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2021
Satellite Data Services Market

Satellite Data Services Market

by Vertical (Energy & Power, Defense & Intelligence, Engineering & Infrastructure, Environmental, Agriculture, Maritime, Insurance and Transportation & Logistics), Service (Data Analytics and Image Data), End-Use (Commercial and Government & Military): Global Opportunity Analysis and Industry Forecast, 2021-2030

Report Code: A06428
Pages: 274
Sep 2021 | 9094 Views
Author(s) : Akshay Jadhav , Sonia Mutreja
Tables: 121
Charts: 68
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COVID-19

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Satellite Data Services Market Statistics 2021-2030:

The global satellite data services market was valued at $6.09 billion in 2020, and is projected to reach $45.85 billion by 2030, registering a CAGR of 22.5% from 2021 to 2030.      

Unlike other industries, the satellite industry have also suffered due to the COVID-19 disease. Therefore, the satellite data service market will also experience a dip in 2020 owing to the COVID-19 pandemic. The temporary lockdown of various design, development, and manufacturing facilities with limited operational launch stations is limiting the market growth during pandemic. According to Daniel Kim, (managing director of Oversea Business for KTSAT), the satellite service operator is experiencing difficulties with the COVID-19 pandemic, as customers and partners have had delays in completing projects and making payments. Although, during the COVID-19 crisis, the demand for crisis monitoring, evidence-based cases, and business intelligence increased significantly. In addition, the players in the satellite data services ecosystem actively contributed to the response efforts by providing storage and processing capabilities for modeling & other research needs and studying the impact of COVID-19, which is expected to impact positively in post pandemic situation

Satellite data service is the process of collecting information about the Earth, gathered by manmade satellites in their orbits. Satellites deliver information about surface and weather changes on the planet. Satellite data services deal with capturing images of Earth or other planets with the assistance of imaging satellites. Utilizing these images for commercial purposes is known as commercial satellite imaging, which includes various applications such as environment monitoring & management, security of energy resources, surveillance of border areas, and mapping of constructional projects. In addition, earth imagery is vital in various applications, including infrastructure planning & construction, exploitation of new energy sources, disaster management, green mapping, traffic management, and topographical mapping. The most common use for satellite data is in Earth Observation (EO). Moreover, satellite data is widely used in the development of smart cities and connected vehicles. Urban planners are using this data to understand settlement trends and ensure efficient infrastructure management.

Satellite-Data-Service-Market-2021-2030

Factors such as surge in demand for satellite data from various industry verticals, increase in demand for earth observation satellites, and privatization of the space industry are expected to drive the market growth. However, stringent government regulations for the implementation of satellites and a lack of dedicated launch vehicles for small satellites hinder the market growth. Further, increase in adoption of artificial intelligence (AI), machine learning (ML), and cloud computing in the space sector; rise in use of satellite data in the development of smart cities and connected vehicles, and rise in NewSpace movement are expected to offer lucrative opportunities for the market growth.

The market is segmented on the basis of vertical, service, end use, and region. On the basis of vertical, the market is divided into energy & power, defense & intelligence, engineering & infrastructure, environmental, agriculture, maritime, insurance, and transportation & logistics. By service, it is bifurcated into data analytics and image data. On the basis of end-use, it is categorized into commercial and government & military. Region wise, it is studied across North America, Europe, Asia-Pacific, and LAMEA.

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 are some of the leading key players operating in the satellite data services market.

Surge in the demand for satellite data from various industry verticals

Increased need for satellite data in various industry verticals such as construction, oil & gas, agriculture, mining, and others is projected to help the market develop. The use these of satellite data in such industry verticals provides a number of benefits. The building of infrastructure projects can become more detail oriented with the use of high-resolution satellite images, and the satellite data can give a graphical reference for planners and engineers, resulting in more accuracy in their construction. Similarly, satellite imaging could be used in the mining industry throughout the pre-feasibility and feasibility phases of mineral extraction to obtain data-based information about the mineral possibility of the area in question. Thus, satellite data services help to store all data and deliver the same to respective operators. Moreover, the rise in unpredictable atmospheric behavior, owing to the rise in global warming increases satellite data services demand in earth observation and disaster management departments. Furthermore, surge in adoption of satellite data for various mapping applications such as Google Earth and Bing Maps, Geographic Information Systems (GIS), oil & mineral exploration, and 3D city models boost the demand for satellite data services. In addition, growth in the use of satellite data for land mapping, disaster mitigation planning and recovery, autonomous vehicles, and maritime operation also propels the demand for data services. Therefore, an increase in demand for satellite data services from various industry verticals including agriculture, energy & power, engineering & infrastructure, environmental, and maritime drive the growth of the market. For instance, in September 2021, ConstellR and ScanWorld, two emerging satellite data providers, established a new collaboration to combine their Earth Observation expertise to deliver data-driven insights for agricultural and vegetation management.

