The global commercial satellite imaging market was worth US$ 5.2 billion in 2021 and is expected to grow 11.5% year on year to US$ 5.8 billion in 2022. Because of the growing support from various governmental organizations, the market is expected to reach $12.4 billion by 2032. During the forecast period, the trade is expected to grow at a 7.9% CAGR.
Many governments have been encouraged to invest in the sector as a result of the growing importance of satellite imaging, which will likely benefit the market. The Australian government, for example, contributed USD 260 million to satellite technology advancement and job creation. In a similar vein, BlackSky, a prominent geospatial intelligence participant, announced that it had received a US$ 50 million loan from Intelsat, the world leader in satellite technology, to fund its operations.
Limited Time Offer: Secure Your Copy and Stay Ahead in the Dynamic Commercial Satellite Imaging Market @
https://www.futuremarketinsights.com/reports/sample/rep-gb-14602
The commercial satellite imaging industry is expected to be profitable in the military and defense sectors. A number of developing countries are significantly increasing their defense and military spending, providing market participants with appealing opportunities. For example, the United States spent $717 billion on its military in 2019, according to SIPRI.
Key Takeaways:
- By end-use, the government segment is expected to record an 8.1% CAGR by 2032
- By application, the defense and intelligence segment to expand at a 7.9% growth rate during the forecast period
- The U.S market to garner US$ 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
“Increasing concerns with respect to national security is likely to encourage various countries to strengthen their satellite imaging systems, which will benefit the market in the forecast period.”
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.
More Valuable Insights
Future Market Insights, in its new offering, presents an unbiased analysis of the global commercial satellite imaging market presenting a historical analysis from 2015 to 2021 and forecast statistics for the period of 2022-2032.
The study reveals essential insights on the basis of End-Use (Government, Commercial Enterprise, Civil Engineering, Military, Forest, Agriculture, Energy Sector, Insurance), Application (Energy, Geospatial Technology, Natural Resources Management, Construction and Development, Disaster Response Management, Defense and Intelligence, Conservation, and Research, Media and Entertainment), and Region (North America, Europe, Asia-Pacific, Middle East & Africa, and Latin America)
Ask an Analyst @
https://www.futuremarketinsights.com/ask-the-analyst/rep-gb-14602
Key Segments Covered In The Commercial Satellite Imaging Industry Survey
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 Agriculture
- Commercial Satellite Imaging for the Energy Sector
- 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 Disaster Response Management
- Commercial Satellite Imaging in Defense and Intelligence
- Commercial Satellite Imaging in Conservation and Research
- 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
Exclusive Customizations Available: Request Tailored Insights to Outperform in the Commercial Satellite Imaging Market @
https://www.futuremarketinsights.com/customization-available/rep-gb-14602
About Us
Future Market Insights, Inc. (ESOMAR certified, Stevie Award – recipient 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:
Future Market Insights Inc.
Christiana Corporate, 200 Continental Drive,
Suite 401, Newark, Delaware – 19713, USA
T: +1-845-579-5705
For Sales Enquiries: sales@futuremarketinsights.com
Browse Other Reports: https://www.futuremarketinsights.com/reports
LinkedIn| Twitter| Blogs