The global satellite data services market size is anticipated to reach USD 36.9 billion by 2027, according to a report published by Grand View Research, Inc. The industry is projected to exhibit a substantial CAGR of 27.9% over the forecast period. Rising trend of privatization of space among companies is expected to act as a major driver for market growth. Extensive privatization is expected to offer satellite imagery adopters with much deeper and valuable spatial imagery insights, thus facilitating more intelligent decision making. Furthermore, space privatization facilitates more intense competition amongst companies to develop new space technologies, which is expected to provide a fillip to the area of space technology. Additionally, with rapid advancements in technology, there has been a growing demand to access real-time satellite imagery feed on mobile devices, which is another growth-rendering factor.
Miniaturization of sensors is envisioned to facilitate the launching of several satellites in a single payload, thus reducing mission costs for imagery adopters and subsequently reducing entry barriers for new imagery providers. The opportunity to map larger areas using several small satellites is further expected to fuel the demand among imagery adopters, thus offering attractive growth opportunities. Increasing demand for data is promoting satellite manufacturers to launch small satellite constellations in the lower and medium orbits of Earth. Furthermore, incorporating nanoparticles in sensors offers enhanced sensitivity due to its small size and surface area, which makes it imperative to gain accurate data and enable sound decision making. The onset of Industry 4.0 also offers development opportunities to several satellite manufacturers, OEMs, and application developers, which is expected to promote disruption of legacy practices and offer better growth prospects to the market. The emergence of Satellite-as-a-Service (SataaS) is also expected to accelerate growth of the satellite data services market, as it promises affordable access to satellite imagery insights for users
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Satellite Data Services Market Report Highlights
• The widespread penetration of AI and machine learning in the space sector has created numerous opportunities for service providers to offer AI and ML integrated solutions, which is expected to aid industry growth
• The continued push towards adoption of smart vehicles and development of smart cities is expected to positively influence the demand for satellite data, with urban planners are utilizing such data to understand settlement trends and ensure efficient infrastructure management
• The scientific application segment is anticipated to witness the fastest growth in the satellite data services market over the forecast period, owing to the rising adoption of these services by scientists and environmentalists to monitor climate change
• The engineering and infrastructure segment is expected to register the fastest growth over the forecast period in the satellite data services industry, owing to the rising preference among engineering companies to quickly access projects in an accurate and economical way
• Asia Pacific is expected to emerge as the fastest-growing regional market, due to the emerging trend among governments to foster sustainable development and effectively monitor the environment, climate, and disaster risk management
• The COVID-19 pandemic has had a noticeable impact on the satellite data services market; majority of the large space manufacturers have experienced disruptions in mission deployments owing to supply chain issues brought on by the outbreak; the post-COVID period is expected to be characterized by innovative changes in the supply chains
• Some of the key players in the satellite data services market are Airbus S.A.S; DigitalGlobe; Harris Geospatial Solutions, Inc.; ICEYE; and Planet Labs, Inc. These companies are involved in mergers, acquisitions, and partnerships, as a means to garner a lion’s share in the market
• In March 2021, Planet Labs partnered with Solinftec for offering real-time agronomic data and insights; the integration of Planet imagery will enable Solinftec users to make a number of crop management decisions, including operational efficiency and better use of inputs and agriculture compliance
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Satellite Data Services Market Segmentation
Grand View Research has segmented the global satellite data services market on the basis of application, industry vertical, and region:
Satellite Data Services Application Outlook (Revenue, USD Million, 2016 - 2027)
• Scientific
• Administrative
• Commercial
Satellite Data Services Industry Vertical Outlook (Revenue, USD Million, 2016 - 2027)
• Defense & Security
• Energy & Power
• Agriculture
• Environmental
• Engineering & Infrastructure
• Marine
• Others
Satellite Data Services Regional Outlook (Revenue, USD Million, 2016 - 2027)
• North America
• The U.S.
• Canada
• Europe
• Germany
• The U.K.
• Asia Pacific
• China
• India
• Japan
• Latin America
• Brazil
• Mexico
• Middle East & Africa
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About Grand View Research
Grand View Research is a market research and consulting company headquartered in San Francisco, which offers syndicated research reports, customized research reports, and consulting services. The company's expansive database offers in-depth analysis across a range of industries such as chemicals, F&B, energy, healthcare, and technology, among others.
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