According to a new report published by Allied Market Research titled, "Commercial Satellite Imaging Market by Application, End User, and Region: Global Opportunity Analysis and Industry Forecast, 2019-2026," The global commercial satellite imaging market was valued at $2,240.0 million in 2018, and is expected to reach $5,256.4 million by 2026, registering a CAGR of 11.2% from 2019 to 2026.
Satellite imaging is a technology that offers real-time geospatial information in the form of images. These images are further used across various industries for commercial purposes. Thus, the Importance of satellite images for commercial use is increasing across the globe, as the information extracted from these images helps to strengthen defense operation, security services, and other vital uses at global level as whole or for a particular country.
The global commercial satellite imaging market was valued at $2,240.0 million, and it anticipated to reach $5,256.4 million by the end of 2026, registering CAGR of 11.2% during the forecast period. Increase in applications of satellite imaging services such as geospatial mapping, disaster mapping, urban planning, and energy management is driving the overall growth of the market. Moreover, rise in requirement of satellite imaging data analytics from various industries that need critical information regarding geospatial and environmental conditions for effective resource management is fueling the growth of the market. Satellite imagery is used in various commercial applications such as selection of construction sites, surrounding areas, route planning, monitoring of infrastructural projects, and 3D modeling of excavation areas, which further accelerate the market growth. Wit.
The global commercial satellite imaging market is segmented into application, end use, and region. The applications covered in the study include geospatial data acquisition & mapping, urban planning & development, disaster management, energy & natural resource management, surveillance & security, defense & intelligence, and others. Geospatial data acquisition & mapping accounted for the highest share, due to its application in archaeology, construction, government, military, mining, and civil engineering sector.
By end use, the market is bifurcated into government, military defense, forestry and agriculture, energy, civil engineering & archaeology, transportation & logistics, and others. The defense sector is the major shareholder, owing to the fact that governments from various countries invest in aerial security to develop security programs with the help of geospatial mapping services.
Market segmentation based on region includes North America, Europe, and LAMEA. North America has emerged as the global leader in this market. Established aerospace and defense industry is mainly contributing in the North America commercial satellite imaging market growth.
Presence of some of the major companies such as Google Inc., DigitalGlobe, GeoEye, Inc., and ImageSat International N.V. in North America is further driving the market growth, and is anticipated to offer remunerative growth opportunities. Key players operating in the global commercial satellite imaging market are BlackSky Global LLC, European Space Imaging, Galileo Group, Inc., Harris Corporation, ImageSat International N.V., Maxar Technologies Inc., Planet Labs Inc., Planet Labs Inc., Telespazio France, UrtheCast Corp, and others.
Key Findings of the Commercial Satellite Imaging Market :
- The Asia-Pacific is the regional market is projected to grow at a highest CAGR of nearly 11.8%, in terms of revenue, during the forecast period
- A comprehensive analysis of the factors that drive and restrain the market growth is provided
- Government segment by end use accounted for the largest commercial satellite imaging share and it is expected to maintain the lead during the forecast period
- The commercial satellite imaging market size is provided in terms of revenue
- An extensive analysis of various regions provides insights that are expected to allow companies to strategically plan their business moves
- The qualitative data in this report aims at the market dynamics, trends, and developments in the commercial satellite imaging industry while the quantitative data provides the market size in terms of revenue
- The report provides an in-depth commercial satellite imaging market analysis of the forecast along with the current and future market trends