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.
Global Commercial Satellite Imaging Market: Overview
Commercial satellite imaging has grown extensively in recent times due to constant innovation and development. The wide use of stately images has grown the commercial satellite market largely in past recent years. The increasing efficiency of commercial satellite imaging now possess high resolution satellite imagery that includes national defence organizations, various commercial sectors including food and pharmaceutical, environmental protection and national development organizations, and hyperspectral imaging from homeland security agencies.
The constant efforts made for technological advancements in the aerospace sector has fuelled the commercial satellite imaging market. The government sending has increased significantly for several space programs to advance work in the aerospace sector mainly with technological developments. Further, inflating demand from the private sector have boosted the commercial satellite imaging market globally. The decreasing price of satellite imaging with technological advancements that has enhanced the capacity of GPS satellite, remote sensing technology, cloud services, and high-resolution services are estimated to boost the market for commercial satellite imaging market in coming years.
Global Commercial Satellite Imaging Market: Trends
The wide use of the commercial satellite is seen in defence and intelligence, natural resource management, conservation and research, geospatial technology, construction and development, energy, disaster response management, and media and entertainment sector. The above-mentioned areas are key applications for the commercial satellite imaging market globally. The growing usability for commercial satellite imaging has a wide scope in the military, agriculture, commercial enterprise, civil engineering industry, forest, energy sector, government, and insurance. These industries have made the best end user base for the commercial imaging satellite to grow profoundly on the global platform.
Global Commercial Satellite Imaging Market: Geography
As per the geography, the regions covered in the report for commercial satellite imaging market are North America, Europe, Latin America, Asia Pacific, and the Middle East and Africa. Among these, North America is the leading and is estimated to dominate the market in the coming years, due to technological advancements and constant efforts made in research and development. Contribution by NASA and SpaceX in the US, have intensified the space programs. They have also imprpoved and grown the demand for communication, navigation, and spying satellites. Asia Pacific stands at the second position after North America in the global commercial satellite imaging market in the coming years. The increasing need for high investment for research in emerging countries may deter the market to grow and compete at the global level. However, by tailoring the vast untapped opportunity in emerging economies will lead the market to perform in an outstanding manner.
Global Commercial Satellite Imaging Market: Competition
The global market for commercial satellite imaging has few players dominating in the global market. They are making deliberate measure to strengthen their position in the market by establishing strong distribution channel in the global platform for numerous industries. The prominent players are SkyLab Analytics, Galileo Group Inc., Spaceknow Inc., Planet Labs Inc., Blacksky Global, Telespazio, DigitalGlobe Inc., Trimble Navigation Ltd., and Exelis Inc.
The global commercial satellite imaging market has been segmented as follows:
By End-use Industry
- Commercial Enterprises
- Civil Engineering Industry
- Energy Sectors
- Geospatial Technology
- Natural Resources Management
- Construction and Development
- Disaster Response Management
- Defense and Intelligence
- Conservation and Research
- Media and Entertainment
- North America (NA)
- Europe (EU)
- Asia Pacific (APAC)
- Middle East & Africa (MEA)
- Latin America (LATAM)
This report gives 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 include:
- 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