Commercial Satellite Imaging Market to hit over $5000 million come 2023
Its focus is on some crucial aspects of the Commercial Satellite Imaging Market. It analyses the size, status and trends of this particular market. In addition to that, there is a forecast. It has information that would prove useful. That includes the key market drivers, various specific growth opportunities and last but not least the competitors. Others are the likes of technologies, standardization, value chain, ecosystem player profiles, and strategies, operator case studies, opportunities and deployment models among others.
Commercial satellite imaging avails geospatial as well as information. Both of them are available in the form of real-time images that are captured using satellite imagery systems. As far as the report is concerned, the global commercial satellite imaging market will be at $5,266.5 million come 2023.
The images have various uses. They can help in environmental monitoring, construction project mapping, geographical border surveillance, and natural resource management. When categorized based on application, the markets fall under various categories. There is energy, natural resources, location-based services (LBS), disaster management, maritime, infrastructure, and others. The others category covers surveillance, research, environmental conservation, media, and entertainment.
The main factor that would support the growth of the commercial satellite imaging market is the fact that the adoption of LBS is snowballing. Over the years, a lot of industries have been adopting them. They include energy, insurance, agriculture, forestry, civil engineering, defense, government and commercial enterprises among others.
The commercial satellite imaging market falls in two categories namely optical and radar technologies. As far as revenue is concerned, the former was leading in the market share in 2017. Nevertheless, that could change by 2023. As much as the defense was the primary application area, disaster management will include the fast-growing area over the period. It will increase with a CAGR of not less than 17%.
Going by Geography, APAC has been leading in the rapid growth of the commercial satellite imaging market. It is not expected to change over the forecast period. That doesn’t come as a surprise giving how the region has adopted the earth imagery technologies, taken digitalization to a whole level and advanced the satellite image analytics. Equally important, the regional government has shifted considerable focus on earth imagery technologies. Due to all that, the growth will keep increasing. However, the largest market was North America. By 2023, it will have contributed to up to 30% of the revenue. Country wise, the United States will be the largest global market. Between 2013 and 2017. India registered the most significant growth.
The factor that will play a huge role in the market growth will be the advanced agriculture management. As for the players, their growth opportunities lie in the technological developments including remote sensing and electric compulsion.
Key Players – Companies
- BlackSky Global LLC
- DigitalGlobe, Inc.
- European Space Imaging (EUSI) GmbH
- Galileo Group, Inc.
- Harris Corporation
- ImageSat International N.V.
- Planet Labs, Inc.
- SkyLab Analytics
- Spaceknow, Inc.
- UrtheCast Corp.