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Global Commercial Satellite Imaging Market: Widening Application Base to Enable Sustained Growth, says TMR

Posted on Nov 24, 2016

The global commercial satellite imaging market is moderately fragmented. The nature of satellite imaging technology has resulted in a branched-out competitive landscape, with several players focusing on various aspects of commercial satellite imaging. According to Transparency Market Research (TMR), the leading players in the global commercial satellite imaging market are SkyLab Analytics, Galileo Group Inc., DigitalGlobe Inc., Exelis Inc., Blacksky Global, Telespazio, Planet Labs Inc., Spaceknow Inc., and Trimble Navigation Ltd.

The global commercial satellite imaging market is expected to reach a valuation of more than US$3 bn by the end of 2016 and further rise to close to US$6.5 bn by the end of 2023.

 

commercial satellite imaging market

Use of Commercial Satellite Imaging to Rise in Geospatial Applications

By application, the global commercial satellite imaging market is segmented into defense and intelligence, construction and development, conservation and research, media and entertainment, geospatial technology, disaster response management, natural resources management, and energy. Of these, defense and intelligence is the leading contributor to the global commercial satellite imaging market and is likely to retain its dominance through the forecast period, with the segment expected to reach a valuation of more than US$1.8 bn by the end of 2023.

However, the growth of the global commercial satellite imaging market is expected to be driven primarily by the rising demand from energy, natural resources management, and geospatial applications. Of these, the geospatial technology application segment of the commercial satellite imaging market is expected to reach a valuation of US$1.5 bn by the end of 2023, at a robust CAGR of 12.6% between 2015 and 2023.

Regionally, North America is the leading contributor to the global commercial satellite imaging market. The prime position of the U.S. in the global space exploration industry is primarily responsible for the dominance of North America in the commercial satellite imaging market, as the U.S. leads in terms of the development as well as utilization of commercial satellite imaging technologies. The high number of space exploration startups in the U.S. is another key reason for the high share of the North America commercial satellite imaging market. Nevertheless, the rapid progress exhibited by the space exploration sector in emerging countries such as India means Asia Pacific is likely to become a key regional market for commercial satellite imaging in the coming years.

Widening Application Base of Commercial Satellite Imaging to Drive Demand

The key driver for the global commercial satellite imaging market is its expanding range of applications. Due to the development of high-speed mobile communication technologies, accessing satellite imaging on smartphones has become eminently feasible. This has resulted in many mobile app developers adding satellite imaging features to their apps. Map and navigation apps are also widely used across the world, and require consistent quality upgrades in order to maintain their user base. This is likely to remain a key driver for the commercial satellite imaging market in the coming years.

The booming commercial space exploration industry, driven by the promise of commercial space travel and immense benefits in terms of communication, is another leading driver for the global commercial satellite imaging market. “The consistent success of the commercial space exploration industry has helped the commercial satellite imaging market garner significant investment,” explained TMR’s lead analyst.

On the other hand, the high volume of data generated in high-resolution satellite imaging is a key restraint on the market. While high-resolution imagery is an important product offered by the commercial satellite imaging industry, the lack of widespread availability of competent big data solutions has restrained its use. However, the rising adoption of master data management and big data analysis tools could ameliorate this restraint in the coming years.

The information in this preview comes from a Transparency Market Research (TMR) report titled ‘Commercial Satellite Imaging Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2015 – 2023.’

The global commercial satellite imaging market is segmented as follows:

By End-use Industry

  • Government
  • Commercial Enterprises
  • Civil Engineering Industry
  • Military
  • Forest
  • Agriculture
  • Energy Sectors
  • Insurance

By Application

  • Energy
  • Geospatial Technology
  • Natural Resources Management
  • Construction and Development
  • Disaster Response Management
  • Defense and Intelligence
  • Conservation and Research
  • Media and Entertainment

By Region

  • North America (NA)
  • Europe (EU)
  • Asia Pacific (APAC)
  • Middle East & Africa (MEA)
  • Latin America (LATAM)

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Transparency Market Research (TMR) is a market intelligence company, providing global business information reports and services. Our exclusive blend of quantitative forecasting and trends analysis provides forward-looking insight for thousands of decision makers. TMR’s experienced team of analysts, researchers, and consultants, use proprietary data sources and various tools and techniques to gather, and analyze information. Our business offerings represent the latest and the most reliable information indispensable for businesses to sustain a competitive edge.

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