IMARC Group, a leading market research company, has recently released a report titled “Satellite Data Service Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028.” The study provides a detailed analysis of the industry, including the global satellite data service market share, size, trends, and growth forecasts. The report also includes competitor and regional analysis and highlights the latest advancements in the market.
What Are The Growth Prospects Of The Satellite Data Service Industry?
According to the report, The global satellite data service market size reached US$ 7.8 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 21.2 Billion by 2028, exhibiting a growth rate (CAGR) of 17.6% during 2023-2028.
What is Satellite Data Service?
Satellite data service helps in collecting information about the change of events occurring on the surface of the earth via man-made satellites. It relies upon various remote sensing technologies, such as real aperture radar (RAR) technology and synthetic aperture radar (SAR), to generate a reliable and timely data stream. It finds applications in remote and small areas wherein high-speed internet services and data access are unavailable. Satellite data service enables efficient mapping and monitoring of resources, ecosystems, and events on the surface of the earth and other planets orbiting in space.
It is also employed in ice monitoring, iceberg tracking, and analyzing and managing port and sea traffic to ensure the efficient and safe movement of vessels. Satellite data service aids in maintaining security surveillance and monitoring various unreachable areas and lands affected by catastrophes. It assists in determining the surface roughness of lands, detecting the levels of pollution, and checking vegetation canopy penetration. It is used in constructional mapping to simplify the complexities in building projects and tracking progress in real-time. As it provides accurate information, the demand for satellite data service is rising across the globe.
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What are the growth prospects and trends in the Satellite Data Service industry?
At present, the increasing demand for satellite data services for the development of smart cities represents one of the primary factors influencing the market positively. Besides this, the rising utilization of satellite data services in the agriculture industry to conduct crop harvest monitoring, field segmentation, and checking the growth of plants is propelling the growth of the market. In addition, governing agencies of various countries are employing satellite data services to maintain border security and restrict terrorist activities. They are also using satellite data services to predict the occurrence of various natural calamities, such as floods and earthquakes, to save human lives and prevent the occurrence of extreme crises.
Apart from this, the growing adoption of satellite data services in the automotive industry to manufacture autonomous vehicles that can sense the surrounding environment and operate with limited human assistance is offering a favorable market outlook. Additionally, the increasing demand for satellite imaging in analyzing the location of mineral deposits and monitoring oil pipelines for tracking leakages or hydraulic failures is supporting the growth of the market. Moreover, key market players are developing satellite data services integrated with artificial intelligence (AI) and machine learning (ML) to manage vast amounts of data and increase the operational efficiency of ground stations. Furthermore, the rising demand for satellite data services in meteorology to analyze and forecast weather is bolstering the growth of the market.
What is included in market segmentation?
The report has segmented the market into the following categories:
Breakup by Service:
- Data Analytics
- Image Data
Breakup by Application:
Breakup by Vertical:
- Defence and Security
- Energy and Power
- Engineering and Infrastructure
Market Breakup by Region:
- North America (United States, Canada)
- Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, Others)
- Europe (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
- Latin America (Brazil, Mexico, Others)
- Middle East and Africa
Who are the key players operating in the industry?
The report covers the major market players including:
- Airbus SE
- Ceinsys Tech Limited
- Geospatial Intelligence Pyt Ltd.
- Gisat S.R.O.
- L3harris Technologies Inc.
- Maxar Technologies Inc.
- Planet Labs Inc.
- Satellite Imaging Corporation
- Telstra Corporation Limited,
- Trimble Inc.
- Ursa Space Systems Inc.
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