Commercial Satellite Imaging Market Size Expected to grow to 8.5 Billion by 2030
Jaipur, India, October 21, 2022--According to Market Statsville Group (MSG), the global commercial satellite imaging market size is expected to grow from USD 3.3 Billion in 2021 to US$ 8.5 Bil. by 2030, at a CAGR of 11.1% from 2022 to 2030. Commercial satellite imaging is a technique for displaying high-resolution datasets of ground conditions.
It compares date, pricing, and resolution with other vendors by searching a map or an area of interest. It provides detailed data and a clear image that may be used in modeling, engineering, infrastructure, telecommunications, precision agriculture, disaster recovery, forestry, and watershed management. It also serves as a foundation for projects including media and publication, regional research, and the mapping of general patterns. At the moment, significant companies are developing commercial satellite imaging that can identify ground conditions at night using radar images, providing civil and defense organizations worldwide with unique, dependable monitoring capabilities.
Global Commercial Satellite Imaging Market Definition
Rising worries about climate change, environmental degradation, and catastrophe monitoring are among the primary issues driving global demand for commercial satellite imagery. Furthermore, as security concerns and geopolitical conflicts between countries develop, many governments raise their defense budgets. They are employing commercial satellite imagery to give data that will strengthen defense operations and security services. Furthermore, satellite imagery gives information on the planet's chemical, physical, and biological aspects. This data is routinely used by academics, scientists, and businesses to build cutting-edge goods. Aside from that, developing new technologies like GPS satellites, electric propulsion, remote sensing, light detection and ranging (LIDAR), and high-resolution cameras is helping to drive market expansion. The growing usage of artificial intelligence (AI) and cloud infrastructure is also favorable to the market. Furthermore, the combination of fast collection and commercial satellite imaging technologies can swiftly transmit picture data to assist live event monitoring, producing a positive market outlook.
COVID-19 Impact on the Global Commercial Satellite Imaging Market
The COVID-19 pandemic had a global impact on the aircraft sector. Due to supply chain disruption, the COVID-19 pandemic has delayed mission deployments and slowed new product deliveries for most significant space firms. The pandemic impacted the income streams dedicated to R&D and the adoption of innovative technologies in the commercial satellite imaging sector. However, the post-pandemic demand for commercial satellite imaging is expected to increase significantly due to the expanding application of commercial satellite imagery and analytics in numerous end-use verticals.
Global Commercial Satellite Imaging Market Dynamics
Drivers: Satellite data usage is increasing
The increased use of satellite data in smart city development and connected cars, as well as the increased reliance on location-based services and applications in government and defense services, are driving the market's growth. Moreover, the global growth of the commercial satellite imaging market is attributed to the increased use of satellite imagery in various sectors. Satellite imagery is widely used in various applications such as geospatial data acquisition and mapping, defense and intelligence, energy, construction, infrastructure development, natural resource management, conservation and research, media and entertainment, surveillance and security, and disaster management. Earth photography is also important in various applications such as infrastructure planning and construction, exploring new energy sources, disaster management, green mapping, traffic management, and topographical mapping. Furthermore, with the rising need for high-resolution satellite imagery in emergency services, homeland security, military, and environmental protection, as well as for crime mapping, crop forecasts, and data analysis, commercial satellite imaging is expected to grow during the forecast period.
Restraints: Strict government regulations hamper the market growth
Government restrictions on the use of satellites and production of commercial satellite, as well as the limited availability of aerial imaging, limit industry expansion. Moreover, alternative technologies to commercial satellite imaging, such as aerial imaging services, are anticipated to hamper industry expansion worldwide. Aerial imaging services have several benefits over commercial satellite imaging, including higher picture quality and resolution, more frequent flight capacity, and the ability to function in adverse weather situations. Furthermore, digital aerial cameras may record higher-resolution photos than satellite imaging.
Opportunities: Adoption of new technologies
The increased incorporation of new technologies in commercial satellite manufacturing is anticipated to create new opportunities in the coming years. Next-generation GPS satellites, high-resolution cameras, light detection and ranging (LIDAR) technology, and remote sensing technologies, for example, aid in observing, recording, and perceiving things or events from distant locations. Furthermore, remote sensors collect important information by detecting electromagnetic radiation reflected, emitted, and absorbed by objects in various spectral areas. This aids distant environmental studies utilizing techniques such as satellite imaging, aerial photography, and radar.
Geospatial data acquisition & mapping segment accounts for the largest market share by application
Based on the application, the commercial satellite imaging market is divided into urban planning & development, geospatial data acquisition & mapping, disaster management, surveillance & security, energy & natural resource management, defense & intelligence, and others. The geospatial data acquisition & mapping segment accounted for the largest market share in 2021 and is expected to maintain its revenue dominance during the forecast period. This is owing to the wide variety of applications in numerous areas such as environmental condition analysis, archaeology, mining study, and map and chart formation.
Asia Pacific accounts for the highest CAGR during the forecast period by Region
Based on the regions, the global commercial satellite imaging market has been segmented across North America, Asia-Pacific, Europe, South America, and the Middle East & Africa. During the forecast period, Asia-Pacific is expected to be the fastest-growing region with the highest CAGR. China is likely to make the most important contribution to an emerging market. Developing nations such as India, China, Japan, and others have contributed to the market's growth. Furthermore, increased government participation due to escalating national security concerns fosters the market’s growth over the forecast period. For instance, in April 2022, China announced developing a sophisticated AI system capable of transforming low-cost commercial satellites already circling the Earth into powerful surveillance platforms. According to studies, it is expected to outperform current technologies by approximately seven times. According to the Union of Concerned Scientists, China is expected to have the second-highest number of rotating satellites behind the United States.
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As a result, such market trends are likely to assist Asia-Pacific in dominating the overall market.
Key Market Players in the Global Commercial Satellite Imaging Market
The global commercial satellite imaging market is highly competitive, with key industry players adopting strategies such as partnerships, acquisitions, product development, agreements, and expansion to strengthen their market positions. Most companies in the market are indulged in expanding business across regions, enhancing their capabilities, and molding strong partner relations.
Major players in the global commercial satellite imaging market include:
· BlackSky
· European Space Imaging
· Galileo Group, Inc.
· ImageSat
· L3Harris Technologies, Inc.
· Maxar Technologies Inc.
· Planet Labs Inc.
· Airbus S.A.S.
· SpaceKnow Inc.
· Telespazio France
