The Satellite Data Services by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Satellite Data Services, 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..
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.
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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
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.
The satellite data services market report table of contents includes:
- Executive Summary
- Satellite Data Services Market Characteristics
- Satellite Data Services Market Trends And Strategies
- Satellite Data Services Market – Macro Economic Scenario
- Global Satellite Data Services Market Size and Growth
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- Global Satellite Data Services Market Competitive Benchmarking
- Global Satellite Data Services Market Competitive Dashboard
- Key Mergers And Acquisitions In The Satellite Data Services Market
- Satellite Data Services Market Future Outlook and Potential Analysis
- Appendix
Top 5 Major Key Players Are:
- Airbus S. A. S
- East View Geospatial Inc
- ImageSat International
- L3Harris Technologies Inc
- Maxar Technologies
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