwide Mapping

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Global Satellite Data Services Market is segmented on the basis of geographical region as Asia Pacific, North America, Europe, Latin America, and the Rest of the World. North America is the leading region across the world in terms of market share owing to the technology advancement and major satellite launching industry as SpaceX, NASA is located in this region. Whereas, Asia-Pacific is also anticipated to exhibit the highest growth rate over the forecast period 2021-2027. Factors such as rising military budget, constant threats between the nation, increasing investment in satellite launching stations and prior weather predictions would create profitable growth prospects for the Satellite Data Services Market across the Asia-Pacific region.

By Service:
Image Data
Data Analytics

By Verticals:
Energy & Power
Engineering & Infrastructure
Defense & Security
Environmental
Agriculture
Forestry
Transportation & Logistics
Insurance

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Target Audience of the Global Satellite Data Services Market in Market Study:
Key Consulting Companies & Advisors
Large, medium-sized, and small enterprises
Venture capitalists
Value-Added Resellers (VARs)
Third-party knowledge providers
Investment bankers
Investors

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This release was published on openPR.