PUBLISHER: Allied Market Research | PRODUCT CODE: 1513323
PUBLISHER: Allied Market Research | PRODUCT CODE: 1513323
The global commercial satellite imaging market size was valued at $3.3 billion in 2022, and is projected to reach $9.6 billion by 2032, growing at a CAGR of 11.5% from 2023 to 2032.
Satellite imaging mainly deals with capturing images of the earth through satellite, also known as earth observation, and utilizing these images for various commercial purposes, which is known as commercial satellite imaging. Some of the foremost applications of commercial satellite imaging include acquisition & mapping, disaster management, energy & natural resource management, urban planning & development, and security & surveillance. There is increase in the importance of images captured through satellite due to a rise in use of these images in environmental forecasting. It also helps provide a quick response during emergencies such as defense security events and natural calamities.
Furthermore, increase in applications of satellite imaging services such as geospatial mapping, disaster mapping, urban planning, and energy management drives 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 fuels the market growth. 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 accelerates the market growth.
Moreover, rise in adoption of artificial intelligence (AI), machine learning (ML) and cloud computing in the space sector, rise in the use of satellite data in the development of smart cities and connected vehicles, and surge in New Space movement and stringent government regulation on satellite launch significantly impact the market growth.
Furthermore, the commercial satellite imaging market is projected to witness considerable growth, especially in North America, owing to the presence of sophisticated infrastructure to undertake space programs and the earliest & highest adoption of commercial satellite imaging across various industries. Commercial and government space organizations are adopting various innovative techniques to provide customers with advanced and innovative feature offerings.
Also, the demand for satellite imagery is expected to grow significantly in various sectors such as agriculture, real estate, civil engineering, energy, and government. Therefore, a decrease in prices of satellite imagery is expected to boost the adoption of commercial satellite imaging. The market players have adopted product launch, acquisition, and partnership strategies to enhance their product portfolios and expand their geographical reach. Furthermore, the emerging economies are projected to provide lucrative growth opportunities to the market players during the forecast period.
Moreover, location-based services (LBSs) are a set of services that use real time geo-data through internet capable devices to provide information about current location. LBSs are greatly dependent on geographical mapping, which is carried out with the help of satellite imagery.
Factors such vital applications in government and defense services, growth dependence on commercial monitoring services, and rise in use of satellite data in development of smart cities and connected vehicles are driving the growth of the commercial satellite imaging market across the globe. However, availability of aerial imaging services and stringent government regulations for implementation and use of satellites hamper the growth of the market. Furthermore, growing adoption of new technologies and growing integration of artificial intelligence (AI), machine learning (ML), and cloud computing in the space sector are expected to create ample opportunities for the growth of the market during the forecast period.
Moreover, commercial satellite imagery is primarily used in the energy sector for exploration and maintenance of energy resources on the surface of the earth. Various applications of satellite imagery in the energy sector include mapping of energy losses, monitoring of gas pipelines, exploration of energy sources, inspection of power plants, and others. One of the major roles of satellite imagery in the energy sector is the exploration of gas, oil, and minerals. Images captured through satellites are used for mitigating oil spills, monitoring instances of oil smuggling, and others.
Similarly, energy companies are also adopting commercial satellite imagery services for enhancement in the productivity which supports the market growth. For instance, in May 2022, ProStar Holdings Inc. a world leader in Precision Mapping Solutions, was announced that Scout Energy Partners, has signed a service-level agreement (SLA) for ProStar's cloud and mobile solution to improve the management and safety of pipeline operations.
The commercial satellite imaging market is segmented into application, end user, and region. By application, the market is categorized into geospatial data acquisition & mapping, urban planning & development, disaster management, energy & natural resource management, surveillance & security, defense & intelligence, and others. By end user, it is segregated into government, military & defense, forestry & agriculture, energy, civil engineering & archaeology, transportation & logistics, and others. By region, the market is analyzed across North America, Europe, Asia-Pacific, Latin America, and Middle East and Africa.
The leading companies profiled in the report include BlackSky, European Space Imaging, Galileo Group, Inc., ImageSat, L3Harris Technologies, Inc., Maxar Technologies Inc., Planet Labs Inc., Airbus S.A.S., SpaceKnow Inc. and Telespazio France.
Additional benefits you will get with this purchase are:
Possible Customization with this report (with additional cost and timeline, please talk to the sales executive to know more)