PORTLAND, Ore., Jan. 12, 2021
- Growth in demand for satellite data from various industry verticals, surge in demand for earth observation satellites, and privatization of space industry fuel the growth of the global satellite data services market
PORTLAND, Ore., Jan. 12, 2021 /PRNewswire/ -- Allied Market Research published a report, titled, "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, 2020–2027." According to the report, the global satellite data services industry generated $5.52 billion in 2019, and is projected to generate $19.36 billion by 2027, witnessing a CAGR of 19.1% from 2020 to 2027.
Prime determinants of growth
Rise in demand for satellite data from various industry verticals, increase in demand for earth observation satellites, and privatization of space industry drive the growth of the global satellite data services market. However, stringent government regulations for the implementation and lack of dedicated launch vehicles for small satellites hinder the market growth. On the other hand, increasing adoption of artificial intelligence (AI), machine learning (ML) and cloud computing in the space sector, surge in use of satellite data in the development of smart cities and connected vehicles, and increasing new space movement present new opportunities in the coming years.
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The environmental segment to maintain its lead position during the forecast period
Based on vertical, the environmental segment held the highest market share, contributing to more than one-fifths of the global satellite data services market in 2019, and will maintain its lead position during the forecast period. It is intended to perform & analyze global environmental conditions and geographical information which includes agriculture, forestry & geology monitoring, disasters management, and natural resources management & monitoring. This factor drives the growth of the segment. However, the defense and intelligence segment is expected to witness the highest CAGR of 20.1% from 2020 to 2027, due to increasing satellite data service for constant military surveillance & monitoring.
The image data segment to offer lucrative opportunities
Based on service, the image data segment contributed to the highest share in 2019, accounting for more than two-thirds of the global satellite data services market, and is expected to maintain its leadership status during the forecast period. This is attributed to the factor that they are intended to perform image data processing and feature extraction such as pan-sharpening, orthorectification, and mosaicking & cloud patching. On the other hand, the data analytics segment is projected to witness the largest CAGR of 21.70% from 2020 to 2027. This is attributed to increasing adoption of location-based services (LBS) by various end-users, including commercial enterprises, government, defense, civil engineering, forestry and agriculture and others.
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North America to maintain its dominant share by 2027
Based on region, North America accounted for the highest share in terms of revenue in 2019, contributing to nearly three-fifths of the global satellite data services market, and will maintain its dominant share by 2027. In addition, the region is expected to manifest the highest CAGR of 19.30% during the forecast period, due to presence of sophisticated infrastructure to undertake space programs, and the earliest & highest adoption of commercial satellite imaging across various industries.
Leading market players
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