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Satellite Data Services Market 2022 Growth Opportunities, Top Players, Regions, Application, And Forecast To 2030
Satellite Data Services Market
A Satellite data services is referred to as the method of gathering crucial data about the earth using manmade satellites. These satellites predominantly provide information regarding weather and surface changes on the earth by capturing related images. These photographs are then utilized by commercial and public authorities for applications such as weather reporting, environment monitoring & management, security surveillance, along with the mapping of construction projects, among others.
What are the growth determinants and restraints of this industry vertical?
The escalating demand for satellite data from a wide array of industries along with the privatization of the space sector are the primary factors augmenting the outlook of this business sphere. Alongside, rapid evolution in earth observation imagery and analytics is adding momentum to the market development.
Furthermore, the growing adoption of advanced technologies such as machine learning, AI, and cloud computing in the space segment is creating lucrative opportunities for the industry sphere to prosper. Also, increase in the utilization of satellite based information to facilitate the efficient development of connected vehicles and smart cities is fueling the market expansion. Besides, rising R&D investments in the field along with surge in space exploration activities are positively swaying the dynamics of this business sphere. Moreover, the elevating demand to obtain real time satellite images on smart devices owing to the emergence of advanced features like google earth is stimulating the overall industry outlook.
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The market is anticipated to grow as a result of factors such the surge in demand for satellite data from different industrial verticals, the rise in demand for earth observation satellites, and the privatisation of the space industry. However, the market's expansion is hampered by strict government restrictions governing the use of satellites and a paucity of launchers specifically designed to carry small satellites. Additionally, the growing 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, as well as the growth of the NewSpace movement, are all predicted to present lucrative opportunities for market expansion.
Segmental Analysis Of Global Satellite Data Services Market:
Based on vertical
• Energy & power
• Defence & intelligence
• Environment
• Transportation & logistics
• Engineering & infrastructure
• Maritime
• Insurance
• Agriculture
The agriculture segment is poised to amass notable gains over 2022-2030 owing to the growing utilization of satellite images for the evaluation of crop conditions and yields.
In terms of service
• Analytics
• Image data
The data analytics segment is expected to generate significant returns over the estimated timeline due the growing demand for data analytics services to cater to the development of GIS maps.
On the basis of end use
• Commercial
• Government
• Military
The government & military segment is anticipated to dominate the market in terms of volume share. This is credited to the increasing utilization of high-quality satellite imagery for border monitoring and surveillance purposes.
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Geographical Ambit:
North America, Middle East & Africa, Europe, Asia Pacific, and Latin America are the major regions constituting the geographical terrain of the business sphere. Among these, North America is projected to capture a high revenue share over 2022-2030. This is attributable to the increasing space exploration activities, availability of adequate infrastructure, and rising R&D investments in the field.
Key Market Players:
The prominent players defining the competitive gamut of global satellite data services industry are Airbus S.A.S., 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 a 12- month contract to Airbus to provide satellite-based surveillance services for one of its security centres.
Frequently Asked Questions About This Report:
• How big is the satellite data services market?
• What is the satellite data services market growth?
• Which segment accounted for the largest satellite data services market share?
• Who are the key players in satellite data services market?
• What are the factors driving the satellite data services market?
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