Market Overview:
Satellite Data Services Market Size was valued at USD 115.1 billion in 2022. The satellite data services market industry is projected to grow from USD 128.359 Billion in 2023 to USD 246.9133 billion by 2030, exhibiting a compound annual growth rate (CAGR) of 11.52% during the forecast period (2023 - 2030).
Factors such as the increasing number of private firms in the space industry and significant advancements in geospatial imagery analytics are driving the growth of the satellite data services market trends. Furthermore, the increasing demand for small satellites for earth observation across the globe is projected to aid the growth of the market.
The increasing demand for various types of satellites to provide different services is fuelling up the Satellite Data Services Market. The rise in concern among the people to know about the weather condition is chiefly accelerating the need for small satellites. These satellites are used to capture and provide information about various space activities related to the things such as celestial bodies are helping the Satellite Data Services Market Size to upsurge. The satellite data of Earth is more useful for various purposes activities planned on the Earth such as the infrastructure planning activity, for exploitation of new energy sources, management of traffic, topographical mapping, and disaster management. Due to these core advantages, the Satellite data services industry trends has shown a significant growth rate in recent years.
Market Segmentation:
Satellite Data Services industry is segmented by following categories.
By Type - Image Data Data Analytics
By Application- Energy Power, Engineering Infrastructure, Environmental Monitoring, Agriculture, Maritime, Transportation Logistics, Others
Key Players:
The satellite data services market drivers are Airbus SE (Netherlands),Blacksky (US),Digitalglobe, Inc. (US),Earth-I Ltd (UK),Geospatial Intelligence Pty Ltd (Australia),Gisat SRO (Czech Republic),Harris Geospatial Solutions, Inc. (US),Imagesat International (Israel),Planet Labs, Inc. (US),Trimble Inc. (US)
Regional Analysis
Use of IoT in various industries necessitating satellite data services cause market Growth overall World.
The geographical updates of the satellite data services market industry are spreading its growth rate in various regions such as North America, Europe, Asia Pacific, and the rest of the world. The North American market has been dominating the Satellite Data Services Market Outlook since the previous years, and the market continues its growth rate as the largest regional market. The market is emerging due to the presence of satellite manufacturers. Followed by North America, the European market is projected to be the second-largest market due to the rise in observation satellites by both government and private entities in developing countries like Russia, the UK, Germany, and France. The Asia Pacific region witnessed the highest CAGR during the review period due to the investment of new observation satellites by space agencies in developing countries like China and India. The rest of the regions include the Middle East Africa, and Latin America. The regional market is to register steady growth because of the increased demand for communication, observation, and navigation satellite in UAE, Brazil, and Saudi Arabia.
Industry News:
Image data segment accounted for the larger market share in 2018: The image data segment is also expected to exhibit higher CAGR during the forecast period. This growth can be attributed to the increasing use of satellite image data for monitoring crops, flooding, icebergs, and coastal traffic.
Environmental monitoring segment is expected to be the fastest-growing: The environmental monitoring segment is expected to exhibit the highest CAGR during the review period. The increasing use of satellite data for meteorology and the prevention of illegal fishing and tree felling is driving the growth of the segment.
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