Publishing: October 2021 | Report Code: IM11928 | Available Format: PDF
Satellite Data Services Market Overview
Satellite data services involve providing data and information about earth, which is generated and collected by man-made satellites revolving around the earth’s orbit. Satellite data, which includes information about the chemical, physical, and biological characteristics of the planet, is most commonly used in the observation of earth. The global satellite data services market is in an emerging state and is projected to grow at a considerable rate during the forecast period (2020–2030). The market is fueled by substantial advancements in geospatial imagery analytics coupled with introduction of artificial intelligence (AI) and big data, privatization of the space industry, and increasing demand for small satellites for earth observation.
The satellite data services market on the basis of application is categorized into environmental, defense and security, energy and power, engineering and infrastructure, maritime, agriculture, transportation and logistics, forestry, and insurance. Among these, the defense and security category is projected to hold significant share in the market revenue by 2030. This can be majorly due to the wide-ranging use of satellite data by governments, worldwide, for defense and security applications, such as critical infrastructure protection, maritime and land surveillance activities, monitoring of airfields, and crime mapping.
Geographically, North America held the largest share in the satellite data services market in 2019. This is due to the increase in adoption of satellite data services by military and government agencies in the U.S. These organizations majorly use satellite data for military reconnaissance, map creation, disaster management, and urban planning, among others. Also, the government in the region is actively involved in significant investment for supporting the launch of commercial satellites. Such factors support the market growth in the region.
Satellite Data Services Market Dynamics
Privatization of the space industry is one of the major factors boosting the growth of the satellite data services market. The objective of privatizing the industry is to expand upon the utilization of the industry landscape by exploring opportunities where the private sector can provide benefit from satellite services. For instance, the latest commercial service agreements cost only about $50 million per space shuttle launch, while earlier this cost was about $4 billion per year.
In addition, the increasing number of satellites in the space and up surging data generation through these satellites are further benefiting the growth of the market. For example, in the beginning of 2020, Space Exploration Technologies Corp. (SpaceX) became the first company to operate largest active satellite constellation across the world, with 180 satellites orbiting the earth. The company further aims to launch about 42,000 satellites over the next decade, which is around 21 times the number of satellites operating in the space at present. Such factors are propelling the growth of the satellite data services market.
Rising NewSpace movement is creating numerous opportunities for the players in the satellite data services market. The capabilities of satellites are substantially transforming and boosting businesses by offering near-real-time view of every corner of the earth to bring more efficiency and transparency to different industries. The democratization of space implies that a number of companies are participating in the space industry, with players, services, and technology getting more diverse and innovative. The revolution of the space industry is mainly driven by the modernizations in satellite manufacturing and launch technology.
For instance, the industry has exhibited a shift from a satellite launch mass of 20,000 kg to less than 4 kg in the span of 60 years. The NewSpace industry defines lower costs, rapid inventions, and rideshare opportunities (bundle of small satellites hitching rides on big rockets), along with commercially available parts and incremental development. Thus, the rising NewSpace movement is offering several growth opportunities for the players in the satellite data services market.
Satellite Data Services Market Competitive Landscape
Some of the major players operating in the global satellite data services market are Airbus SE, Harris Geospatial Solutions Inc., Digitalglobe Inc., Satellite Imaging Corporation, Planet Labs Inc., Ursa Space Systems, ICEYE, Earth-I Ltd., Satpalda Geospatial Services, Space Exploration Technologies Corp. (SpaceX), ImageSat International N.V., Trimble Inc., LAND INFO Worldwide Mapping LLC, East View Geospatial Inc., Ceinsys Tech Ltd., and SpecTIR LLC.
The report covers country-wise satellite data services market analysis. Major countries covered in the report are the U.S., Canada, the U.K., Germany, France, Russia, Spain, China, Japan, South Korea, Australia, India, Brazil, Mexico, Saudi Arabia, Turkey, and South Africa.
Satellite Data Services Market Size Breakdown by Segment
The satellite data service market report offers comprehensive market segmentation analysis along with market estimation for the period 2014–2030.
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