Satellite Data Services Market Forecasts to 2028 – Global Analysis By Vertical (Energy & Power, Academic & Research, Maritime and Other verticals), Service (Data Analytics and Image Data), Deployment (Hybrid Cloud, Private Cloud and Public Cloud), End Use

Satellite Data Services Market Forecasts to 2028 – Global Analysis By Vertical (Energy & Power, Academic & Research, Maritime and Other verticals), Service (Data Analytics and Image Data), Deployment (Hybrid Cloud, Private Cloud and Public Cloud), End User and Geography

According to Stratistics MRC, the Global Satellite Data Services Market is accounted for $9.43 billion in 2022 and is expected to reach $35.15 billion by 2028 growing at a CAGR of 24.5% during the forecast period. Satellite data service is the process of gathering information about the Earth from man-made satellites in various orbits. Satellites transmit data on the planet's surface and weather. Satellite data services are concerned with the capture of photographs of Earth or other planets using imaging satellites. Commercial satellite imaging is the use of these images for commercial reasons, which covers applications such as environmental monitoring and management, energy resource security, border surveillance, and building project mapping. Earth observation is the major use of satellite data (EO). It transmits information on the earth's surface, meteorological, chemical, and biological changes. Satellite data is generated using remote sensing technologies like Synthetic Aperture Radar (SAR) and Real Aperture Radar (RAR), which provide a consistent and timely data stream.

According to SIPRI, total global military spending increased by 0.7 percent in real terms in 2021, reaching USD 2.1 trillion.

Market Dynamics:

Driver:

Increase in the demand for satellite imagery data

The growing demand for satellite imaging in industries such as construction, oil and gas, agriculture, mining, and others is expected to drive market growth. There are several advantages to using satellite imaging in the building industry. With the use of high-resolution satellite photos, infrastructure projects can become more detail-oriented, and the satellite data can provide a graphical reference for planners and engineers, resulting in greater accuracy in their construction. Similarly, satellite imaging could be utilised in the mining industry to get data-based information on the mineral potential of a given area during the pre-feasibility and feasibility phases of mineral extraction. These elements are expected to boost the expansion of the satellite data services market.

Restraint:

Strict regulations

Government policies at both the national and international levels have an impact on the evolution of the satellite data services ecosystem and business, either directly or indirectly. Government limits on data collection, location privacy, intellectual property rights, and the use and storage of geospatial data and information may hamper market growth throughout the projection period. Furthermore, due to niche and advanced technologies such as high-resolution remote sensing, powerful satellite analytics software, and others, the high capital investment required in satellite-based data services is likely to impede market expansion throughout the projection period.

Opportunity:

Increasing Adoption of AI, Machine Learning, and Cloud Computing in the Space Sector

Prior to the introduction of AI-based platforms, social, industrial, and economic processes, among others, were unreachable. Additionally, utilising daily satellite data, Machine Learning (ML) approaches are being used to identify and locate objects, find geographic and topographic characteristics, and follow minute changes over time. Furthermore, automated machine learning and artificial intelligence (AI) algorithms can successfully distinguish a wide range of earthly things seen from space, such as cars in parking lots, crop yield, and geo sensing in agricultural areas. Cloud computing allows businesses to access previous data for analysis. Artificial intelligence and machine learning can also monitor and analyse satellite-based aerial pictures. Thus, the surge in the space industry's adoption of artificial intelligence (AI) and machine learning (ML) has created several opportunities for the satellite data services market to expand.

Threat:

Concern over space debris

Space debris is the uncontrolled and unwanted fall of no longer operable space ships or pieces of any size onto Earth. The number of variably characterised objects in orbit around the Earth has expanded dramatically since the beginning of human operations in space, and the trend is currently greater than ever with the new wave of small satellites. According to NASA and the European Space Agency, nearly 150 million objects with a combined weight of more than 5,000 tonnes are circling between lower earth orbit (LEO) up to 10,000 km from the planet's surface and geostationary earth orbit (GEO) above this mark.

Covid-19 Impact

COVID-19 was declared a pandemic by the World Health Organization, resulting in travel restrictions and financial market disruption, as well as a detrimental impact on supply chains and production levels. The COVID-19 epidemic had a negative impact on the satellite data services business, as it did on most other industries. Furthermore, as a result of the lockdown, numerous design, development, and manufacturing facilities with insufficient operational launch stations are limiting market expansion during the pandemic. According to Daniel Kim, KTSAT's managing director of Oversea Business, the satellite service provider is having difficulty dealing with the COVID-19 epidemic, since clients and partners have experienced delays in completing contracts and paying payments.

