New York, USA, Aug. 23, 2021 (GLOBE NEWSWIRE) -- A latest report on the global satellite data services market has been added by Research Dive to its offerings. As per the report, the market is projected to hit $22,431.6 million and rise with a remarkable CAGR of 12.7% from 2021 to 2028. The report presents a comprehensive lookout of the present scenario and future scope of the global industry.
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COVID-19 Impact on the Market Growth:
The rise of the COVID-19 pandemic in 2020 has made a negative impact on the growth of the market. The government of various nations have imposed strict lockdown owing to which the industry is facing hindrances in various development and manufacturing processes and experiencing unavailability of operational launch stations during the pandemic. All these factors are hampering the market growth in the pandemic period.
Check out How COVID-19 impacts the Global Satellite Data Services Market: https://www.researchdive.com/connect-to-analyst/8424
Factors Impacting the Market Growth:
A considerable surge in the demand for satellite imaging technology from numerous industrial sectors including construction, agriculture, oil & gas, mining, and others is boosting the growth of the global satellite data services market. Furthermore, rising applications of the advanced technologies, such as machine learning (ML) and artificial intelligence (AI), in the space sector is anticipated to unlock profitable opportunities for the market growth during the forecast period. However, strict restrictions by government on location privacy, data collection, intellectual property rights, and use as well as storage of geospatial data are expected to impede the market growth.
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The report segments the global satellite data services market into services, application, end use, and region.
Image Data Sub-Segment to Grab Leading Market Share
The image data sub-segment of the services segment is expected to grab a leading share of the market by garnering $11,126.4 million in the forecast period. This growth is mostly attributed to the rising demand for imagery data from both public as well as private sectors.
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Commercial Sub-Segment to Experience Accelerated Growth
The commercial sub-segment of the application segment is projected to observe speedy growth with a CAGR of 13.2% in the forecast period. The growth of this sub-segment is mostly attributed to the growing use of satellite data in commercial sectors for navigation, satellite television, and commercial satellite imagery.
Aerospace & Defense Sub-Segment to Hold a Dominating Market Share
This growth is mostly attributed to the rising demand for satellite data in the defense departments to keep an eye on the occurrence of illegal activities at the borders or within a country.
Asia-Pacific Region to Observe Speedy Growth
The report analyzes the global satellite data services market across several regions such as North America, Europe, Asia Pacific, and LAMEA. Among these, the Asia-Pacific region market is expected to observe accelerated growth with a CAGR of 13.5% and garner $5,926.4 million in the estimated period. The growth of this region market is mostly owing to the surging demand for satellite data services from the commercial sector owing to the growing population as well as economic growth in nations including Japan, India, and China in this region.
Major Players in the Market:
• Airbus S.A.S.
• East View Geospatial Inc.
• ImageSat International
• L3Harris Technologies Inc.
• Maxar Technologies
• Planet Labs Inc.
• Satellite Imaging Corporation
• SpecTIR LLC
• Trimble Inc.
• Ursa Space Systems Inc
For instance, in April 2021, the Indian Space Research Organization (ISRO) announced to launch a data relay satellite in order to maintain contact with the Gaganyaan.
The report also offers several industry-top tactics and approaches such as top strategic moves & developments, product/service range, business performance, Porter five forces analysis, and SWOT analysis of the foremost players, functioning in the global industry. Click Here to Get Absolute Top Companies Development Strategies Summary Report
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