Global Satellite Data Services Market to Surpass 27.36 Billion by 2030 Driven by Growing Demand for Earth Observation Satellites
SkyQuest projects that the global satellite data services market will attain a value of USD 27.36 billion by 2030, with a CAGR of 19.50% during the forecast period (2023-2030). Earth photography is a vital tool across various domains, encompassing topographical mapping, disaster management, ecological monitoring (green mapping), traffic control, and infrastructure planning and development. The projected expansion of this field can be attributed to several key factors. Firstly, the growing demand for earth observation satellites underscores the significance of this technology in addressing critical global challenges in the global satellite data services market.
Westford, USA, Jan. 25, 2024 (GLOBE NEWSWIRE) — According to SkyQuest, the increasing demand for satellite data services is primarily fueled by the expanding requirements for earth observation and remote sensing applications in the global satellite data services market. Satellite imagery and data offer indispensable insights across diverse sectors, including environmental monitoring, agriculture, urban planning, disaster management, and natural resource exploration.
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- Pages – 157
- Tables – 59
- Figures – 77
Additionally, the privatization of the space industry has opened up new avenues for innovation and investment in earth photography, fostering advancements in satellite technology. Furthermore, the surge in demand for satellite data across diverse business sectors further fuels global satellite data services market growth, underscoring the indispensable role that earth photography plays in our evolving technological landscape.
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Prominent Players in Global Satellite Data Services Market
- Airbus Defence and Space
- ImageSat International
- Planet Labs
- BlackSky Global
- UrtheCast (Canada)
- Spire Global
- Skybox Imaging
- Deimos Imaging
- Orbital Insight
- Capella Space
- Satellite Imaging Corporation
Government and Military Sector Segment to Dominate Market due to Wide Range of Applications
Government and military sector are poised for the fastest growth in the global satellite data services market, with expectations of holding a majority share. This projection is primarily driven by the sector’s diverse and critical needs, where satellite data plays a central role. Government and military organizations utilize satellite data for various applications such as map-making, military surveillance, urban planning, and disaster management.
North America is poised to lead the way in the swift and extensive adoption of commercial satellite imaging across diverse industries, coupled with the development of advanced space project infrastructure. This dynamic sector anticipates the earliest and most significant embrace of satellite technology for various business applications in the global satellite data services market.
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Commercial Segment to Witness Significant Growth due to Wide Array of Commercial Applications
Commercial segment is positioned to capture the fastest-growing share within the global satellite data services market. This dynamic growth can be attributed to the vast array of commercial applications that leverage satellite data. These applications, such as site selection, neighborhood analysis, route planning, infrastructure project supervision, and 3D modeling of excavations, have proven to be highly effective and indispensable for various industries.
Asia-Pacific is poised for substantial global satellite data services market growth, with a remarkable CAGR of 19.4% in 2022. This promising trajectory is anticipated to have a significant market value of USD 7,818 million. Governments in several nations within the region, particularly India and China, are taking proactive measures to stimulate the expansion of the satellite data service sector.
A comprehensive analysis of the major players in the global satellite data services market has been recently conducted in this report. The report encompasses various aspects, including collaborations, mergers, innovative business policies, and strategies, providing valuable insights into key trends and breakthroughs in the market. Furthermore, the report scrutinizes the market share of the top segments and presents a detailed geographic analysis. Lastly, the report highlights the major players in the industry and their endeavours to develop innovative solutions to cater to the growing demand.
Key Developments in Global Satellite Data Services Market
- In 2023, Planet Labs made a significant stride in Earth observation technology by unveiling its latest innovation, a constellation of 210 Dove satellites. This ambitious project is set to revolutionize our understanding of the planet. It promises to deliver high-resolution imagery of the Earth daily, providing invaluable insights into various aspects of our dynamic world.
- In 2023, Airbus Defense and Space marked a pivotal moment in Earth observation with the introduction of its new satellite, Sentinel-6 Michael Freilich. This state-of-the-art satellite is dedicated to collecting vital data on sea level rise and ocean health. The data gathered by this satellite will play a critical role in our ongoing efforts to comprehensively monitor and respond to climate change, emphasizing the continuous evolution of space technology to address global environmental challenges.
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Key Questions Answered in the Global Satellite Data Services Market Report
- What specific growth drivers are projected to impact the market during the forecast period?
- List the top companies in the market and explain how they have achieved their positions of influence.
- In what ways do regional trends and patterns differ within the global market, and how these differences shape the market’s future growth?
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