Global Commercial Satellite Imaging Market: Snapshot
Satellite imagery refers to the pictures of earth or various other planets which is collected by special imaging satellites that is operated by commercial businesses and governments across the globe. The companies in the satellite imaging market sell images to businesses such as Google Maps and Apple Maps and governments by licensing the images to them. The use of satellite imagery for commercial purposes such as in agriculture, defense, energy, and insurance among others is known as commercial satellite imaging market. The amalgamation of high-end technology in commercial satellite imaging has triggered numerous industries to deploy this technology for increasing their reach across other regions of the world. In addition, the rising 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 and is likely to further trigger it in the coming years.
The global market for commercial satellite imaging market is expected to expand at a reasonable 11.4% CAGR from 2015 to 2023. The market was worth US$2.5 bn in 2014 and is likely to touch a valuation of US$6.5 bn by the end of 2023.
Defense and Intelligence to Lead in terms of Application in near future
The core applications of commercial satellite imaging are media and entertainment, conservation and research, disaster response management, defense and intelligence, construction and development, geospatial technology, natural resources, and energy. Amongst these, the leading application sector in 2015 was defense and intelligence and was reported to have the leading most demand for this particular technology in the last couple of years. It has been also projected that the sector will maintain a dominant position till the end of the forecast period.
The rising deployment of commercial satellite imaging in this sector can be attributed to the growing need for advanced imaging services for staying ahead and the need to employ advanced technology for military research purposes as well.
North America to Top Charts Owing to High Government Funding
The global market for commercial satellite imaging has been segmented on the basis of region into the Middle East and Africa, Europe, North America, Latin America, and Asia Pacific. In 2014, North America surfaced as the leading region in terms of adoption of commercial satellite imaging technology with a share of over 45% in the same year. The growth of the market in the region can be attributed to the growing funding in different space programs and research for gaining a very strong base of technology. The region will maintain a strong growth in the years ahead with the advancements in research and development projects. Latin America, further, is also a region that is most likely to witness substantial growth opportunities in the global market and the vendors are most keen on capitalizing on these lucrative opportunities. The market in his region is expected to grow owing to the growing application of this technology in the industrial and agricultural sectors.
The leading market players in action are Galileo Group Inc., Blacksky Global, Planet Labs Inc., Telespazio, DigitalGlobe Inc., Exelis Inc., Trimble Navigation Ltd., SkyLab Analytics, and Spaceknow Inc.
Commercial Satellite Imaging Market: Overview
Thanks to the technological advancements, the adoption of commercial satellite imaging continues to increase across the globe. Improvements in high-resolution imagery technology and reducing the size of commercial satellites have led to the growth of the level of competition in between leading companies operating in the global commercial satellite imaging market. Currently, this global market is observing the evolution of many new smaller satellites, CubeSats, operated by companies such as PlanetiQ and Skybox Imaging Inc. The introduction of CubeSats has been a key trend, offering high-resolution images, however at low costs of operations, production, and launching.
Established companies are aiming to offer high-resolution images to maintain their dominance in the global market. The global commercial satellite imaging market is in its transitional phase. While the market is registering a moderate growth, it is expected to reach US$6.5 bn by 2023.
The report highlights the key factors expected to drive and restrict the growth of the global commercial satellite imaging market. By using industry-standard tools such as Porter’s five force analysis and SWOT analysis, analysts have identified the key strengths, weaknesses, opportunities, and threats in the market. Key companies operating in the global market are listed in the report by highlighting their products, applications, and specifications.
Commercial Satellite Imaging Market: Trends and Opportunities
The application of advanced technology has motivated many industries to use commercial satellite imaging to broaden their business reach across the globe. The demand for high-resolution satellite imaging from national development authorities, national defense organizations, environmental protection organizations, and homeland security agencies is expected to increase. The application of commercial satellite imaging is predicted to increase. These trends are expected to propel the global market for commercial satellite imaging.
Commercial satellite imaging finds application in energy, geospatial technology, defense and intelligence, conservation and research, disaster response management, construction and development, and media and entertainment. The demand for commercial satellite imaging is expected to be the highest from the defense and intelligence sector owing to the rising adoption in the military and infrastructure applications.
The rising government funding is likely to support the growth of the global commercial satellite imaging market. Governments of many nations are assisting leading companies to focus on research and development activities to introduce new commercial satellite imaging techniques. The rising application of commercial satellite imaging in the industrial and agricultural sectors is also expected to benefit the market in the long run.
Commercial Satellite Imaging: Region-wise Outlook
By region, the global commercial satellite imaging market is divided into Latin America, Europe, North America, Asia Pacific, the Middle East and Africa. In 2014, North America led the global commercial satellite imaging market. Rising government funding is expected to help the North America commercial satellite imaging market to maintain its dominance. However, Latin America is expected to register a significant growth in the global market in the years to come.
Key Players mentioned in the Report:
The global commercial satellite imaging market is moderately fragmented in nature and is dominated by few leading companies. Some of the leading organizations operating in the global commercial satellite imaging market are Spaceknow Inc., Trimble Navigation Ltd., Telespazio, Planet Labs Inc., Galileo Group Inc., SkyLab Analytics, Exelis Inc., DigitalGlobe Inc., and Blacksky Global.
Major regions analyzed under this research report are:
- North America
- Asia Pacific
- Rest of the World
This report gives you access to decisive data such as:
- Market growth drivers
- Factors limiting market growth
- Current market trends
- Market structure
- Market projections for the coming years
Key highlights of this report
- Overview of key market forces propelling and restraining market growth
- Up-to-date analyses of market trends and technological improvements
- Pin-point analyses of market competition dynamics to offer you a competitive edge
- An analysis of strategies of major competitors
- An array of graphics and SWOT analysis of major industry segments
- Detailed analyses of industry trends
- A well-defined technological growth map with an impact-analysis
- Offers a clear understanding of the competitive landscape and key product segments