The global satellite data service market was valued at US$ 6.18 billion in 2020 and US$ 7.35 billion in 2021, and is further anticipated to reach US$ 26.73 billion by 2028, registering a CAGR of 20.2% from 2021 to 2028.
Satellite data service is a process of collection of data about earth, through man-made satellites which are present in the earth’s orbit. These satellites generate and capture information about changes in the weather and surface on the earth. Imaging satellites are responsible for the clicking of images and sending them to the authorized center. These images are further used for commercial process called commercial satellite imaging. Several commercial uses of the images are – securing energy resources, surveillance of areas around the border, environment management & control and mapping of projects under construction. Satellite data service is widely used for observation of the earth and in the development of smart cities. Satellite data service also proves to be a big help in the building of infrastructure projects by providing high resolution images. These images further help the engineers & administrators by providing more accuracy in the construction.
Increasing prevalence in the demand of satellite data services for industries like oil, mining, agriculture and gas are the key reasons which fuels the demand of the global satellite data service market. Moreover, demand in earth observation satellites, demand for satellites in mapping construction sites and advancements in geospatial imagery analytic also propel the growth of global satellite data service market.
Lack of launch vehicles for the small category of satellites and stringent government regulations are the factors which hurdles the growth of the global satellite data service.
Limited satellite bandwidth, satellite internal legacy, complex nature of satellite and high costs are the key reasons which challenges the global satellite data service market.
Several companies are trying their level best in the area to provide better & advanced features in the field of satellite data services. Increase in the uses of artificial intelligence, high usage of machine language and cloud in the aerospace sector provide lucrative opportunities in the market growth of global satellite data service market.
The global satellite data service market is bifurcated on the basis of Service, Vertical, End User and region. Based on the Service, global satellite data service market is segmented into Image Data & Data Analytics. Based on Vertical type, the market is classified into Energy, Defense, Intelligence, Environmental, Maritime, Insurance, Transportation & Logistics. and Power. Based on end user, the global satellite data service market is segmented into Government, military and commercial.
On the basis of region, the global satellite data service market is segmented into North America, Europe, Asia-Pacific (APAC) and Rest of the World (RoW). The North America is further classified into U.S. & Canada. Europe is further segmented into Germany, U.K., France, Italy, Russia, Spain, and rest of Europe. Asia-Pacific is segmented into China, Japan, India, Australia, South Korea, and rest of APAC. Currently, Asia-Pacific dominates the global satellite data service market. Over a long period of time, data analytics and satellite imaging technologies have widely been used in Asia-Pacific for the development of certain areas marking the market growth.
Prominent players in the global satellite data service market are DigitalGlobe, URSA Space Systems, ImageSat International, L3Harris Technologies, Airbus S.A.S., East View Geospatial Inc., Maxar Technologies, Satellite Imaging Corporation, Ursa Space Systems Inc, SpecTIR LLC and Trimble Inc. among others.
Market Segmentation and scope of the global Satellite data service market.
Key Players in the global satellite data service market