Portland, OR, Oct. 21, 2021 (GLOBE NEWSWIRE) -- According to the report published by Allied Market Research, the global satellite data service market generated $6.09 billion in 2020, and is projected to reach $45.85 billion by 2030, witnessing a CAGR of 22.5% from 2021 to 2030. The report provides a detailed analysis of changing market dynamics, top segments, value chain, key investment pockets, regional scenario, and competitive landscape.
Surge in the demand for satellite data from various industry verticals, increase in demand for earth observation satellites, and privatization of the space industry drive the growth of the global satellite data service market. However, stringent government regulations for the implementation and use of satellites, and lack of dedicated launch vehicles for small satellites restrain the market to some extent. On the other hand, rise in New Space movement and increase in adoption of artificial intelligence (AI), machine learning (ML) and cloud computing in the space sector present new opportunities in the upcoming years.
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COVID-19 scenario of Satellite Data Services:
- The outbreak of the COVID-19 pandemic caused disruptions in the supply chain, which in turn, hampered mission deployments along with slowing down the deliveries of new products.
- However, Government contractors in Asia, Europe, and North America have been benefitted from significant administrative and financial support from space agencies during the pandemic.
The report offers detailed segmentation of the global satellite data service market based on vertical, service, end use, and region.
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Based on vertical, the environmental segment held the highest market share in 2020, holding nearly one-third of the total market share, and is expected to continue its leadership status during the forecast period. Moreover, the defense & intelligence segment is estimated to register the highest CAGR of 25.7% from 2021 to 2030.
Based on service, the image data segment held the largest market share in 2020, holding nearly two-third of the total market share, and is expected to continue its leadership status during the forecast period. However, the data analytics segment is projected to register the highest CAGR of 23.7% from 2021 to 2030.
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Based on region, North America contributed to the highest share in terms of revenue in 2020, holding more than half of the total market share, and is estimated to continue its dominant share by 2030. Moreover, North America is also projected to manifest the fastest CAGR of 23.2% during the forecast period. Other regions discussed in the report include Europe, Asia-Pacific, and LAMEA.
Leading players of the global satellite data service market analyzed in the research include 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. and Ursa Space Systems Inc.
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