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Global Satellite Data Service Market to Grow at a CAGR of 22.60% During 2022-2027, Aided by the Rising Application of Satellite Data Services on Land

According to a new report by EMR titled, ‘Global Satellite Data Service Market Report and Forecast 2022-2027’, the market attained a value of nearly USD 7.47 billion in 2021. The market is further expected to grow at a CAGR of 22.60% between 2022 and 2027 to reach USD 25.35 billion by 2027.

The satellite data service finds wide range of applications on land such as interferometry, oil pipeline monitoring, determining surface roughness, providing images in all weather and climate conditions, and carrying out harvest monitoring and field segmentation in the agricultural sector. Hence, the global market for satellite data service is anticipated to attain a steady growth in the forecast period. The rapid expansion of the maritime industry is likely to provide lucrative opportunities to the market owing to the rising demand for satellite data service to prevent illegal fishing and other activities, thereby boosting coastal security and efficiently monitoring sea traffic.

The rapid technological advancements and the growing efforts by the leading companies to explore untapped markets are expected to aid the industry growth. In November 2021, Amazon (NASDAQ: AMZN) announced that the company will launch the world’s first two internet satellites in 2022, achieving its goal of deploying a constellation of thousands of satellites in low Earth orbit.  Further, in November 2021, SpaceX (NYSE: SPCE) announced the registration of its subsidiary Starlink in India, paving the way to begin applying for licenses from local governments.

In terms of region, the Asia Pacific accounts for a significant share in the market and is anticipated to witness a considerable growth in the forecast period. The growth of the market in the region is anticipated to be driven by the rapid expansion of various end use industries utilising satellite data services, including aerospace and defense, agriculture, and energy and power, among others. Moreover, the growing concerns and escalated expenditure to augment the coastal security by the governments are likely to bolster the demand for satellite data services in the coming years.

Market Breakup by Vertical, Service, End Use, and Region:

  • The market is segmented based on vertical into energy and power, defence and intelligence, engineering and infrastructure, environmental, agriculture, maritime, insurance, and transportation and logistics.
  • Based on service, the market is bifurcated into data analytics and image data.
  • The major end uses of satellite data service include commercial, and government and military.
  • Region-wise, the global market for satellite data service can be divided into North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.

Key Findings of the Report:

  • The rising application of satellite data service in various verticals such as agriculture, maritime, defence, and transportation, among others is driving the market growth.
  • The rising investments by the government of emerging economies towards bolstering the coastal security of the country is anticipated to propel the demand for satellite data services.
  • The growing use of satellite data service in commercial segment is anticipated to further boost the market growth in the forecast period.
  • The market is expected to be aided by the growing technological advancements and the rapid digitalisation globally.

Key Offerings of the Report:

  • The EMR report gives an overview of the global market for satellite data service for the periods (2017-2021) and (2022-2027). 
  • The report also offers historical (2017-2021) and forecast (2022-2027) market information for the verticals, services, end uses, and regions of satellite data service.
  • The report analyses the market dynamics, covering the key demand and price indicators in the market, along with providing an assessment of the SWOT and Porter’s Five Forces models.

The major players in the global satellite data service market are East View Geospatial Inc., ImageSat International (ISI), Airbus S.A.S., L3Harris Technologies, Inc., Planet Labs Inc., and Maxar Technologies, among others. The comprehensive report by EMR looks into the market share, capacity, and latest developments like mergers and acquisitions, plant turnarounds, and capacity expansions of the major players.

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*We at Expert Market Research always thrive to give you the latest information. The numbers in the article are only indicative and may be different from the actual report.

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