New York, USA, Jan. 16, 2023 (GLOBE NEWSWIRE) -- As per Research Dive’s latest report, the global satellite data services market is expected to garner a revenue of $22,431.6 million by 2028 and grow with a stunning CAGR of 12.7% in the 2021-2028 timeframe. This latest report, published by Research Dive, provides a brief outlook of the contemporary architecture of the satellite data services market including its major characteristics like growth drivers, growth opportunities, restraints, and hindrances during the analysis period of 2021-2028. All the important market figures are also provided in this report to help new entrants gain insights about the market easily.
Dynamics of the Market
Drivers: An increase in demand for satellite imagery data from various sectors such as construction, agriculture, mining, etc., is predicted to boost the satellite data services market in the forecast period. Along with this, technological advancements in the space sector is predicted to help the market grow in the forecast period.
Opportunities: Increased use of artificial intelligence (AI) and machine learning (ML) in space and satellite sector is anticipated to offer numerous growth opportunities for the market in the forecast period. Furthermore, development of innovative technologies by defense manufacturing companies expected to be the major factor behind the growth of the market in the forecast period.
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Restraints: However, despite the various growth opportunities, government regulations with respect to satellite data services is predicted to be a major restraint in the full-fledged growth of the satellite data services market.
Impact of Covid-19 on the Market
The novel coronavirus had wreaked havoc in the world. The lockdowns put in place to curb the virus affected various industries and their production cycles. The satellite data services market has been no exception to this phenomenon. The shutdown of industries and disruption of global supply chains led to a decrease in the manufacturing of satellite equipment, which led to a decline in the growth rate of the market.
Segments of the Market
The report has divided the satellite data services market into certain segments based on services, application, end use, and region.
Services: Image Data Sub-segment to be the Most Dominant
By services, the image data sub-segment is predicted to have a dominant market share and register a revenue of $11,126.4 million by 2028. The growth in demand for imagery data from both public and private sectors is expected to help the market grow in the forecast period.
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Application: Commercial Sub-segment to Have the Highest Market Share
By application, the commercial sub-segment is anticipated to be the most profitable one and generate a revenue of $7,587.5 million by 2028. An increase in the demand for commercial imagery data for satellite television and navigation is expected to help the sub-segment register substantial growth in the forecast period.
End Use: Aerospace & Defense Sub-segment to be the Most Lucrative
By end use, the aerospace & defense sub-segment of the satellite data services market is anticipated to have the most dominant market share and garner $9,496.5 million by 2028. The increasing use of satellite imagery by the aerospace and defense industry to check for illegal occurrences at the borders is predicted to help in propelling the sub-segment forward.
Market in the Asia-Pacific Region to be Most Profitable
By regional analysis, the satellite data services market in Asia-Pacific region is expected to be the most profitable and rise with a CAGR of 13.5%. The increasing population and economic development in countries like India, Japan, and China have led to a growth in demand for satellite services, which is predicted to be the primary growth driver of the market in the forecast period.
Prominent Market Players
Some leading market players in the satellite data services market are
- Airbus S.A.S.
- Maxar Technologies
- SpecTIR LLC
- East View Geospatial Inc.
- Planet Labs Inc.
- Trimble Inc.
- ImageSat International
- Satellite Imaging Corporation
- Ursa Space Systems Inc.
- L3Harris Technologies Inc.
These players are adopting various business strategies like mergers, acquisitions, and collaborations to gain a leading position in the global market.
For instance, in December 2021, Planet, a data insights provider, announced the acquisition of VanderSat, a leading earth-related data analytics provider. This acquisition is expected to help Planet to cater to the commercial needs of the agriculture sector in a much better way and thereby increase its footprint in the market.
Finally, the Research Dive report also summarizes many crucial aspects of the global market including SWOT analysis, latest strategic developments, financial performance of the key players, and product portfolio.
More about Satellite Data Services Market:
- The Most Important Applications and Benefits of Satellite Data Services
- Global Satellite Data Services Market to Grow Exponentially by 2028 due to its Extensive Use in Supplying Data
