New York, USA, Nov. 16, 2021 (GLOBE NEWSWIRE) -- According to a report published by Research Dive, the global satellite data services market is anticipated to garner a revenue of $22,431.6 million and grow at a noteworthy CAGR of 12.7% over the forecast period from 2021-2028.
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As per our analysts, with the growing demand for satellite imagery data across various industries such as mining, construction, agriculture, and many others, the market is expected to surge during the analysis period. In addition, the increasing usage of satellite imaging in the construction sector for giving a graphical reference for engineers to get more accuracy in the construction is the major factor expected to uplift the growth of the market throughout the analysis timeframe. Besides, the growing implementation of technological advancements in the space sector such as the use of artificial intelligence and machine learning is further projected to create massive growth opportunities for the satellite data services market over the analysis period. However, the government limitations related to satellite data services may hinder the growth of the market during the estimated timeframe.
Covid-19 Impact on the Satellite Data Services Market
Due to the outbreak of the novel coronavirus pandemic, with several other industries, the satellite data services market has also had a negative impact. Due to the disruption in the supply chain and shutting down of factories, the market has faced various challenges. Moreover, the obstacles like stringent lockdown, implementation of various designs and developments, and lack of manufacturing facilities with inadequate operational launch stations, the growth of the market was declined during the crisis.
Check out How COVID-19 impacts the Global Satellite Data Services Market: https://www.researchdive.com/connect-to-analyst/8424
Segments of the Satellite Data Services Market
The report has divided the market into segments based on services, application, end-user, and region.
Services: Image Data Sub-Segment to be Most Profitable
The image data sub-segment is projected to generate a revenue of $11,126.4 million during the analysis period. This is mainly due to the surging demand for imagery data in the public as well as private sectors. In addition, the usage of satellite imagery by meteorologists as an important and powerful tool is the factor expected to augment the growth of the satellite data services market’s sub-segment during the forecast period.
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Application: Commercial Sub-Segment to be Most Lucrative
The commercial sub-segment is anticipated to garner $7,587.5 million in revenue throughout the analysis period. This is major because of the growing usage of satellite data in the commercial sector for various purposes like navigation, satellite television, and commercial satellite imagery. Moreover, the increasing demand for commercial satellites in agriculture and farming companies is further expected to bolster the growth of the market’s sub-segment during the analysis timeframe.
End-User: Aerospace and Defense Sub-Segment to be Most Beneficial
The aerospace and defense sub-segment is expected to generate a revenue of $9,496.5 million over the forecast period. This is mainly due to the growing demand for satellite data in the defense sector. Further, the information provided by satellites helping aerospace and defense activities to prevent future harms and to function smoothly is the major factor expected to fortify the growth of the satellite data services market’s sub-segment throughout the forecast period.
Check out all Aerospace & Defense Industry Reports: https://www.researchdive.com/aerospace-and-defence
Region: Asia-Pacific Region Anticipated to Have Huge Growth Opportunities
The Asia-Pacific region is expected to garner a revenue of $5,926.4 million throughout the forecast period. This is mainly because of the increasing population and economic development in countries of this region. Additionally, the increasing advancements of the military sector in some countries of this region are expected to amplify the regional growth of the market during the forecast period.
Key Players of the Satellite Data Services Market
• Airbus S.A.S.
• East View Geospatial Inc.
• ImageSat International
• L3Harris Technologies Inc.
• Maxar Technologies
• Planet Labs Inc.
• Satellite Imaging Corporation
• SpecTIR LLC
• Trimble Inc.
• Ursa Space Systems Inc.
These players are widely working on the development of new business strategies and tactics to gain the leading position in the global industry.
For instance, in July 2021, EarthDaily Analytics Crop (EDA), a leading Canadian expert in the field of data processing has announced its new aim of launching over nine satellites to observe details about the Earth with precision. The launching operation will be performed by 2023, and these satellites are expected to provide data for multiple sectors like agriculture, defense sector, environment, and many more.
Furthermore, the report also summarizes other important aspects such as product portfolio, the financial performance of the key players, latest strategic developments, and SWOT analysis. Click Here to Get Absolute Top Companies Development Strategies Summary Report
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