Satellite Data Services Market
By Vertical

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Defense & Intelligence is projected as the most lucrative segments

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Increase in demand for earth observation satellites

Earth observation satellite is used for non-military applications such as environmental monitoring, meteorology, and map-making. All countries across the world are very much aware of global warming. These countries are also taking initiatives to reduce or to control it. To reduce global warming, observation of the earth from various perspectives is required. There is an increase in the demand for small satellites to observe changing and unpredictable behavior of the earth. For instance, Planet was given a contract by the National Aeronautics and Space Administration (NASA) in September 2021 to provide satellite Earth-observation data to researchers studying climate change, biodiversity loss, and other issues through work sponsored by the National Science Foundation and U.S. federal civilian agencies. In addition, the rise in demand for orthoimagery for base maps for wetlands, soil, farm-field boundary, forest inventory, and other natural-resource mappings, analysis, and planning applications also boost demand for earth observation satellites. For instance, Korea Aerospace Industries (KAI) signed an agreement with SpaceX in July 2021 for the launch of its upcoming medium-weight Earth observation satellite constellation in 2023. The satellite constellation will be used to monitor agricultural and forestry environments over wide areas, as well as C-band radar imaging of water resources and other applications. Therefore, there has been an increase in demand for earth observation satellites for such applications, which is expected to propel the growth of the satellite data services market.  

Satellite Data Services Market
By Service

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Data Analytics is projected as the most lucrative segments

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Lack of dedicated launch vehicles for small satellites

Satellite data services are usually provided by the number of small satellites from space. These satellites have typically smaller budgets and development time scales. The lack of sufficient funding has also resulted in the closure of the few dedicated small launch vehicle operators. For instance, Vector, a small launch vehicle business, filed for Chapter 11 bankruptcy in December 2019. Thus, the absence of sufficiently inexpensive dedicated launch vehicles for the delivery of small satellites to orbit presents a significant barrier to the development of satellite data services. Although this issue of access-to-orbit would be addressed by secondary payload launch opportunities, where satellite operators can either share launch vehicle capacity through clustering or rideshare agreements.  However, the cost of secondary payload opportunities is generally greater than the specific cost of the launch vehicle itself. Therefore, the lack of a dedicated launch vehicle for small satellites is anticipated to hinder the growth of the satellite data services market.

Satellite Data Services Market
By End-use

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Commercial is projected as the most lucrative segments

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Increase in adoption of artificial intelligence (AI), machine learning (ML) and cloud computing in the space sector

Daily satellite imagery is rapidly being processed with machine learning (ML) algorithms to identify and detect objects, locate geographic and topographic characteristics, and track minute changes over time. Defense companies such as Lockheed Martin Corporation have developed the Global Automated Target Recognition System, which recognizes satellite pictures (GATR). These developments are likely to provide opportunities for the satellite data services market in near future. Moreover, ML and AI automated algorithms can accurately detect various things visible on earth from the space such as cars at parking lots, crop yield, and geo-sensing in agricultural fields. Furthermore, the amalgamation of cloud computing with satellite imagery enables researchers to access imagery data from remote locations. Cloud technology enables organizations to gain access to historic data, which may be used for analysis. AI and ML can be also used for satellite data-based aerial view monitoring and data analysis. Furthermore, increase in AI and ML based satellite data services by leading market players coupled with rise in intensity of related satellite launch also expected to offer market expansion. For instance, in September 2021, Ubotica Technologies announced that its CVAI Artificial Intelligence technology had been successfully launched into space aboard the PhiSat-1 satellite. To interpret Earth Observation data while in orbit, the Ubotica CVAI Artificial Intelligence (AI) system will use cutting-edge Deep Learning technology to make decisions aboard the PhiSat-1 satellite. Thus, the rise in the adoption of artificial intelligence (AI) and machine learning (ML) in the space sector has created numerous opportunities for the growth of the satellite data services market.

Satellite Data Services Market
By Region

2030
North America 
Europe
Asia-pacific
Lamea

North America would exhibit the highest CAGR of 23.2% during 2021-2030.

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Covid-19 Scenario Analysis

For most of the large space manufacturers, the COVID-19 pandemic has hampered mission deployments along with slowing down of new product deliveries due to disruption of the supply chain. Government contractors in Asia, Europe, and North America have been benefitted from significant administrative and financial support from space agencies through accelerated and advance payments. Although, during the COVID-19 crisis, the demand for crisis monitoring, evidence-based cases, and business intelligence increased significantly. In addition, the players in the satellite data services ecosystem actively contributed to the response efforts by providing storage and processing capabilities for modeling & other research needs and studying the impact of COVID-19. Moreover, companies are also providing earth observation imagery for industry intelligence and monitoring of remotely located infrastructure. The earth observation satellite fleet operating companies Maxar and Planet have witnessed increase in demand for the data they collect to help track global and regional trends in human and natural activity.

