Press release
Satellite Data Services Market Size, Share, Growt & Industry Insights by 2032
Satellite Data Services Market
Satellite data or satellite imagery is the information collected by satellites about the Earth and other celestial bodies by satellites. One of the key applications of this type of data is to observe changes happening on the Earth's surface and in its weather patterns. The rising demand for satellite-based data in various industries is expected to fuel the need for satellite data services.
The COVID-19 pandemic had an adverse influence on the market's growth as government-imposed lockdowns caused major delays in the production and launch of satellites. This factor caused disruptions in the completion of various space-related projects. However, the demand for satellite data and imagery increased after the pandemic period for remote sensing and crisis monitoring applications, which helped the market recover.
Fortune Business InsightsTM displays this information in a report titled, "Satellite Data Services Market, 2024-2032."
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➤ LIST OF KEY COMPANIES PROFILED IN THE REPORT
ICEYE (U.K.)
Planet Labs, Inc. (U.S.)
Capella Space (U.S.)
Airbus (Netherlands)
BlackSky (U.S.)
Maxar Technologies (U.S.)
Spire Global (U.S.)
EOS Data Analytics, Inc. (U.S.)
L3Harris Technologies, Inc. (U.S.)
Satellite Imaging Corporation. (U.S.)
➤ Segmentation:
Creation of Innovative Data Analytics Services Helped Value-Added Services Segment Dominate Market
Based on type, the market is classified into satellite data and value-added services. The value-added services segment held the largest market share as several market players are focusing on developing innovative data analytics services on a subscription-based model.
Satellite Data Widely Used in Defense & Intelligence Industry Due to Rising Geopolitical Tensions
Based on industries, the market is classified into defense & intelligence, maritime, environmental, agriculture, energy & power, and others. The defense & intelligence industry dominated the global satellite data services market as geopolitical tensions are on the rise across the world, thereby boosting the demand for real-time intelligence to help the defense industries of the warring countries gain a strong edge on the battlefield.
Military & Government Segment Dominated Market Due to Rising Government Support for Satellite Technologies
Based on end use, the market is classified into commercial and military & government. The military & government segment dominated the market due to the rising government support for satellite technology to boost economic development and national security.
With respect to region, the market covers North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.
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➤ Report Coverage:
The report has conducted a detailed study of the market and highlighted several critical areas, such as leading types, industries, end uses, and prominent market players. It has also focused on the latest market trends and the key industry developments. Apart from the aforementioned factors, the report has given information on many other factors that have helped the market grow.
➤ Drivers and Restraints:
Growth of Space Economy to Bolster Market Progress
The space economy is showing robust growth every year due to a strong increase in space exploration activities in various countries. As per statistics by the Economic Web Forum, the space economy is predicted to reach a valuation of USD 1.8 trillion by 2035 due to improvements in space technologies. This is the result of the rising launch of earth observation satellites to gain real-time information on activities on the Earth and other celestial bodies. This factor is expected to boost the demand for satellite data services.
However, high costs associated with the development and maintenance of satellite infrastructure might hinder the satellite data services market growth.
➤ Regional Insights:
North America Dominated Global Market Due to Vast Presence of Space Exploration Companies
North America dominated the global satellite data services market as countries, such as the U.S. has a notable presence of space exploration companies that launch a wide range of satellites for earth observation every year.
Asia Pacific might exhibit the fastest growth in the global market due to factors, such as large-scale urbanization, rapid economic growth, and increasing development of small satellites.
➤ Competitive Landscape:
Key Companies to Focus On Developing Innovative Products & Solutions to Remain Dominant
Some of the top companies driving the market's growth are focusing on entering partnerships, mergers, and acquisitions with other organizations to develop and launch innovative products and solutions for their customers in the space industry. They are also increasing their research & development efforts to create a diverse range of satellite data services and cater to their customers' needs.
➤ Notable Industry Development:
June 2024: Planet Labs announced that it had planned to launch its first hyperspectral satellite, Tanager-1, as part of its partnership with the Carbon Mapper Coalition. This move aims to improve the monitoring of greenhouse gas emissions, especially carbon dioxide and methane.
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➤ Read Related Insights:
Mobile Satellite Services Market
https://www.fortunebusinessinsights.com/mobile-satellite-services-mss-market-103743
Small Satellite Market
https://www.fortunebusinessinsights.com/industry-reports/small-satellite-market-101917
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