The environment segment is expected to be the largest during the forecast period

The environment segment is estimated to have a lucrative growth, due to the need for high-resolution earth images to accurately map wildlife populations, track illegal mining, and detect deforestation trends. The goal of satellite data services is to comprehend and analyse global environmental conditions as well as geographical information. The increased acceptance and exploitation of earth observation satellites are the primary forces driving market growth for satellite data services in the environment sector. Satellite imaging and image-enhancing equipment such as high-resolution cameras and enhanced remote-sensing technologies have improved satellite-based environmental observation images, propelling satellite data service market share.

The image data segment is expected to have the highest CAGR during the forecast period

The image data segment is anticipated to witness the fastest CAGR growth during the forecast period. Image data collection comprises multiple stages of acquiring information in the form of images via imaging satellites. This gives geospatial information and data in the form of real-time photos. Increased adoption of location-based services (LBS) by a wide range of end-users, including commercial organisations, government, defence, civil engineering, forestry and agriculture, insurance, and energy, is expected to drive market growth. The growing demand for high-resolution satellite imagery in emergency services, homeland defence, data evaluation, and other applications is projected to boost the image data satellite services market.

Region with highest share:

North America is projected to hold the largest market share during the forecast period owing to the multiple government entities in the region that are making significant investments to facilitate the deployment of commercial satellites. The satellite data service market in North America is likely to be driven by advanced infrastructure for space projects and the earliest and most widespread adoption of commercial satellite imagery across a wide range of sectors. Furthermore, growing concerns about satellite-based surveillance create major growth opportunities for the North American market.

Region with highest CAGR:

Asia Pacific is projected to have the highest CAGR over the forecast period, owing to the governments of various countries, including India and China, to strengthen their respective nations' agriculture and defense sectors. Increased adoption of satellite imaging and data analytics by governments such as India and China to aid in urban infrastructure development and planning, as well as to monitor ocean and agricultural under precision agriculture modules, boosts the growth of the satellite data service industry.

Key players in the market

Some of the key players profiled in the Satellite Data Services Market include Airbus Defense and Space, LAND INFO Worldwide Mapping LLC, Satellite Imaging Corporation, Planet Labs Inc, DigitalGlobe, ICEYE, Space Exploration Technologies Corp. (SpaceX), ImageSat International N.V., Satpalda Geospatial Services, Ursa Space Systems, Trimble Inc. , Maxar Technologies, East View Geospatial Inc., Blacksky, L3Harris Technologies, Inc.

Key Developments:

In July 2022, Airbus SAS has been contracted to deliver 42 satellite platforms and services to Northrop Grumman for the US Space Development Agency's Trache 1 Transport layer prototype constellation award.

In June 2020, L3Harris extended its agreement with exactEarth Ltd., a leading provider of Satellite-AIS data services. The agreement aimed to provide exactEarth with a reduced and simplified cost structure for L3Harris’ Satellite-AIS data services. The agreement also provides additional growth opportunities to both parties and further strengthens the latter company’s alliance with L3Harris in delivering advanced high-performance satellite maritime service capabilities to customers around the world.

In February 2020, L3Harris signed an agreement with The Air Force Life Cycle Management Center. The agreement aims to develop a software platform that would make it easier for analysts to use artificial intelligence (AI) to identify objects in large data sets.

In August 2019, Trimble introduced the Trimble T7 tablet for GIS data collection applications. This next-generation tablet connects to Trimble’s suite of survey instruments and Global Navigation Satellite System (GNSS) receivers and streamlines the flow of geospatial data between the office and field for maximum productivity and efficiency.

Verticals Covered:
• Energy & Power
• Academic & Research
• Maritime
• Forestry
• Insurance
• Defense & Security
• Agriculture
• Environmental & Weather
• Engineering & Infrastructure
• Other verticals

Services Covered:
• Data Analytics
• Image Data

Deployments Covered:
• Hybrid Cloud
• Private Cloud
• Public Cloud

End Users Covered:
• Commercial
• Government & Military

Regions Covered:
• North America
US
Canada
Mexico
• Europe
Germany
UK
Italy
France
Spain
Rest of Europe
• Asia Pacific
Japan
China
India
Australia
New Zealand
South Korea
Rest of Asia Pacific
• South America
Argentina
Brazil
Chile
Rest of South America
• Middle East & Africa
Saudi Arabia
UAE
Qatar
South Africa
Rest of Middle East & Africa

What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2020, 2021, 2022, 2025, and 2028
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements