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Global Insights into Satellite Data Services Market 2024: Trends and Opportunities
Satellite Data Services Market Size
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According to The Business Research Company's, The satellite data services market size has grown rapidly in recent years. It will grow from $9.07 billion in 2023 to $10.8 billion in 2024 at a compound annual growth rate (CAGR) of 19.0%. The growth in the historic period can be attributed to increased demand for earth observation data, emergence of small satellite constellations, enhanced disaster response and management, growing demand for precision agriculture, commercialization of space activities..
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..
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Market Drivers and Trends:
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.
Product innovations have emerged as the key trend gaining popularity in the 5G chipset market. The major players in the market are developing innovative products for market growth. For instance, in June 2021, Samsung Electronics, a South Korea-based electronics company, developed 3GPP Rel.16 compliant chipsets, a range of next-generation 5G chipsets that deliver cutting-edge 5G technologies. The new chipsets consist of a second-generation 5G modem System-on-Chip (SoC), a third-generation mmWave Radio Frequency Integrated Circuit (RFIC) chip, and a Digital Front End (DFE)-RFIC integrated chip. These are designed to increase power efficiency, boost performance, and reduce the size of 5G solutions.
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Major Key Players of the Market:
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
Satellite Data Services Market 2024 Key Insights:
• 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%.
• Growing Demand For Enhanced Security And Defense Capabilities Drives The Market
• New Product Advancements Transform The Market
• North America was the largest region in the satellite data services market in 2023
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