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According to Fortune Business Insights™, the global satellite data services market was valued at USD 4,876 million in 2023 and is projected to grow from USD 5,250.0 million in 2024 to USD 12,288 million by 2032, exhibiting a CAGR of 11.22% during the forecast period (2024–2032). North America led the market in 2023, accounting for a dominant market share of 35.21%.
Satellite data also known as satellite imagery refers to the information gathered by satellites about the Earth and other celestial bodies. This data plays a vital role in monitoring changes on Earth’s surface, including environmental shifts and weather patterns. The growing reliance on satellite-based data across diverse sectors, such as agriculture, defense, climate monitoring, and urban planning, is expected to significantly drive the demand for satellite data services in the coming years.
These insights are detailed in the latest report by Fortune Business Insights™, titled "Satellite Data Services Market, 2024–2032."
LIST OF KEY COMPANIES PROFILED IN THE REPORT:
ICEYE (U.K.)
Planet Labs, Inc. (U.S.)
Capella Space (U.S.)
Airbus (Netherlands)
BlackSky (U.S.)
Maxar Technologies (U.S.)
Spire Global (U.S.)
EOS Data Analytics, Inc. (U.S.)
L3Harris Technologies, Inc. (U.S.)
Satellite Imaging Corporation. (U.S.)
Information Source:
https://www.fortunebusinessinsights.com/satellite-data-services-market-108359
Drivers and Restraints
Growth of the Space Economy to Bolster Market Progress
The global space economy is experiencing significant growth, driven by increased investments in space exploration across various countries. According to the World Economic Forum, the space economy is projected to reach a value of USD 1.8 trillion by 2035, fueled by advancements in space technologies. One of the major contributors to this growth is the rising number of Earth observation satellite launches aimed at capturing real-time data about terrestrial and celestial activities. These developments are expected to significantly propel the demand for satellite data services over the forecast period.
High Infrastructure Costs May Restrain Market Growth
Despite the promising outlook, the satellite data services market faces a key restraint in the form of high development and maintenance costs associated with satellite infrastructure. Designing, launching, and operating satellites require substantial capital investment, which may limit participation by smaller organizations and emerging economies, thereby posing a challenge to market expansion.
Segmentation:
Creation of Innovative Data Analytics Services Helped Value-Added Services Segment Dominate Market
Based on type, the market is classified into satellite data and value-added services. The value-added services segment held the largest market share as several market players are focusing on developing innovative data analytics services on a subscription-based model.
Satellite Data Widely Used in Defense & Intelligence Industry Due to Rising Geopolitical Tensions
Based on industries, the market is classified into defense & intelligence, maritime, environmental, agriculture, energy & power, and others. The defense & intelligence industry dominated the global satellite data services market as geopolitical tensions are on the rise across the world, thereby boosting the demand for real-time intelligence to help the defense industries of the warring countries gain a strong edge on the battlefield.
Military & Government Segment Dominated Market Due to Rising Government Support for Satellite Technologies
Based on end use, the market is classified into commercial and military & government. The military & government segment dominated the market due to the rising government support for satellite technology to boost economic development and national security.
With respect to region, the market covers North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.
Report Coverage:
The report has conducted a detailed study of the market and highlighted several critical areas, such as leading types, industries, end uses, and prominent market players. It has also focused on the latest market trends and the key industry developments. Apart from the aforementioned factors, the report has given information on many other factors that have helped the market grow.
Regional Insights:
North America Dominated Global Market Due to Vast Presence of Space Exploration Companies
North America dominated the global satellite data services market as countries, such as the U.S. has a notable presence of space exploration companies that launch a wide range of satellites for earth observation every year.
Asia Pacific might exhibit the fastest growth in the global market due to factors, such as large-scale urbanization, rapid economic growth, and increasing development of small satellites.
Competitive Landscape:
Key Companies to Focus On Developing Innovative Products & Solutions to Remain Dominant
Some of the top companies driving the market’s growth are focusing on entering partnerships, mergers, and acquisitions with other organizations to develop and launch innovative products and solutions for their customers in the space industry. They are also increasing their research & development efforts to create a diverse range of satellite data services and cater to their customers’ needs.
Notable Industry Development:
June 2024: Planet Labs announced that it had planned to launch its first hyperspectral satellite, Tanager-1, as part of its partnership with the Carbon Mapper Coalition. This move aims to improve the monitoring of greenhouse gas emissions, especially carbon dioxide and methane.
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