Portland, OR, July 04, 2023 (GLOBE NEWSWIRE) -- Allied Market Research published a report, titled, “Satellite Image Data Services Market by Sensing Technique (Optical Imagery, and Radar Imagery), Industry (Energy & Power, Defense & Intelligence, Engineering & Infrastructure, Environmental & Agriculture, Transportation & Logistics, and Others), and End-Use (Commercial, and Government & Military): Global Opportunity Analysis and Industry Forecast, 2023–2032”. According to the report, the global satellite image data services industry generated $ 6.3 billion in 2022 and is anticipated to generate $46.3 billion by 2032, witnessing a CAGR of 22.2% from 2023 to 2032.
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Prime determinants of growth
The growth of the global satellite image data services market is driven by factors such as a rise in demand for geospatial information from various industries, an increase in demand for earth observation satellites, and supportive government initiatives and regulations. However, regulatory and legal challenges and high costs hamper the growth of the market. On the contrary, the integration of AI, ML, and cloud computing in satellite image data services, and the surge in adoption of global connectivity and data accessibility are expected to offer remunerative opportunities for the expansion of the satellite image data services market during the forecast period.
Report coverage & details:
| Report Coverage | Details |
| Forecast Period | 2023–2032 |
| Base Year | 2022 |
| Market Size in 2022 | $6.3 billion |
| Market Size in 2032 | $46.3 billion |
| CAGR | 22.2% |
| No. of Pages in Report | 251 |
| Segments Covered | Sensing Technique, Industry, End-Use, and Region. |
| Drivers | Rise in demand for geospatial information from various industries. Increase in demand for earth observation satellites. Supportive government initiatives and regulations. |
| Opportunities | Integration of AI, ML, and Cloud Computing in satellite image data services Surge in adoption of global connectivity and data accessibility. |
| Restraints | Regulatory and legal challenges High costs |
Covid-19 Scenario
- The satellite image data services industry was severely impacted during the pandemic due to the delay in the deployment and launch of new satellites, affecting the expansion of satellite image services.
- However, post-pandemic as economies recovered, there was a resurgence in investment in satellite imagery services for various applications such as urban planning, infrastructure development, and disaster monitoring. Moreover, the demand for real-time and high-resolution satellite imagery has increased, driven by industries such as agriculture, logistics, and environmental monitoring, which is expected to drive the market during the forecast period.
The optical imagery segment to maintain its leadership status throughout the forecast period.
Based on sensing technique, the optical imagery segment held the highest market share in 2022, accounting for more than four-fifths of the global satellite image data services market revenue, and is estimated to maintain its leadership status throughout the forecast period, as there rise in the demand for optical images for analyzing long-term transformations in land cover, urban expansion, and environmental dynamics. However, the radar imagery segment is projected to manifest the highest CAGR of 23.5% from 2023 to 2032, owing to the benefits provided by radar imagery sensing technique such as the ability to penetrate clouds and capture satellite data regardless of weather conditions, enabling continuous monitoring and data collection.
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The environmental and agriculture to maintain its leadership status throughout the forecast period
Based on the industry, the environmental and agriculture segment held the highest market share in 2022, accounting for nearly one-third of the global satellite image data services market revenue, and is estimated to maintain its leadership status throughout the forecast period as there is a surge in the use of satellite images to determine the magnitude and scope of the impact of natural disaster, identify the affected regions, and aid in decision-making related to emergency response and resource allocation. However, the defense and intelligence segment is projected to manifest the highest CAGR of 24.3% from 2023 to 2032, owing to enhanced situational awareness, surveillance, and strategic decision-making in the defense sector.
The commercial segment to maintain its lead position during the forecast period
Based on end-use, the commercial segment accounted for the largest share in 2022, accounting for more than half of the global satellite image data services market revenue, and is estimated to maintain its leadership status throughout the forecast period as there is a rise in the number of companies that offer satellite imagery to businesses across industries to gather valuable insights, enhance operational efficiency, optimize resource allocation, and make informed decisions. However, the government and military segment is projected to manifest the highest CAGR of 22.9% from 2023 to 2032, owing to an increase in demand for satellite images from the government and military sector for various applications, including urban planning, disaster management, environmental monitoring, and national security.
North America to maintain its dominance by 2032
Based on region North America held the highest market share in terms of revenue in 2022, accounting for more than half of the global satellite image data services market revenue, and is likely to dominate the market during the forecast period, as there is a rise in the development of various programs, which utilize satellite image data to enhance agricultural practices, improve yield predictions, optimize resource management, and mitigate risks related to climate variability and extreme events. However, the LAMEA region is expected to witness the fastest CAGR of 25.0% from 2023 to 2032, owing to the adoption of satellite data services in agriculture within various countries of the region.
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Leading Market Players: -
- Maxar Technologies
- ICEYE
- Planet Labs PBC
- Airbus
- L3Harris Technologies, Inc.
- Ursa Space Systems, Inc.
- EAST VIEW GEOSPATIAL, INC.
- BlackSky
- LAND INFO Worldwide Mapping, LLC
- Satellite Imaging Corporation
The report provides a detailed analysis of these key players of the global satellite image data services market. These players have adopted various strategies such as partnership, contract, product launch, expansion, agreement, and others to increase their market penetration and strengthen their position in the industry. The report is helpful in determining the business performance, operating segments, developments, and product portfolios of every market player.
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