Satellite imagery refers to the pictures of earth or various other planets which is collected by special imaging satellites that is operated by commercial businesses and governments across the globe. The companies in the satellite imaging market sell images to businesses such as Google Maps and Apple Maps and governments by licensing the images to them.
The use of satellite imagery for commercial purposes such as in agriculture, defense, energy, and insurance among others is known as commercial satellite imaging market. The amalgamation of high-end technology in commercial satellite imaging has triggered numerous industries to deploy this technology for increasing their reach across other regions of the world.
The global market for commercial satellite imaging market is expected to expand at a reasonable 11.4% CAGR from 2015 to 2023. The market was worth US$2.5 bn in 2014 and is likely to touch a valuation of US$6.5 bn by the end of 2023.
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Defense and Intelligence to Lead in terms of Application in near future
The core applications of commercial satellite imaging are media and entertainment, conservation and research, disaster response management, defense and intelligence, construction and development, geospatial technology, natural resources, and energy. Amongst these, the leading application sector in 2015 was defense and intelligence and was reported to have the leading most demand for this particular technology in the last couple of years. It has been also projected that the sector will maintain a dominant position till the end of the forecast period.
The rising deployment of commercial satellite imaging in this sector can be attributed to the growing need for advanced imaging services for staying ahead and the need to employ advanced technology for military research purposes as well.
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North America to Top Charts Owing to High Government Funding
The global market for commercial satellite imaging has been segmented on the basis of region into the Middle East and Africa, Europe, North America, Latin America, and Asia Pacific. In 2014, North America surfaced as the leading region in terms of adoption of commercial satellite imaging technology with a share of over 45% in the same year.
The growth of the market in the region can be attributed to the growing funding in different space programs and research for gaining a very strong base of technology. The region will maintain a strong growth in the years ahead with the advancements in research and development projects.
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Latin America, further, is also a region that is most likely to witness substantial growth opportunities in the global market and the vendors are most keen on capitalizing on these lucrative opportunities. The market in his region is expected to grow owing to the growing application of this technology in the industrial and agricultural sectors.
The leading market players in action are Galileo Group Inc., Blacksky Global, Planet Labs Inc., Telespazio, DigitalGlobe Inc., Exelis Inc., Trimble Navigation Ltd., SkyLab Analytics, and Spaceknow Inc.
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