Spending on Commercial Satellites is Forecast to be Strong Until 2023
The global market for commercial satellite imaging is undergoing a transitional phase. Currently, the market is witnessing moderate growth; however, analysts project it to register a significant rise in the long run. In 2014, the market’s opportunity stood at US$2.5 bn, which is likely to rise at a CAGR of 11.40% between 2015 and 2023 and to reach a value of US$6.5 bn by 2023.
The incorporation of advanced technology in commercial satellite imaging has encouraged a number of industries to adopt this technology in order to increase their business reach to the new world. Besides, the increased demand for high-resolution satellite imagery in environmental protection and national development authorities, homeland security agencies, national defense organizations, and emergency services across the world is likely to augment the demand for commercial satellite imaging in the near future. The widening application range of imaging satellites is also projected to drive their demand over the next few years.
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Defense and Intelligence Sector to Remain Largest Application Area for Commercial Satellite Imaging Technology
The major application areas of commercial satellite imaging technology are energy, natural resources management, geospatial technology, construction and development, defense and intelligence, disaster response management, conservation and research, and media and entertainment.
The defense and intelligence sector has reported the highest demand for this technology over the last few years and is expected to remain its largest application area over the forecast period. The increasing adoption of this technology in the military, infrastructure, and various other applications has been identified as the key factor behind this demand.
High Funding by Governments for Space Programs Propels North America Commercial Satellite Imaging Market
The worldwide commercial satellite imaging market spreads across Asia Pacific, Latin America, North America, Europe, and the Middle East and Africa. North America, among all, has emerged as the market leader. In 2014, it accounted for a share of around 45% of the overall revenue generated in this market. High funding by the governments in the region for space programs and a strong technological base are the key factors that have propelled the commercial satellite imaging market in North America over the last few years. Analysts expect it to retain its dominance during the forecast period.
Latin America is also projected to witness a significant growth in its commercial satellite imaging market in the coming years as the demand for commercial satellite imaging equipment is expected to increase in this region due to their widespread application in the agricultural and the industrial sectors. In Latin America, these sectors are likely to report a remarkable rise in the near future.
The global market for commercial satellite imaging is moderately fragmented as it consists of a limited number of participants providing commercial satellite imaging services across the world. Spaceknow Inc., SkyLab Analytics, Trimble Navigation Ltd., Exelis Inc., Telespazio, DigitalGlobe Inc., Planet Labs Inc., Blacksky Global, and Galileo Group Inc. are the leading players in this market.
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