Satellite Data Services Market is estimated to reveal a substantial growth of a CAGR 27% during the forecasted period of 2022 to 2030.
The technique of gathering data from man-made satellites orbiting the Earth is known as satellite data service. Satellites transmit data on planetary surface and weather changes. Satellite data services are concerned with using imaging satellites to take pictures of Earth or other planets. Commercial satellite imaging, which encompasses diverse applications like environment monitoring and management, security of energy resources, surveillance of border areas, and mapping of construction projects, is the use of these images for financial gain. Additionally, earth imagery is essential for a number of applications, including topographical mapping, disaster management, green mapping, traffic management, and infrastructure planning and development. Earth observation is the most typical application for satellite data (EO). Furthermore, the development of smart cities and connected vehicles makes extensive use of satellite data. This information is being used by urban planners to comprehend population changes and guarantee effective infrastructure management.
A lot of satellite data is used to create connected cars and smart cities. These statistics are being used by urban planners to comprehend population changes and guarantee effective infrastructure management. As urban populations' expectations for improved management of sustainable urban growth increase, remote sensing technology has become more widely used for zoning and municipal infrastructure modelling. The use of satellite imagery is also being boosted by growing urban agglomeration and monitoring the urbanisation of neighbouring regions to assist the development and implementation of smart cities.
Market overview:
The market is anticipated to grow as a result of factors such the surge in demand for satellite data from different industrial verticals, the rise in demand for earth observation satellites, and the privatisation of the space industry. However, the market's expansion is hampered by strict government restrictions governing the use of satellites and a paucity of launchers specifically designed to carry small satellites. Additionally, the growing use of artificial intelligence (AI), machine learning (ML), and cloud computing in the space industry, as well as the development of smart cities and connected vehicles using satellite data, as well as the growth of the NewSpace movement, are all predicted to present lucrative opportunities for market expansion.
The global market for satellite data services is rapidly expanding from 2022 to 2030 as a result of these advancements. The market for satellite data services is now expanding tremendously due to the advent of technologies like automation and the Internet of Things (IoT), which thrive on data.
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Satellite Data Services has been segmented into Industrial Vertical and Application.
Application:
On the basis of Application, the market is further segmented into
- Scientific
- Administrative
- Commercial
Industrial Vertical:
On the basis of Application, the market is further segmented into
- Defense & Security
- Energy & Power
- Agriculture
- Environmental
- Engineering & Infrastructure
- Marine
- Others
Key market Players:
Airbus S.A.S, DigitalGlobe, Harris Geospatial Solutions, Inc., Planet Labs, Inc., Ursa Space Systems, and ICEYE.
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