Press release
Satellite Data Service For Agriculture Market Growth Accelerates: Strategic Forecast Predicts $10.32 Billion by 2029
Satellite Data Service For Agriculture
What Will the Satellite Data Service For Agriculture Industry Market Size Be by 2025?
The market size for satellite data services related to agriculture has experienced swift expansion lately. It is projected to escalate from a value of $5.22 billion in 2024 to $6.00 billion in 2025, yielding a compound annual growth rate (CAGR) of 14.9%. This historic period's growth can be credited to several factors including a heightened need for streamlined land-use planning, a surge in demand for predicting crop yields, an increase in strategies to withstand climate changes, a rising emphasis on monitoring soil health, and a growing fascination in managing water resources.
What's the Long-Term Growth Forecast for the Satellite Data Service For Agriculture Market Size Through 2029?
The market size for agriculture-based satellite data services is predicted to undergo a fast-paced expansion in the upcoming years, swelling to $10.32 billion by 2029 with a 14.5% compound annual growth rate (CAGR). This anticipated surge for the forecast period is due to factors such as the increasing implementation of precision farming methods, surging demand for up-to-the-minute crop surveillance, the growing requirement for weather resistance in farming, the broadening use of satellite images for land administration, and the intensifying anxiety over food security. Noteworthy trends for the forecast period encompass progress in hyperspectral imaging used for crop analysis, the creation of locally sourced satellite constellations for better access to data, innovation in live satellite data analytics for precision farming, headway in nanosatellite technology for economical monitoring, and the crafting of artificial intelligence-based satellite data platforms for predictive farming.
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What Are the Key Growth Drivers Fueling the Satellite Data Service For Agriculture Market Expansion?
The market's growth is being driven by an increased adoption of precision farming, influenced by rising input costs and the implementation of data-driven agricultural practices.
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What Are the Key Trends Driving Satellite Data Service For Agriculture Market Growth?
Leading firms in the satellite data service sector for the agricultural market are concentrating on the progression of innovative technologies like remote sensing technology. This technology facilitates the collection and analysis of crop conditions, soil characteristics, and environmental variables without the requirement of direct physical contact. The concept of remote sensing technology involves gathering information on the Earth's surface and atmosphere from afar, commonly using satellites, drones, or aircraft. For instance, in March 2023, InnerPlant, an American tech company, jointly with Satellogic Inc., an earth observation company also based in the US, introduced the program named Detecting Human-Made Crop Signals from Space. This program enables a new degree of precision in observing farming operations. It can detect minor activities, such as the application of fertilizers, water usage, and changes in soil that cannot be noticed in regular images. These capabilities can significantly improve decision-making processes as they permit real-time monitoring of input efficiency, crop stress levels, and adherence to sustainability across large districts. This technology aids farmers in resource optimization and yield improvement, while reducing their environmental footprint. It also provides governments and agribusinesses with dependable data, which can be used for policy implementation and enhancement of supply chain transparency.
How Is the Satellite Data Service For Agriculture Market Segmented?
The satellite data service for agriculture market covered in this report is segmented
1) By Type Of Satellite Service: Optical Satellite Imagery, Radar Satellite Imagery, Multispectral And Hyperspectral Imagery, Infrared Imaging, Gridded Weather Data
2) By Deployment Model: Cloud-Based Services, On-Premise Solutions, Hybrid Solutions
3) By Satellite Data Processing Features: Data Compression And Storage, Real-Time Data Processing, Analytical Tools And Software, Data Visualization Solutions, Machine Learning And Artificial Intelligence Integration
4) By Application: Mapping, Vegetation And Crop Health Monitoring, Crop Yield Management, Other Applications
5) By End User: Farmers And Agricultural Producers, Agricultural Consultants, Government And Regulatory Bodies, Research And Educational Institutions, Agri-Tech Companies
Subsegments:
1) By Optical Satellite Imagery Services: High Resolution Optical Imagery, Medium Resolution Optical Imagery, Low Resolution Optical Imagery
2) By Radar Satellite Imagery Services: Synthetic Aperture Radar Imagery, Interferometric Radar Imagery, Polarimetric Radar Imagery
3) By Multispectral and Hyperspectral Imagery Services: Shortwave Infrared Imagery, Near Infrared Imagery, Visible Spectrum Imagery
4) By Infrared Imaging Services: Thermal Infrared Imaging, Near Infrared Imaging, Mid Infrared Imaging
5) By Gridded Weather Data Services: Precipitation Data, Temperature Data, Soil Moisture Data, Evapotranspiration Data
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Which Companies Are Leading the Charge in Satellite Data Service For Agriculture Market Innovation?
Major companies operating in the satellite data service for agriculture market are Airbus SE, Planet Labs PBC, EOS Data Analytics Inc., Pixxel Space Technologies, CropX Inc., Ceres Imaging Inc., SatSure Analytics Pvt. Ltd., OneSoil AG, Kermap, AgroScout, Earth-i Ltd, SI Imaging Services (SIIS), DataFarming, Farmonaut, FarmQA, Agricolus Srl, Avant Global LLC, Esper Satellite Imagery, Agremo, FarmiSpace.
Which Regions Are Leading the Global Satellite Data Service For Agriculture Market in Revenue?
North America was the largest region in the satellite data service for agriculture market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in satellite data service for agriculture report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
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