Commercial Satellite Imaging Market Business Analysis Data, 2013–2023
by Rahul Gautam ManagerGlobal commercial satellite imaging market is
expected to reach $5,266.5 million by 2023, according to P&S Intelligence.
Commercial
satellite imaging offers geospatial data and information in the form of
real-time images. These images, which are captured through satellite imagery
systems, are utilized for various purposes such as natural resource management,
geographical border surveillance, construction project mapping, and
environmental monitoring. Besides, the increasing adoption of location-based
services (LBS) by various end-users, including commercial enterprises,
government, defense, civil engineering, forestry and agriculture, insurance and
energy, is expected to support the growth of the market.
Insights on
market segments
The
commercial satellite imaging market is categorized into optical and radar
technologies. Optical technology accounted for a major market share in terms of
revenue in 2017. During the forecast period, radar technology is anticipated to
be the faster-growing category in the market.
On the
basis of application, the commercial satellite imaging market is classified
into defense, natural resources, energy, infrastructure, LBS, maritime,
disaster management, and others, where “others” include surveillance,
environmental conservation, research, and media and entertainment. Defense has
been the largest application area of commercial satellite imaging and
contributed the highest revenue to the market in 2017. However, disaster
management is anticipated to be the fastest-growing category during the
forecast period, with a CAGR of about 17%.
Market to
witness the fastest growth in Asia-Pacific (APAC) during the forecast period
Geographically,
APAC has been the fastest-growing commercial satellite imaging market. The
market in the region is also anticipated to register the highest CAGR, during
the forecast period, on account of the rapid adoption of Earth imagery
technologies, increasing digitalization, and advancements in satellite image
analytics. In addition, the growing focus of the regional government on Earth
imagery technologies is expected to bolster market growth.
North
America was the largest market for commercial satellite imaging in 2017 and is
expected to account for over 30% revenue in the global market in 2023. By
country, the U.S. stands as the largest market globally, with India registering
the fastest growth from 2013 to 2017.
What are
the factors impacting the growth of this market?
1. Developments
in satellite imaging technology to offer lucrative opportunities to market
players
2. Technological
advancements in satellite imaging to push the market growth
Commercial
satellite imaging is widely used for image capturing to obtain valuable
information. This information is used by governments and research organizations
across various sectors, such as defense, oil and natural gas, mining,
meteorology, and agriculture, for applications such as weather information
forecasting, farming, and forestry. The companies offering commercial satellite
imaging products and services are heavily investing in research and development
to improve image resolution and sensing technology. This, in turn, will help in
improving the quality of satellite-based Earth observation images.
Research
Relevant Queries@ http://bit.ly/2HMisbm
Technological developments such as electric propulsion and
remote sensing are offering growth opportunities to the players operating in
the commercial satellite imaging industry. Electric propulsion is gaining
interest as a revolutionary technology for the development of commercial and
scientific satellites. Hence, developments in electric propulsion technology
are expected to generate lucrative opportunities for the companies offering
commercial satellite imaging products and services.
Commercial
satellite imaging market competitiveness
Some of
the key players operating in the global commercial satellite imaging market are
DigitalGlobe Inc., Galileo Group Inc., Spaceknow Inc., Environmental Systems
Research Institute, and Airbus Defence and Space.
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Created on Jun 28th 2019 00:57. Viewed 289 times.