The satellites that are orbiting the earth provide the necessary data in the form of images to the various organizations which then process this information and keep a track of things. These satellites are usually beneficial for the defence and security sector as it ensures privacy of data. The data provided a lot of times is also used for urban planning and more via data analytics.
COVID-19 Impact on the Global Satellite Data Services Market
The widespread effect of COVID-19 was felt across several industries and one among them was the satellite data services market. The lockdown caused multiple organizations associated with the satellites such as the development, manufacturing and design sectors to bring their normal function to a halt. To add further the lack of personnel that could assist in manning the launch stations was also a major factor responsible for the market being affected amidst the pandemic.
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Key Developments in the Industry
Multiple organizations have been taking initiatives to establish themselves in the market while also taking part in research. The companies have also been using innovative methods to create high quality products to ensure customer satisfaction.
In July 2021, EarthDaily Analytics Corp (EDA), a Canada based expert in the field of data processing announced their decision to launch over nine satellites with a purpose to observe the earth. They are anticipated to be in operation by 2023 and upon launch into space, will form a Low-Earth Orbit (LEO) constellation. It will provide data to multiple sectors such as agriculture, financial services, environment, and the defence sector. The satellites are also expected to have a lifespan of over 10 years, hence possessing the ability to collect a vast amount of data int he duration.
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Forecast Analysis of the Global Market
A recently published report by Research Dives states that the global satellite data services market is predicted to garner revenue of $22,431.6 million by 2028 rising from $8,357.9 million in 2020 at a steady CAGR of 12.7% from 2021-2028.
Satellite imaging has become a crucial element for several industries across the world as they provide an ariel view which can help them work on their plans. Industries such as mining and construction can use the satellite image data to form an idea about how they would like to go about the projects. It also helps professionals make a note of every minute detail of any area which can then be passed on to the engineers and planners for reference. These factors are expected to boost the growth of the market in the forecast period.
Many governments around the world have certain restrictions in place due to which individuals may not be able to procure access to the location due to privacy reasons which results in non-availability of data for that particular region. To add further, the satellites need constant upgrades not just in terms of external structure, but internal software as well. This requires a higher level of capital which can help in the implementation of advanced technologies such as remote sensing, satellite analytics and more into the satellites. These factors are anticipated to limit the growth of the market immensely in the analysis period.
Technology has made major progress over the years which has led to the application of new age tools such as artificial intelligence (AI) and machine learning (ML) into the space department. This initiative has ensured a rise in opportunities for the market owing to the AI and ML powered solutions. To add further, today satellite images also use machine learning algorithms to locate and determine the positions of certain objects or geographical locations. This can also help in keeping a track of changes within the area over certain time duration. These factors are expected to assist in providing opportunity of growth for the market in the estimated timeframe.
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To add further, many experts and pioneers of the market have put in plenty of efforts to ensure that people find the emergency cylinders with ease. Some of them are
- 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
About Research Dive
Research Dive is a market research firm based in Pune, India. Maintaining the integrity and authenticity of the services, the firm provides the services that are solely based on its exclusive data model, compelled by the 360-degree research methodology, which guarantees comprehensive and accurate analysis. With an unprecedented access to several paid data resources, team of expert researchers, and strict work ethic, the firm offers insights that are extremely precise and reliable. Scrutinizing relevant news releases, government publications, decades of trade data, and technical & white papers, Research dive deliver the required services to its clients well within the required timeframe. Its expertise is focused on examining niche markets, targeting its major driving factors, and spotting threatening hindrances. Complementarily, it also has a seamless collaboration with the major industry aficionado that further offers its research an edge.
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