The global commercial satellite imaging market is a fragmented one, consisting of a very limited number of players, they offer commercial satellite imaging services across various end-use industries including commercial enterprises, government, forestry, and agriculture. There is intense competition in the market among players including DigitalGlobe Inc. Some of the other prominent players in the market are SkyLab Analytics, Spaceknow Inc., Exelis Inc., DigitalGlobe Inc., Planet Labs Inc., Telespazio, Blacksky Global, Trimble Navigation Ltd., and Galileo Group Inc.
Currently, due to the emergence of smaller satellites, also referred to as CubeSats, many startups have already operating in this market. CubeSats have garnered a positive response from the space industry and they are doing relatively well as they are providing high-resolution satellite images with low costs of production, launching, and operations. Numerous market giants are now entering this segment as they plan to offer better image quality at much lower costs in the near future.
In June 2015, BlackSky Global announced its partnership with AllSource Analysis, a commercial imagery intelligence provider. Through this partnership, Blacksky Global is providing cost-effective, rapid-visit, and high-resolution satellite imaging data to AllSource Analysis to enhance AllSource’s product development and multisource analytics capabilities.
According to a TMR report, the global commercial satellite imaging market is expected to progress at a CAGR of 11.40% in the forecast period. The market is projected to reach a valuation of US$6.5 bn by 2023 from its initial value of US$2.8 bn in 2015.
Multiple Applications of Commercial Satellite Imaging Technology in Defense and Intelligence Sector to Propel Market
Based on application, the market can be classified into disaster response management, energy, geospatial technology, conservation and research, construction and development, natural resources management, defense and intelligence, and media and entertainment. The defense and intelligence sector has contributed to the market demand of commercial satellite imaging. It is also predicted that this segment will further grow in the said period. The key factor for the growth of this segment is the excessive adoption of the technology in infrastructure, military, and various other applications.
On the basis of end use, the government sector has significantly added to the market growth. Commercial satellite imaging technology is being widely used by various government organizations for various purposes including security. This segment has the highest utilization of these devices, thus leading the market segment over the forecast period.
North America to Regain its Top Position Due to Strong Technological Base
The global commercial satellite imaging market can be segmented on the basis of geography into North America, Asia Pacific, Europe, Latin America, and the Middle East and Africa. Among the mentioned regions, North America has emerged as leading market for global commercial satellite imaging, accounting for a 45% market share. Due to a strong technological base and increased government funding for space programs, this region will continue to dominate the market in the forecast period as well.
Latin America is another promising market for commercial satellite imaging and is predicted to grow in years to come. The demand is set to increase due to widespread application of commercial satellite imaging in the agricultural and the industrial sectors.
This review is based on the findings of a TMR report titled ‘Commercial Satellite Imaging Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2015 - 2023.’
Global Commercial Satellite Imaging Market, by End-use Industry
- Commercial Enterprises
- Civil Engineering Industry
- Energy Sectors
Global Commercial Satellite Imaging Market, by Applications
- Geospatial Technology
- Natural Resources Management
- Construction and Development
- Disaster Response Management
- Defense and Intelligence
- Conservation and Research
- Media and Entertainment
Global Commercial Satellite Imaging Market, by Geography
- North America (NA)
- Europe (EU)
- Asia Pacific (APAC)
- Middle East & Africa (MEA)
- Latin America (LATAM)
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