Satellite Data Services Market to expand at a CAGR of 11.52% by 2030, predicts MRFR
Research Reports
Oct 23, 2023
Satellite Data Services Market Overview
Satellite Data Services Market size for satellite data services was estimated at USD 115.1 billion in 2022. It is anticipated that the market for satellite data services would increase from USD 128.359 billion in 2023 to USD 246.9133 billion in 2030, with a CAGR of 11.52% over the five-year forecast period (2023– 2030). The explosion of innovations in satellite and space technology to support disaster management and earth observation, along with the space industries’ rapid adoption of artificial intelligence and cloud computing, which is now necessary to provide insights on previously inaccessible factors like industrial, economic, and social processes, are the main factors boosting market growth.
The market is anticipated to increase as a result of the expanding need for satellite imaging in industries such as mining, agriculture, oil and gas, and construction. The building industry can benefit from satellite imaging in a number of ways. Infrastructure projects may become more meticulous with the use of high-resolution satellite images, and satellite data can offer planners and engineers a graphical reference, leading to higher accuracy in their development. Similar to this, the mining industry may use satellite imaging to get data-based knowledge about a specific area’s mineral potential throughout the pre-feasibility and feasibility phases of mineral extraction. The spacecraft should be propelled by these components.
Additionally, the growing use of machine learning (ML) and artificial intelligence (AI) in the space industry has created numerous opportunities for service providers to offer ubiquitous AI and ML solutions.
Access to previously inaccessible social, industrial, and economic elements is made possible by platforms driven by AI. In order to identify and recognise things, find geographic and topographic characteristics, and observe minute changes over time, daily satellite data is progressively processed with ML algorithms.
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Segmentation
Image data and data analytics are included in the market segmentation for satellite data services based on kind. With 35% of market revenue ($11,126.4 million) coming from the picture data category, it dominated the market.
Energy & electricity, engineering & infrastructure, environmental monitoring, agricultural, maritime, transportation & logistics, and others are among the market segments for satellite data services based on application. The category of environmental monitoring had the biggest revenue share in 2022.
The analysis offers market information for North America, Europe, Asia-Pacific, and the rest of the world, organised by region. This industry will be dominated by the North American satellite data services market. With the creation of the new National Space Strategy, the government is now able to work with private companies to build a significant defence against threats from space-based attacks. Additionally, the United States freely distributes the images taken by the Landsat satellite, which benefits users’ productivity and their bottom line.
Due to the European Union’s collaboration with other international organisations to implement several acts and initiatives, such as the Common Agriculture Policy (CAP), the United Nations Convention to Combat Desertification and Land Degradation, the EU Raw Materials Initiative, and others, the European Union holds the second-largest market share for satellite data services.
Key Players
Key Companies in the satellite data services market include
Airbus SE (Netherlands)
Black sky (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
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