SAN FRANCISCO, April 30, 2020 /PRNewswire/ -- 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.
Key suggestions from the report:
- 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.
Read 175 page research report with ToC on "Satellite Data Services Market Size, Share & Trends Analysis Report By Application (Scientific, Administrative, Commercial), By Industry Vertical (Engineering & Infrastructure, Energy & Power), And Segment Forecasts, 2020 - 2027'' at: https://www.grandviewresearch.com/industry-analysis/satellite-data-services-market
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.
Grand View Research has segmented the global satellite data services market based on application, industry vertical, and region:
- Satellite Data Services Application Outlook (Revenue, USD Million, 2016 - 2027)
- Satellite Data Services Industry Vertical Outlook (Revenue, USD Million, 2016 - 2027)
- Defense & Security
- Energy & Power
- Engineering & Infrastructure
- Satellite Data Services Regional Outlook (Revenue, USD Million, 2016 - 2027)
- North America
- Asia Pacific
- Latin America
- Middle East & Africa
Find more research reports on Communication Services Industry, by Grand View Research:
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- Communications Test And Measurement Market – The global communications test and measurement market has witnessed high growth in recent years owing to the proliferation of the telecom industry.
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About Grand View Research
Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.
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