Key Benefits For Stakeholders

  • This study presents analytical depiction of the global satellite data services market analysis along with current trends and future estimations to depict imminent investment pockets.
  • The overall satellite data services market opportunity is determined by understanding profitable trends to gain a stronger foothold.
  • The report presents information related to the key drivers, restraints, and opportunities of the global satellite data services market with a detailed impact analysis.
  • The current satellite data services market is quantitatively analyzed from 2020 to 2030 to benchmark the financial competency.
  • Porter’s five forces analysis illustrates the potency of the buyers and suppliers in the industry.

Satellite Data Services Market Report Highlights

Aspects Details
By Vertical
  • Energy & Power
  • Defense & Intelligence
  • Engineering & Infrastructure
  • Environmental
  • Agriculture
  • Maritime
  • Insurance
  • Transportation & Logistics
By Service
  • DATA ANALYTICS
  • IMAGE DATA
By End Use
  • Commercial
  • Government & Military
By Region
  • North America  (U.S., Canada, Mexico)
  • Europe  (UK, Germany, France, Russia, Rest of Europe)
  • Asia-Pacific  (China, Japan, India, South Korea, Rest of Asia-Pacific)
  • LAMEA  (Latin America, Middle East, Africa)
Key Market Players Airbus S.A.S., East View Geospatial Inc., ImageSat International (ISI), L3Harris Technologies, Inc., Maxar Technologies, Planet Labs Inc., Satellite Imaging Corporation, SpecTIR LLC, Trimble Inc., Ursa Space Systems Inc.
 

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The satellite data service market is projected to witness considerable growth, especially in North America, owing to the presence of sophisticated infrastructure to undertake space programs and the earliest & highest adoption of commercial satellite imaging across various industries. Commercial and government space organizations are adopting various innovative techniques to provide customers with advanced and innovative feature offerings. For instance, the Chinese government announced in June 2021 that four satellites will be launched into predetermined orbits for catastrophe prevention and mitigation, asteroid resource discovery, ecological environment monitoring, and other applications.

The factors such as surge in demand for satellite data from various industry verticals, increase in demand for earth observation satellites, and privatization of the space industry are expected to drive the market growth. However, stringent government regulations for the implementation of satellite and lack of dedicated launch vehicles for small satellites hinder the market growth. Further, increase in adoption of artificial intelligence (AI), machine learning (ML), and cloud computing in the space sector, rise in the use of satellite data in the development of smart cities and connected vehicles, and surge in NewSpace movement are some of the factors that are likely to offer lucrative opportunities for the market growth.

Among the analyzed regions, North America is the highest revenue contributor, followed by Asia-Pacific, Europe, and LAMEA. On the basis of forecast analysis, North America is expected to maintain its lead during the forecast period, owing to the presence of the leading market players along with the sophisticated infrastructure to undertake satellite launch.

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FREQUENTLY ASKED QUESTIONS?

A. The global satellite data services market was valued at $6,095.40 million in 2020, and is projected to reach $45,855.20 million by 2030, registering a CAGR of 22.5% from 2021 to 2030.

A. Satellite data service is the process of collecting information about the Earth, gathered by manmade satellites in their orbits. Satellites deliver information about surface and weather changes on the planet. Satellite data services deal with capturing images of Earth or other planets with the assistance of imaging satellites.

A. The sample for global satellite data service market report can be obtained on demand from the AMR website. Also, the 24*7 chat support and direct call services are provided to procure the sample report.

A. There are certain upcoming trands in satellite data services such as increased adoption of artificial intelligence (AI), machine learning (ML) and cloud computing in the space sector and also rising the use of satellite data in the development of smart cities and connected vehicles

A. The global satellite data service market was valued at $6,095.4 million in 2020 and the industry has grown positive except for year 2020 due to covid

A. The company profiles of the top market players of satellite data service industry can be obtained from the company profile section mentioned in the report. This section includes analysis of top ten player’s operating in the satellite data service market.

A. North America region is leading the market presently in terms of revenue. However, Europe and Asia-Pacific region is expected to provide more business opportunities for the key players operating in the global satellite data service market.

A. By end-use, Government & Military is expacted to gain traction over the forecast period as well as domainate the market share in the global satellite data service market

A. U.S., Russia, China, has wirnessed as a key matured markets growing in the global satellite data service market

A. There are certain known and and unknown adjacencies impacting the satellite data services market such as stringent government regulations for implementation and use of satellites and lack of dedicated launch vehicles for small satellites

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