The new report by Expert Market Research titled, ‘Global Satellite Data Service Market Price and Forecast 2022-2027’, gives an in-depth analysis of the global satellite data service market, assessing the market based on its segments like vertical, service, end use and major regions like North America, Europe, Asia Pacific, Latin America, Middle East, and Africa. The report tracks the latest trends in the industry and studies their impact on the overall market. It also assesses the market dynamics, covering the key demand and price indicators, along with analyzing the market based on the SWOT and Porter’s Five Forces models.
The key highlights of the report include:
Market Overview (2017-2027)
• Historical Market Size (2021): USD 7.47 billion
• Forecast CAGR (2022-2027): 22.60%
• Forecast Market Size (2027): USD 25.35 billion
The satellite data service market is being driven by the rising usage of satellite data services in the aerospace and defence sector Demand for satellite data services is expected to rise as the governments increase their investments in security surveillance and search and rescue operations. Furthermore, favorable government policies aimed at assisting urban infrastructure development and planning, land use, geographical mapping, and monitoring are expected to bolster the market growth during the forecast period.
Market Segmentation
The process of accessing information about the earth gathered by artificial satellites is known as satellite data service. The data provided by the satellite is usually about the planet’s climate or weather.
Based on vertical, the market can be segmented into:
• Energy and Power
• Defence and Intelligence
• Engineering and Infrastructure
• Environmental
• Agriculture
• Maritime
• Insurance
• Transportation and Logistics
Based on its service, the market can be bifurcated into:
• Data Analytics
• Image Data
Based on end use, the market can be divided into:
• Commercial
• Government and Military
The regional markets include:
• North America
• Europe
• Asia Pacific
• Latin America
• Middle East and Africa
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Market Trends
The increasing application of satellite data services in industries such as agriculture, energy and power, maritime, transportation and logistics, and military and defence are propelling the global satellite data service industry. Agriculture accounts for a significant share of these, owing to rising demand for satellite data services for harvest monitoring and field segmentation. Furthermore, the growing demand for satellite data services aimed at mapping disaster-affected areas is expected to drive market growth. Furthermore, the expansion of the aerospace and defence industries is expected to increase demand for satellite data services.
Key Market Players
The major players in the market are East View Geospatial Inc., Image Sat International (ISI), Airbus S.A.S.,L3Harris Technologies, Inc., Planet Labs Inc., Maxar Technologies, Others.