PUBLISHER: MarketsandMarkets | PRODUCT CODE: 1427280
PUBLISHER: MarketsandMarkets | PRODUCT CODE: 1427280
The Satellite Data Services market is valued at USD 9.3 billion in 2023 and is projected to reach USD 20.9 billion by 2028, at a CAGR of 17.5% from 2023 to 2028. The Satellite Data Services Market encompasses a dynamic ecosystem of companies and technologies dedicated to providing geospatial information and imagery derived from satellite-based platforms. These services enable users across diverse industries to access, analyze, and leverage satellite data for various applications, ranging from agriculture and environmental monitoring to defense and disaster management. Key drivers fueling the growth of the satellite data services market include advancements in satellite technology, such as the development of high-resolution imaging sensors, the miniaturization of satellites, and the proliferation of satellite constellations. Additionally, increasing demand for actionable insights and intelligence across various industries, driven by factors like population growth, urbanization, climate change, and natural resource management, further accelerates market expansion. Moreover, government initiatives, investments in space exploration, and strategic partnerships between satellite companies and end-users contribute to market growth and innovation.
Scope of the Report | |
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Years Considered for the Study | 2019-2028 |
Base Year | 2022 |
Forecast Period | 2023-2028 |
Units Considered | Value (USD Billion) |
Segments | By Vertical, End-Use, Service, Deployment and Region |
Regions covered | North America, Europe, APAC, RoW |
Prominent companies operating in the satellite data services market include industry leaders such as Maxar Technologies, Airbus, Planet Labs, L3Harris Technologies,Inc. These companies offer a wide range of satellite imagery, data analytics, and geospatial solutions tailored to meet the diverse needs of customers across different sectors and applications.
"Based on vertical, the Agriculture segment is estimated to have the second largest market share in 2023."
Based on Vertical, the satellite data services market has been segmented into Energy & Power, Engineering & Infrastructure, Defense & Security, Environmental & Weather, Agriculture, Maritime, Forestry, Transportation & Logistics, Insurance, Academic & Research and Others. The agriculture subsegment is projected to grow from USD 1,635.3 million in 2023 to USD 3,777.4 million by 2028, at a CAGR of 18.2% from 2023 to 2028. Satellite data provides crucial insights into weather patterns, helping farmers anticipate and mitigate the impact of adverse weather conditions. This capability is especially vital for planning planting and harvesting activities, reducing risks associated with unpredictable weather events. Many governments worldwide are investing in and promoting the adoption of satellite-based technologies in agriculture. Subsidies and incentives further encourage farmers to integrate satellite data services into their agricultural practices, fostering market growth. The convergence of these drivers creates a robust ecosystem, propelling the agriculture segment to be a key growth driver in the satellite data services market.
"Based on end-use, the Government & Military segment is estimated to have the second largest market share in 2023."
The government and military segment is projected to grow from USD 2,182.8 million in 2023 to USD 5,052.9 billion by 2028, at a CAGR of 18.3% during the forecast period. The government & military segment is further sub-segmented into national space agencies, departments of Defense (DOD), national security agencies, academic and research institutions, departments of environment & agriculture, national mapping & topographic agencies, and others. Others include regional administrators and ministries of natural resources and forestry. The government's policy framework for enhancing Position, Navigation, and Timing (PNT) Resilience will bolster critical sectors including finance, defense, transportation, telecommunications, and emergency services. This initiative aims to ensure these sectors can securely depend on PNT information to maintain uninterrupted service delivery and effectively serve the public. Satellite data services play a pivotal role in supporting national security and defense efforts. The ability to monitor geopolitical developments, track troop movements, and assess potential threats from space provides governments and military agencies with invaluable intelligence. Satellite data services contribute significantly to surveillance and intelligence gathering. Given the increasing global focus on national security, geopolitical dynamics, and the need for advanced defense capabilities, the government and military segment is poised for substantial growth in the satellite data services market.
Based on Services, the Image data segment is estimated to have the second-largest market share in 2023.
The image data segment is further sub-segmented into spatial, spectral, temporal, and radiometric. Spatial and temporal resolution requirements fluctuate extensively for monitoring terrestrial, oceanic, and atmospheric features and processes. Each application of remote sensing sensors has its distinctive resolution requirements. Thus, there are trade-offs between spatial resolution and coverage, spectral bands, and signal-to-noise ratios. Most of the major companies, including Maxar Technologies (US), Sanborn Map Company (US), and ICEYE (Finland), are significantly investing in research to provide more features and enhance the resolution of satellite images. Very high-resolution satellite imagery can be used for defense and security applications, which require extremely clear, detailed imagery of a location to correctly assess the objects, strength, and capabilities of hostiles present. The key application areas of very high-resolution satellite imagery are border protection and surveillance, allowing a country's border protection force to have real-time updates regarding the activities at the border.
Based on regions, the Europe region is estimated to have the second largest market share in 2023.
The European region is witnessing robust growth in the satellite data services market driven by key business factors. The UK, Germany, France, Russia, the Netherlands, and Spain are considered for the analysis of the satellite data services market in Europe. One of the major factors contributing to the growth of the market in Europe is the increasing demand for satellite data services in various verticals, such as energy & power, engineering & infrastructure, defense & security, environmental, and insurance. Europe continues to uphold its second position in the regional assessment in terms of geospatial implementation. Supported by integrated policy frameworks and mechanisms, such as the Inspire Directive and the European Space Strategy, European countries are among the top 25 in the geospatial readiness indexes. Open Geospatial Consortium (OGC), an international non-profit organization devoted to developing open standards for the geospatial community, has the highest number of members from Europe. Continuous industrial and academic participation in developing quality standards for geospatial data has opened new opportunities for satellite data services in the region.
Major companies profiled in the report include Airbus (France), Maxar Technologies (US), L3Harris Technologies,Inc (US), Planet Labs, PBC (US), and ICEYE (Finland), among others.
This market study covers the satellite data services market across various segments and subsegments. It aims to estimate this market's size and growth potential across different parts based on size, operational orbits, application, component, end user, and region. This study also includes an in-depth competitive analysis of the key players in the market, their company profiles, key observations related to their product and business offerings, recent developments, and key market strategies they adopted.