The global satellite data services market size is anticipated to reach USD 36.9 billion by 2027, exhibiting a CAGR of 27.9% over the forecast period, according to a new report published by Grand View Research, Inc. Rising trend of privatizing the space among companies is expected to drive the growth. Extensive privatization is expected to offer satellite imagery adopters with much deeper and valuable spatial imagery insights, thus facilitating more intelligent decision making. Additionally, privatization of space facilitates higher competition amongst companies to develop new space technologies, which is expected to facilitate more rapid growth in the field of space technology.
Miniaturization
of sensors is envisioned to facilitate the launching of several satellites in a
single payload, thus reducing mission costs for imagery adopters and
subsequently reducing entry barriers for new imagery providers. The opportunity
to map larger areas using several small satellites is further expected to fuel
the demand among imagery adopters, thus offering attractive growth
opportunities. Increasing demand for data is promoting satellite manufacturers
to launch small satellite constellations in the lower and medium orbits of
Earth. Furthermore, incorporating nanoparticles in sensors offers enhanced
sensitivity due to its small size and surface area, which makes it imperative
to gain accurate data and enable sound decision making.
The
fourth industrial revolution is also offering attractive growth prospects to
the satellite data services market. The onset of Industry 4.0 also offers
development opportunities to several satellite manufacturers, OEMs, and
application developers, which is expected to promote disruption of legacy
practices and offer better growth prospects to the market. Furthermore,
Industry 4.0 is also expected to enhance productivity in the design and
manufacturing stages of satellite development, subsequently offering economic
growth projections over the next few years.
The
emergence of Satellite-as-a-Service (SataaS) promises easier and affordable
access to satellite imagery insights for users. The provision of a
pay-as-you-go model for satellites in commercial applications is expected to
offer better resource and time management capabilities. This is further
expected to enable companies to bring their product closer to the consumer by
allowing them to own the satellite for a specific amount of time to ensure sustainable
growth in the market. An increasing number of small satellites and lower
overall cost to deploy them makes SataaS a highly cost-effective option, thus
promising industry-wide adoption amongst enterprises and medium-scale
companies.
Full Research Report On Satellite Data Services Market Visit Here:
https://www.grandviewresearch.com/industry-analysis/satellite-data-services-market
Further key
findings from the report suggest:
- The scientific application
segment is anticipated to witness the fastest growth over the forecast
period, owing to the rising adoption of the services by scientists and
environmentalists to monitor climate change
- The engineering and
infrastructure segment is expected to register the fastest growth over the
forecast period owing to incrementing demand amongst engineering companies
to quickly access engineering projects in an accurate and economical way
- Asia Pacific is expected to
emerge as the fastest-growing regional market due to the emerging trend
amongst governments to foster sustainable development and effectively
monitor the environment, climate, and disaster risk management
- The adoption of big data in
satellite imagery enables companies to reduce data acquisition, processing
costs, and storage, which is providing an impetus to the market growth
- Some of the key players in
the satellite data services market are Airbus S.A.S; DigitalGlobe; Harris
Geospatial Solutions, Inc.; ICEYE; and Planet Labs, Inc.
Request a Sample Copy of the Report @ https://www.grandviewresearch.com/industry-analysis/satellite-data-services-market/request/rs1
Grand View Research has segmented
the global satellite data services market on the basis of application, industry
vertical, and region:
Satellite Data
Services Application Outlook (Revenue, USD Million, 2016 - 2027)
- Scientific
- Administrative
- Commercial
Satellite Data
Services Industry Vertical Outlook (Revenue, USD Million, 2016 - 2027)
- Defense & Security
- Energy & Power
- Agriculture
- Environmental
- Engineering &
Infrastructure
- Marine
- Others
Satellite Data
Services Regional Outlook (Revenue, USD Million, 2016 - 2027)
- North America
- U.S.
- Canada
- Europe
- Germany
- U.K.
- Asia Pacific
- China
- India
- Japan
- Latin America
- Brazil
- Mexico
- MEA
About Grand View Research
Grand
View Research, Inc. is a U.S. based market research and consulting company,
registered in the State of California and headquartered in San Francisco. The
company provides syndicated research reports, customized research reports, and
consulting services. To help clients make informed business decisions, we offer
market intelligence studies ensuring relevant and fact-based research across a
range of industries, from technology to chemicals, materials and healthcare.
For more info visit @ https://www.grandviewresearch.com
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