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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:
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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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