Press release
Satellite Data Services Market Research: Insights, Demand, Analysis, And Forecast 2024-2033
Satellite Data Services Market
The satellite data services market size is expected to see rapid growth in the next few years. It will grow to $22.08 billion in 2028 at a compound annual growth rate (CAGR) of 19.6%. The growth in the forecast period can be attributed to increasing demand from the energy and power sectors, growing transportation and logistics sectors, growing insurance industry. Major trends in the forecast period include demand for geospatial analytics, focus on climate monitoring and environmental sustainability, integration with 5g networks, rising demand for internet of things (iot) connectivity, advancements in satellite imaging technologies..
Market Overview -
Satellite Data Services refer to the process of collecting information about the earth, which is gathered by manmade satellites in their orbits to provide information about surface and weather changes on the planet. Images of the earth or other planets are taken with the assistance of imaging satellites to enable efficient data monitoring and mapping and are also used in the development of smart cities and connected vehicles.
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Growing Demand For Enhanced Security And Defense Capabilities Drives The Market
The increasing need for satellite data in various industries is expected to propel the growth of the satellite data services market going forward. The most common use of satellite data is to guide missiles and other military activities. Satellite data services also provide information about changes in the earth's surface and weather. For instance, in May 2021, United Launch Alliance (ULA), a US-based rocket manufacturer, launched the fifth Space-Based Infrared System satellite for the U.S. space force. With the help of its onboard infrared sensors, the $1 billion satellite, built by Lockheed Martin, is designed to recognize and track plumes produced by missile launches throughout the world. Its abilities would allow the US to prepare for any imminent attacks. Therefore, the increasing need for satellite data in various industries is driving the growth of the satellite data services market.
Competitive Landscape -
Major companies operating in the satellite data services market report are Airbus S. A. S., East View Geospatial Inc., ImageSat International, L3Harris Technologies Inc., Maxar Technologies, Ceinsys Tech Ltd., Earth-i Ltd., ICEYE, Planet Labs Inc., Satellite Imaging Corporation, Space Exploration Technologies Corp., SpecTIR LLC, Trimble Inc., Ursa Space Systems Inc., Birdi Ltd., BlackSky Technology, Capella Space, Descartes Labs, DigitalGlobe, Geospatial Intelligence Pty Ltd., Gisat S. R. O., Harris Geospatial Solutions, HawkEye 360, OmniEarth Inc., Orbital Insight, SATPALDA Geospatial Services, SatSure AG, Spire Global Inc., Terrafuse, EUMETSAT
New Product Advancements Transform The Market
New product advancements have emerged as a key trend gaining popularity in the satellite data services market. Major companies operating in satellite data services are developing new products to strengthen their position in the market. For example, in March 2023, Chinese defense contractor, CASIC (China Aerospace Science and Industry Corporation), was preparing to launch the first satellite for a very low Earth orbit (VLEO) constellation. The constellation will reportedly comprise of 300 communications and remote-sensing satellites orbiting the globe, providing a global ultrafast response capability within 15 minutes.
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Key Segments -
The satellite data services market covered in this report is segmented -
1) By Type: Administrative, Commercial, Scientific
2) By Service: Data Analytics, Image Data, Other Services
3) By Application: Energy and Power, Defense and Intelligence, Engineering and Infrastructure, Transportation and Logistics, Agriculture, Other Applications
Key highlights covered in the report -
1. Detailed market size forecast and historical data analysis
2. Key drivers influencing market growth
3. Identification of upcoming trends and potential opportunities in the market
4. Analysis of major players strategies, to understand competitive dynamics and market positioning
5. Evaluation of regional dynamics
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