Satellite Data Services Market Driven By Miniaturization Of Sensors And Satellites Till 2027 : Grand View Research Inc.

Satellite Data Services Market Driven By Miniaturization Of Sensors And Satellites Till 2027 : Grand View Research Inc.

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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.

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. Satellite services are looking towards privatization activities by several countries, which are expected to boost the demand in the market. Also, these initiatives are helping the companies with better knowledge base which in turn facilitates better decision making. Due to these increasing benefits of satellites, new technologies are being increasingly developed and adopted by the companies, which is leading to better growth rate of the market.

Recent developments in sensors technology such as miniaturization of sensors and IoT adoptions among others, are playing a crucial role in helping make mini- and micro-satellites used by the countries. These developments are boosting the demands in the satellites data services market. Satellite data services are spanning into several fields and are catering to fields such as:

  • Defense & Security
  • Energy & Power
  • Agriculture
  • Environmental
  • Engineering & Infrastructure
  • Marine
  • Others

U.S. satellite data services market size, by application, 2016 - 2027 (USD Million)

 

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As the new developments are happening in the industry and are essential in pushing it towards industry revolution 4.0, more and more services from satellites are going to be deemed invaluable. Satellite Data Services are going to be extremely important for the companies which are part of this revolution, as they help in boosting the manufacturing efficiency, and enhance productivity in the design and manufacturing stages of satellite development. This is helping the market to flourish at a faster rate. Along with these, Satellite-as-a-service (SaaS) is also gaining traction as it promises easier and affordable access to satellite imagery insights for users. 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.

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

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Global satellite data services market share, by industry vertical, 2019 (%)

Major Key Players:

  • Airbus S.A.S
  • DigitalGlobe
  • Harris Geospatial Solutions, Inc.
  • ICEYE
  • Planet Labs, Inc.

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Some Recent Developments:

  • In February 2020, Airbus has redefined its portfolio of turnkey Earth observation systems, which encompasses off-the-shelf products ranging from the constellation-ready S250 optical and S250 radar all the way to absolute-high-end systems with the S850 radar and the S950 optical. It also includes the S450 optical, formerly known as the AstroBus-S. This new portfolio is sure to generate more business and help many companies gain from the initiative.
  • In June 2019, Airbus enlarged its high-resolution imagery portfolio following an agreement to leverage capacity from the S1-4 satellite built by Surrey Satellite Technology Limited (SSTL). This new imagery offer called Vision-1 delivers full end-to-end imaging operations to Airbus’ customers. Vision-1 provides 0.9m resolution imagery in the panchromatic band and 3.5m in the multispectral bands (NIR, RGB), with a 20.8km swath width. These specifications are ideal for defence, security and agriculture applications, while this extra revisit opportunity further strengthens Airbus’ satellite fleet.

In 2017, Esri signs enterprise agreement with Harris Corporation to modernize data production from new image sources. The agreement and partnership afford the corporation access to all Esri software and top-level benefits of the Esri Partner Network throughout the Harris Space and Intelligence Systems segment. This collaboration helped programs across multiple security domains meet the expected surge of commercial imagery from small satellites, unmanned aerial system platforms, and open data sources.

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About Grand View Research

Grand View Research provides syndicated as well as customized research reports and consulting services on 46 industries across 126 major countries worldwide. This U.S.-based market research and consulting company is registered in California and headquartered in San Francisco. Comprising over 4126 analysts and consultants, the company adds 121200+ market research reports to its extensive database each year. Supported by an interactive market intelligence platform, the team at Grand View Research guides Fortune 600 companies and prominent academic institutes in comprehending the global and regional business environment and carefully identifying future opportunities.

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