https://www.fortunebusinessinsights.com/satellite-data-services-market-108359
Satellite Data Services Market Growth
and Future Outlook, 2024–2032
According to Fortune Business Insights™, the global satellite data services market size was
valued at USD 4,876 million in 2023 and is expected to grow from USD 5,250 million in 2024
to USD 12,288 million by 2032, exhibiting a CAGR of 11.22% during the forecast period. This
growth is attributed to the increasing demand for satellite-based data across diverse
industries, driven by advancements in Earth observation, environmental monitoring, urban
planning, and disaster management.
Understanding Satellite Data Services Satellite data, also referred to as satellite imagery,
involves the collection of information about Earth and other celestial bodies through
artificial satellites. The core application of satellite data is Earth Observation (EO), which
allows users to monitor surface changes, weather patterns, and other environmental
conditions. Satellite data can be captured via passive remote sensing, which relies on
natural energy like sunlight, or active remote sensing, which uses radar waves to measure
reflected signals.
Key Market Players
ICEYE (U.K.)
Planet Labs, Inc. (U.S.)
Capella Space (U.S.)
Airbus (Netherlands)
BlackSky (U.S.)
Maxar Technologies (U.S.)
https://www.fortunebusinessinsights.com/satellite-data-services-market-108359
Spire Global (U.S.)
EOS Data Analytics, Inc. (U.S.)
L3Harris Technologies, Inc. (U.S.)
Satellite Imaging Corporation (U.S.)
These companies are increasingly investing in technological advancements, including
hyperspectral imaging, radar sensing, and high-resolution optical data services.
Information Source:
https://www.fortunebusinessinsights.com/satellite-data-services-market-108359
Market Segmentation Insights
By Type: The value-added services (VAS) segment held the largest share in 2023 due to
growing demand for advanced analytics and actionable insights. Companies such as EOS
Data Analytics and Planet Labs offer subscription-based services to deliver geospatial
intelligence. VAS are extensively used in defense, agriculture, transportation, and energy
industries.
By Industry: The defense & intelligence segment dominated the market, driven by the rising
need for real-time surveillance, reconnaissance, and threat detection. Geopolitical tensions
and conflicts, such as the Russia-Ukraine war, have emphasized the importance of timely,
high-resolution satellite imagery in military decision-making.
By End Use: Military & government users accounted for the largest share of the market in
2023, supported by increased government initiatives to adopt satellite technologies for
national security, public safety, and strategic planning.
Growth Drivers
1. Expansion of the Space Economy: The space economy is forecasted to reach USD 1.8
trillion by 2035. Growing investments from governments and private entities are
accelerating the deployment of EO satellites, enhancing global access to satellite
data.
2. Increased Industrial Applications: Satellite data supports decision-making across
agriculture, disaster management, environmental monitoring, and urban
development. In agriculture, EO helps in monitoring crop health and improving
resource use efficiency.
Restraining Factors
High Initial Costs: Developing, launching, and maintaining satellite infrastructure
involves considerable investment, often deterring small companies and startups
from entering the market.
Key Trends
Technological Advancements: Companies like Maxar and Planet are expanding their
offerings to include radar, RF, and hyperspectral imaging, enhancing the value and
utility of satellite data.
High-Resolution Imaging Race: Firms like Albedo and EOI Space are developing
imaging technologies capable of resolutions up to 10 cm. Established providers are
moving toward resolutions of 15-25 cm, improving spatial accuracy for diverse
applications.
Regional Insights
North America: With a market size of USD 1,716.8 million in 2023, North America leads due
to its robust space infrastructure and support from agencies like NASA and the U.S.
Department of Defense. The region continues to innovate through government-private
partnerships and quality assessment frameworks, such as the ESA-NASA SAR Guidelines
signed in June 2024.
Asia Pacific: Expected to witness the fastest growth during the forecast period, driven by
rapid economic development, investments in space programs, and increasing demand from
sectors such as agriculture, defense, and urban planning. Notably, China has overtaken the
U.S. in several commercial remote sensing metrics, highlighting its rising competitiveness.
Competitive Landscape Market leaders are focusing on M&A, partnerships, and R&D to
expand their service capabilities. They are developing hybrid satellite systems integrating
SAR, optical, and RF sensors to offer richer data analytics and insights.
Recent Industry Developments
September 2024: ICEYE received a five-year contract from NASA to supply SAR data
for the Commercial Smallsat Data Acquisition (CSDA) Program.
September 2024: BlackSky secured a contract from HEO to provide imagery of space
objects, integrating SAR with non-Earth imaging sensors for real-time space
situational awareness.