The Global Satellite Data Services Market is expected to garner $22,431.6 million and grow with a CAGR of 12.7% from 2021 to 2028. The report offers all-inclusive insights into the present condition and future lookout of the industry by deeply scrutinizing market drivers and restraints, opportunities, major segments, and regions.
Key Segment Findings of the Market:
The market is segmented on the basis of services, application, end use, and region.
Among services segment, the image data sub-segment is anticipated to dominate the market by surpassing $11,126.4 million during the forecast period. This growth is chiefly owing to the growing applications of imagery data in public as well as private sectors.
Among the application segment, the commercial sub-segment is anticipated to perceive rapid growth and surpass $7,587.5 million by 2028, rising at a CAGR of 13.2% during the estimated period. This growth is chiefly because satellite data is extensively used in commercial sectors for navigation, satellite television, and commercial satellite imagery.
Among end use segment, the aerospace & defense sub-segment is foreseen to lead the market by exceeding $9,496.5 million by 2028. This growth is chiefly owing to the growing applications of satellite data in the defense sector to monitor the occurrence of illicit activities.
Among region, the Asia-Pacific region market is anticipated to experience augmented growth with a CAGR of 13.5% and surpass $5,926.4 million in the forecast period. This growth is chiefly due to the rising applications of satellite data in the commercial sector in nations such as Japan, India, and China in this region.
The key factors fueling the growth of the global satellite data services market is the increasing adoption of satellite imaging technology in several industries such as agriculture, construction, oil & gas, mining, and others. In addition, a significant rise in the use of machine learning (ML) and artificial intelligence (AI) technologies in the space sector is expected to open doors to innovative opportunities for the market growth in the projected period. However, limitations by government authorities on satellite imaging is estimated to hamper the growth of the market during the forecast period.
Impact of COVID-19 Pandemic on the Satellite Data Services Market Growth:
The outbreak of the COVID-19 pandemic has had a negative impact on the growth of the market in 2020. The execution of strict lockdown by government bodies has created many obstacles in various processes of the satellite data services sector. Also, the unavailability of operational launch stations in the pandemic period is obstructing the market growth.
Top 10 Players of the Satellite Data Services Industry
The major players of the global satellite data services industry are
East View Geospatial Inc.
L3Harris Technologies Inc.
Ursa Space Systems Inc.
Satellite Imaging Corporation
Planet Labs Inc.
Numerous business strategies, such as acquisitions, mergers, R&D activities, new product developments, and much more, are implemented by these players to attain a strong position in the global market. For example, in March 2021, SpaceX, a private spaceflight company, launched its new Starlink internet satellites with the aim of forming a “megaconstellation” with thousands of 30,000 small satellites. PR Newswire