Satellite images are collected by special imaging satellites operated by commercial businesses and governments across the globe. Companies operating in the commercial satellite imaging market sell images to businesses such as Google Maps and Apple Maps, and governments through licensing agreements. The usage of satellite imagery for commercial purposes such as agriculture, defense, energy, and insurance is known as commercial satellite imaging. Amalgamation of high-end technologies in commercial satellite imaging has encouraged various industries to deploy the technology in order to increase their reach the world. Rise in demand for high resolution and advanced satellite imagery in the field of national development administration, emergency services, national defense organizations, homeland security agencies, and environment protection has augmented the adoption of commercial satellite imaging.
The global market commercial satellite imaging market is expected to expand at a CAGR of 11.61% from 2019 to 2027. The commercial satellite imaging market was valued at US$ 3.82 Bn in 2018 and is expected to reach US$ 10.23 Bn by the end of 2027.
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Defense and Intelligence End-user Segment to Lead Global Commercial Satellite Imaging Market
Media & entertainment, conservation & research, disaster response management, defense & intelligence, construction & development, geospatial technology, natural resources, and energy are the core applications of commercial satellite imaging. Defense & intelligence was the leading segment of the commercial satellite imaging market in 2018. This trend is anticipated to continue during the forecast period.
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Rise in deployment of commercial satellite imaging in defense sector can be ascribed to the rise in need for advanced imaging services for staying ahead and increase in need to employ advanced technology for military research purposes.
North America to Dominate Global Commercial Satellite Imaging Market
Based on region, the global commercial satellite imaging market has been segmented into Middle East & Africa, Europe, North America, Latin America, and Asia Pacific. North America was the leading region in terms of adoption of commercial satellite imaging technology with more than 45% share in 2018. The growth of the commercial satellite imaging market in the region can be ascribed to the growth in funding in different space programs and increase in research to achieve strong base of the technology. The market in the region is expected to expand significantly in the near future, led by advancements in research and development projects. Latin America is estimated to offer lucrative opportunities to the global commercial satellite imaging market during the forecast period. Vendors in the region are keen on capitalizing on these lucrative opportunities. The commercial satellite imaging market in Latin America is estimated to expand owing to the rise in application of the technology in industrial and agricultural sectors.
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Leading players operating in the global commercial satellite imaging market are
- Galileo Group Inc.
- Blacksky Global
- Planet Labs Inc
- DigitalGlobe Inc.
- Exelis Inc.
- Trimble Navigation Ltd.
- SkyLab Analytics
- Spaceknow Inc.
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Technological Advancement and Concern for Security to Boost Commercial Satellite Imaging Market
With its extensive world coverage and rapid transmission of visual information, satellite imaging has exceeded the use of terrestrial and aerial imagery by eliminating the constraint of geographical scope. The relevance of satellite imaging has motivated governmental organizations to encourage its growth. By funding in satellite imaging technology, several governments have assisted the companies analyzed in the market. The Australian government has spent in satellite technology and invested USD 260 million on satellite technology employment creation in Australia. With the rising significance of this technology, the global commercial satellite imaging market is likely to observe growth in the near future.
In most countries, rising military and defense expenditures for the implementation of security policies are predicted to support the growth of the global commercial satellite imaging market. Given the increasing security issues, several countries, with the assistance of technological advancement, have been deploying satellites to reinforce their defense activities. The growth of this market is therefore anticipated to be stimulated by a spike in the number of satellite launches across several countries. For geospatial imaging, the defense industry often employs commercial satellite imaging, which is likely to add fillip to the market in the near future.
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