During the projection period, the market for commercial satellite imaging is anticipated to grow at a 7.9% CAGR and generate US$ 12.4 billion. In the near future, market expansion is probably going to be fueled by the increasing backing from various governments. In 2021 and 2022, respectively, the trade is predicted to bring in US$ 5.2 billion and US$ 5.8 billion.
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.
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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.
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.
Key Segments Covered In The Commercial Satellite Imaging Industry Survey
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Commercial Satellite Imaging by End Use:
- Commercial Satellite Imaging for Governments
- Commercial Satellite Imaging for Commercial Enterprises
- Commercial Satellite Imaging for Civil Engineering
- Commercial Satellite Imaging for Military
- Commercial Satellite Imaging for Forests
- Commercial Satellite Imaging for Insurance
Commercial Satellite Imaging by Application:
- Commercial Satellite Imaging in Energy Generation
- Commercial Satellite Imaging in Geospatial Technology
- Commercial Satellite Imaging in Natural Resources Management
- Commercial Satellite Imaging in Construction and Development
- Commercial Satellite Imaging in Media and Entertainment
Commercial Satellite Imaging by Geography:
- North America Commercial Satellite Imaging Market
- Europe Commercial Satellite Imaging Market
- Asia-Pacific Commercial Satellite Imaging Market
- Middle East & Africa Commercial Satellite Imaging Market
- Latin America Commercial Satellite Imaging Market
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