The global commercial satellite imaging market is estimated to garner US$ 12.4 Billion while exhibiting a 7.9% CAGR during the forecast period. The growing support from several governments is likely to fuel the market growth in the coming time. The trade is expected to secure US$ 5.2 Billion in 2021 and US$ 5.8 Billion in 2022.
The increasing significance of satellite imaging has encouraged the government of various countries to make investments in the sector, which is likely to benefit the market. For instance, the Australian government invested USD 260 Mn for the development of satellite technology and the creation of job opportunities. Similarly, BlackSky, an eminent geospatial intelligence player announced that it secured US$ 50 Million loan from the Intelsat satellite powerhouse, to drive its nascent earth observation.
The military and defense segment is likely to offer remunerative opportunities for the global commercial satellite imaging market. Several emerging economies are making significant developments in their defense and military budgets, thereby, providing lucrative opportunities to players in the market. For instance, as per SIPRI, in 2019, the military expenditure of the U.S was US$ 717 Billion.
Get Sample of the Report
https://www.futuremarketinsights.com/reports/sample/rep-gb-14602
Commercial Satellite Imaging Market Key Takeaways:
- By end-use, the government segment is expected to record an 8.1% CAGR by 2032
- By application, the defense and intelligence segment to expand at a 7.9% growth rate during the forecast period
- The U.S market to garner US$ 3 Billion and record a 7.2% CAGR from 2022-2032
- Market in China to procure US$ 1.2 Billion, expanding at a 9.2% growth rate during the assessment period
Commercial Satellite Imaging Market Competitive Landscape
Key players in the global commercial satellite imaging market include Planet Labs, Inc., DigitalGlobe, Inc., Exelis, Inc., Trimble Navigation Limited, and Telespazio, among others.
Ask Analyst
https://www.futuremarketinsights.com/askus/rep-gb-14602
Recent developments among key players are:
In July 2019, DigitalGlobe launched OpenStreetMap imagery endpoints. It will allow the users of OpenStreetMap to observe uniformity in content between the previous and new layers. The imagery is expected to be more often updated by using the latest Maxar mosaic content. The augmented production processes are projected to benefit OSM contributors.
In February 2020, the Air Force Life Cycle Management Centre announced a strategic partnership with L3Harris Technologies to develop a software platform. The software is expected to make it convenient for analysts to use AI to locate objects in large data sets, thereby, addressing urgent defense requirements for automation to observe and analyze large geospatial data sets.
Check Related Links Here :
https://acatpg.mn.co/posts/23563232
https://globalsocials.mn.co/posts/23563243
About Future Market Insights (FMI)
Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
Contact Us:
Unit No: 1602-006
Jumeirah Bay 2
Plot No: JLT-PH2-X2A
Jumeirah Lakes Towers
Dubai
United Arab Emirates
LinkedIn| Twitter| Blogs