The global satellite data services market share is estimated to reach $22,431.6 million by 2028, rising from $8,357.9 million in 2020, at a CAGR of 12.7%.
Covid-19 Impact on Satellite Data Services Market
The coronavirus outbreak in 2019 has negatively affected the satellite data services industry worldwide. Fear of contracting the COVID-19 disease along with strict social distancing rules implemented by developed as well as developing nations in order to prevent the virus transmission have led to the shutdown of many industries. The current impact of the COVID-19 outbreak on the satellite manufacturing industry is limited to delivery delays caused by activity slowdowns for some manufacturers. As a result of the COVID-19 epidemic, which has caused a delay in the production and supply of launch vehicle components, satellite launches are expected to fall in 2021. The availability of imagery and analysis services is projected to be impacted by delays in satellite production and launch. However, by 2022 and beyond, the number is expected to rise due to high demand and the need to reduce backlogs.
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Global Satellite Data Services Market Insights
The market is predicted to expand because of the high functionality of satellite imaging data across numerous industries and the increasing need for free access to satellite-based images. Due to the popularity of tools like Google Earth, there is a growing need for real-time satellite imagery feed on mobile devices, which is anticipated to fuel market growth. Moreover, satellite data is rapidly being used in the building of smart cities and connected automobiles. Urban planners are using this data to have a better understanding of settlement patterns and ensure that infrastructure is managed efficiently. The increased use of remote sensing technology for zoning and municipal infrastructure modelling has benefited in meeting the growing need for better urban development management from city-based populations.
Government imposed tight rules and regulations, on the other hand, may stifle the expansion of the satellite data services sector. Satellite data services also necessitate a large capital investment due to the technologies used and the strong demand. The adoption of technology such as high-resolution remote sensing, powerful satellite analytics software, and others could raise costs, limiting industry expansion.
The increased use of artificial intelligence (AI) and machine learning (ML) in the space industry has opened plenty of possibilities for service providers to deliver AI and ML-integrated solutions. AI-powered platforms are providing access to previously inaccessible aspects including social, industrial, and economic processes. Moreover, cloud technology has also enabled researchers and organizations to gain access to imagery and historic data.
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Satellite Data Services Market, Segmentation
The global satellite data services market is segmented based on service type, application type, end-user, and region.
Based on service type, the satellite data services market has been sub-segmented into image data, data analytics, and others. The image data sub-segment is predicted to have a dominating market share in the global market and register a revenue of $11,126.4 million during the forecast period.
Satellite image data is used in various applications such as disaster mitigation and policy, agriculture & environments, military & government purposes, and others. Moreover, due to the increase in demand for the commercial satellite image data, it is predicted that image data services will generate a high revenue during he forecast period.
The application segment is further divided into scientific, administrative, and commercial sub-segments. The commercial sub-segment is anticipated to show fastest market growth during the forecast period. It is predicted that the market will generate a revenue of $7,587.5 million by 2028, growing from $3,035.7 million in 2020, with a CAGR of 13.2%.
The rise in demand for commercial satellites is majorly due to its uses in agriculture and farming companies. Commercial satellites provide data related to weather, ground movements, human or natural activities, and more. These advantages are anticipated to increase the growth of the commercial sector in satellite data services market.
The end-use sub-segment is further categorized into aerospace & defense, energy & power, agriculture & environment, engineering & infrastructure, maritime, and others.The aerospace & defense sub-segment is anticipated to have a dominating market share in the global market and register a revenue of $9,496.5 million during the analysis timeframe.
The increase in the demand for satellite data services in the aerospace and defense sector is due to the rise in need for image data related to human activities. This data keeps aerospace & defense sector aware of any illegal activities taking place in a nation. The demand for aerospace & defense activities is thus anticipated to increase and produce high revenue during the forecast period.
The satellite data services market for the Asia-Pacific region is projected to witness rapid growth. Asia-Pacific is expected to be the fastest growing market during the forecast time period, and reach $5,926.4 million by 2028, with a CAGR of 13.5%.
The rapid growth of the commercial sector, together with the increase in the number of private enterprises, might have an impact on the adoption of satellite data services market in the region. Furthermore, the demand for satellite data services in IT, navigation, and automobile industry is anticipated to increase the growth of the market in this region.
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Key Players in the Global Satellite Data Services Market
East View Geospatial Inc.
L3Harris Technologies Inc.
Planet Labs Inc.
Satellite Imaging Corporation
Ursa Space Systems Inc
Along with the company profiles of the key players in the market, the report includes the Porter’s five forces model that gives deep insights into the competitive environment of the market.