As per the research, the global commercial satellite imaging market is likely to witness double digit growth during the forecast period. The commercial satellite imaging market offers geospatial data and information in the form of real-time images. These images captured through satellite imagery systems are utilized for several purposes, including natural resource management, surveillance of terror prone border areas, mapping of vast constructional projects and for environment monitoring and management. Surging adoption of location-based services (LBS) by various end-users, including commercial enterprise, government, defense, civil engineering, forestry & agriculture, insurance and energy, is likely to spearhead the growth of the global commercial satellite imaging market.
Geospatial data acquisition & mapping has been the largest application segment in the commercial satellite imaging market globally, accounting for a major share of the revenues in 2016. The market for disaster management is expected to grow at the highest pace during the forecast period.
On the other hand, commercial enterprise has been the major end-user in commercial satellite imaging market, whereas defence segment is expected to be the fastest growing end-user industry during forecast period.
Commercial enterprises have been using Earth imagery services for optimizing business processes through location based services. The major end-users for commercial satellite imaging in commercial enterprises include media & entertainment, conservation and research, tourism, and biomedical.
The emerging car rental market is one of the major end-users of commercial satellite imaging. For instance, recently Uber, a major car rental service provider, partnered with DigitalGlobe, which is a prime provider of satellite imaging services, to use the latter’s satellite images for mapping and improving its pick-up and drop-off locations.
the global commercial satellite imaging market is projected to reach $6,809.9 million by 2023, growing at a CAGR of 11.2% during 2017 - 2023.
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Geographically, North America has been the largest market for commercial satellite imaging and Asia-Pacific had been the fastest growing regional market. North America is expected to account for over 40% of the global commercial satellite imaging market in 2023.
By country, the U.S. stands as the largest market globally, whereas the commercial satellite imaging market in India has been growing at highest pace.
The anticipated growth in the Asia-Pacific market can be owed to factors such as rapid adoption of Earth imagery technologies, growth in industry digitalization and advancement in satellite image analytics across the region. Further, increasing regional government focus towards advancement of Earth imagery technology is expected to bolster the commercial satellite imaging market.
Satellite imaging is widely used for image capturing, which can offer valuable data and information, used by government and research organizations across various sectors for various applications including weather information and forecasting, farming and forestry. In addition, the companies involved in offering commercial satellite imaging products and services are heavily investing in research & development to enhance high-resolution cameras and advance sensing technology, which would further help in improving the quality of satellite-based Earth Observation (EO) images.
With advancement in agriculture management technology, and rapid increase in use of precision agriculture techniques, information concerning within-field crop yield variability has become more important for effective and efficient crop management. In addition, high resolution satellite imagery of growing crops can be used in order to generate yield maps for both within season and after season crop management.
Further, with increasing government expenditure on space programs and research & development to adopt advance technology in satellite imaging systems is also a prominent factor, which is expected to drive the demand of satellite imaging in coming years.
The research states that the global commercial satellite imaging market is moderately competitive, with players developing advance Earth imagery and data analytics solutions. Some of the key players operating in the global commercial satellite imaging market are DigitalGlobe, Inc., Galileo Group, Inc., Spaceknow, Inc., Environmental Systems Research Institute, and Airbus Defence and Space.
The global commercial satellite imaging market is heading towards consolidation, as most of the major vendors in the global commercial satellite imaging market are actively focused on enhancing their offerings to meet the ongoing demand for advance satellite imagery solutions through global strategic developments. Some of the major strategic developments in the global commercial satellite market include acquisition of businesses engaged in satellite imagery or geospatial information services by big players, and partnerships and agreements between the Earth imagery providers and geospatial information and data analytics players, and their beneficiaries.
GLOBAL COMMERCIAL SATELLITE IMAGING MARKET SEGMENTATION
- Geospatial Data Acquisition & Mapping
- Defence & Intelligence
- Disaster Management
- Natural Resource Management
- Construction & Development
- Surveillance & Security
- Conservation & Research
- Media & Entertainment
- Commercial Enterprise
- Forestry & Agriculture
- Civil Engineering Industry
- North America
o The U.S.
o The U.K.
o Rest of Europe
o Rest of Asia-Pacific
- Middle-East & Africa (MEA)
o South Africa
o Rest of MEA
- Latin America
o Rest of Latin America
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