According to a new research report “Global Commercial Satellite Imaging Market Size, Share, Development, Growth and Demand Forecast to 2023 – Industry Insights by Application (Geospatial Data Acquisition & Mapping, Defence & Intelligence, Energy, Disaster Management, Natural Resource Management, Construction & Development, Surveillance & Security, Conservation & Research, and Media & Entertainment), and by End-User (Commercial Enterprise, Government, Defence, Forestry & Agriculture, Civil Engineering Industry, Energy, and Insurance)” published by P&S Market Research, 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.
Global commercial satellite imaging market to grow in double digits
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.
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Insights on market segments
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.
The market to witness fastest growth in Asia-Pacific during the forecast period
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.
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Technological advancements in satellite imaging escalates the global market growth
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.
Moderate competition among key players
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.
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
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