Satellite Data Services Market Size Is Poised To Reach .9 Billion By 2027

Posted by Mrudula Anil Karmarkar on January 18th, 2022

The global satellite data services market size is anticipated to reach USD 36.9 billion by 2027, exhibiting a CAGR of 27.9% over the forecast period, according to a new report published by Grand View Research, Inc. Rising trend of privatizing the space among companies is expected to drive the growth. Extensive privatization is expected to offer satellite imagery adopters with much deeper and valuable spatial imagery insights, thus facilitating more intelligent decision making. Additionally, privatization of space facilitates higher competition amongst companies to develop new space technologies, which is expected to facilitate more rapid growth in the field of space technology.

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 fourth industrial revolution is also offering attractive growth prospects to the satellite data services market. 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. Furthermore, Industry 4.0 is also expected to enhance productivity in the design and manufacturing stages of satellite development, subsequently offering economic growth projections over the next few years.

The emergence of Satellite-as-a-Service (SataaS) promises easier and affordable access to satellite imagery insights for users. The provision of a pay-as-you-go model for satellites in commercial applications is expected to offer better resource and time management capabilities. This is further expected to enable companies to bring their product closer to the consumer by allowing them to own the satellite for a specific amount of time to ensure sustainable growth in the market. An increasing number of small satellites and lower overall cost to deploy them makes SataaS a highly cost-effective option, thus promising industry-wide adoption amongst enterprises and medium-scale companies.

To Request Sample Copy of this report, click the link:

https://www.grandviewresearch.com/industry-analysis/satellite-data-services-market/request/rs1

Satellite data is widely used in the development of smart cities and connected vehicles. The urban planners are using these data to understand settlement trends and ensure efficient infrastructure management. Increased usage of remote sensing technology for zoning and city infrastructure modeling, has helped in meeting the incrementing demands from city-based populations towards better management of sustainable urban development. Additionally, rising urban agglomeration and monitoring urbanization of adjoining areas to enable smart city planning and implementation is further augmenting satellite imagery adoption.

Further key findings from the report suggest:

• The scientific application segment is anticipated to witness the fastest growth over the forecast period, owing to the rising adoption of the 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 owing to incrementing demand amongst engineering companies to quickly access engineering projects in an accurate and economical way
• Asia Pacific is expected to emerge as the fastest-growing regional market due to the emerging trend amongst governments to foster sustainable development and effectively monitor the environment, climate, and disaster risk management
• The adoption of big data in satellite imagery enables companies to reduce data acquisition, processing costs, and storage, which is providing an impetus to the market growth
• 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.

Increased adoption of artificial intelligence (AI) and machine learning (ML) in the space sector has created numerous opportunities for service providers to offer AI and ML integrated solutions. The AI-based platforms are offering insights on previously inaccessible factors such as social, industrial, and economic processes. ML algorithms are increasingly used to process daily satellite imagery to classify and detect objects, locate geographic and topographic features, and to monitor minute changes over a span of time. Defense contractors, such as Lockheed Martin Corporation has developed a satellite imagery recognition system, the Global Automated Target Recognition (GATR). This system leverages open-source deep learning libraries to classify and identify big datasets in a faster and more efficient method.

Airbus S.A.S; DigitalGlobe; Harris Geospatial Solutions, Inc.; Planet Labs, Inc.; Ursa Space Systems; and ICEYE are some of the major market players. Organizations worldwide have started partnering with government and non-government agencies to develop satellites that offer ultra-high-resolution SAR imagery, which facilitates better decision making. New entrants such as Planet Labs, Inc. and UrtheCast are disrupting the market by offering satellite imagery data, which is frequently captured at a global scale and provides images at increasingly relevant resolutions. Furthermore, space companies have developed applications to offer users images and insights on the earth’s surface, captured on a daily basis, by leveraging highly advanced satellites by companies such as Airbus S.A.S., which are equipped with state-of-the-art cameras and sensors.

About Grand View Research

Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.