On 10th November, a team of panellists spoke at the virtual World Satellite Business Week Conference, saying that operators of radar satellites have great hopes in commercial markets and government customers. Capella Space CEO and co-founder Banazadeh Payam said that their belief in the commercial market is incomparable. Still, the maturity of this market is not as they would want it to be. He added that shortly, they would have a defense and intelligence market.
ICEYE CEO and co-founder Modrzewski Rafal said they had experienced market growth this year, hoping for the best in years to come. Government and commercial customers are provided with geospatial analytics from various data sources such as radar satellites by Ursa Space Systems. The CEO of Ursa Space Systems and founder, Maher Adam, said that they are focusing a lot to ensure that they expand the commercial market into numerous fields. Ursa is known for producing analytic products used for commercial applications such as infrastructure monitoring and maritime tracking. These products are also appealing to government customers. Adam added that a large proportion of their products go to the government market. He also said that it is hard to determine the market size for Synthetic Aperture Radar (SAR) data and geospatial data market.
The global market expects significant growth for value-added services and Earth-observation data from $4.6 billion in 2019 to $8 billion in 2029. This is according to Euroconsult’s forecast that was released in October. The Earth Observation Data and Services Market say that this growth is brought by a mix of new commercial and defense markets with low-cost solutions of the new constellation operators.
Adam said that they forecast to earn between $5 billion and $50 billion every year in the future Earth-observation market. He added that for them to get more customers, potential clients need to know geospatial data value and its application to their work. In 2014, when Ursa Space was established, the oil and gas industry was not using SAR data. Many financial institutions and oil and gas companies depend on SAR in solving various problems and answering questions. Adam also said that new companies and industries have continued to recognize the geospatial analytic value, saying they have been getting new customers in the past few months.
Synspective CEO and founder Arai Motoyuki said that when people realize the value of SAR data, analytics, and imagery, the commercial market’s growth would be rapid. But he said this would be achieved by educating their customers about the value of SAR.