A new report published by Allied Market Research forecasts that the global Commercial Satellite Imaging Market is expected to garner $5,275 million by 2022, registering a CAGR of 11.5% during the period 2016 - 2022. The defense sector is expected to dominate the global commercial satellite imaging market during the forecast period. North America is expected to be the leading contributor to global revenue during the forecast period.
Increase in adoption of location-based service (LBS) for various applications including shopping services, emergency services, navigation services, weather information, and traffic information have fostered the adoption of commercial satellite imagery. In addition, rise in adoption of satellite imaging services in various sectors such as transportation, real estate, oil & gas industry, and media & entertainment is expected to drive the market growth. However, higher resolution offered by aerial imagery as compared to satellite imaging along with incapability of satellites to work in bad weather conditions such as fog, cloud cover, and snow restrict the market growth. Innovative developments in technologies and equipment such as GPS satellites, electric propulsion technology, advanced remote sensing technology, and data transmission through the cloud-based platform is expected to provide numerous opportunities for the growth and development of the commercial satellite imaging market.
In the year 2015, the defense sector accounted for the maximum revenue share in the global commercial satellite imaging market, owing to frequent incidents of cross-border disputes, and security concerns worldwide. Growth in demand for geospatial intelligence and mapping services, battlefront analysis, and real-time situation analysis of borders provide huge growth opportunities to the market in defense sector. In addition, the civil engineering & archaeology segment is projected to grow at the fastest CAGR of 12.9% during the forecast period. This growth is attributed to the utilization of satellite imagery for selection of construction sites, surrounding areas, route planning, monitoring of infrastructural projects, 3D modelling of excavation areas, and others. Also, in 2015, Geospatial data acquisition and mapping application accounted for the highest revenue in the global commercial satellite imaging market. The disaster management application is expected to grow at the fastest CAGR owing to increasing incidents of natural disasters such as earthquakes, cyclones, and flood across the world.
North America accounted for a major share of the global commercial satellite imaging market share in 2015, and is expected to maintain its dominance during the forecast period due to heavy investment by government in the defense sector. Asia-Pacific is projected to grow at the fastest CAGR due to increase in events of terrorist attacks and natural disasters.
Key Advantages of the Commercial Satellite Imaging Market Study:
- In the year 2015, defense end-user segment dominated the overall commercial satellite imaging industry in terms of revenue and is projected to grow at a CAGR of 9.7% during the forecast period
- Civil engineering & archaeology end-user segment is projected to grow at the highest CAGR of 12.9%
- Geospatial data acquisition & mapping application segment is projected to generate the highest revenue in the commercial satellite imaging industry
- In the year 2015, North America generated the highest revenue among all regions in the world commercial satellite imaging industry
- Asia-Pacific is expected to grow at a remarkable CAGR of 13.1%
- The global commercial satellite imaging market generated $2,487 million in 2015
Inquire more about the report: https://www.alliedmarketresearch.com/purchase-enquiry/1751
Prominent players in the market such as DigitalGlobe, Inc., Galileo Group, Inc., Planet Labs, Inc., Spaceknow, Inc., SkyLab Analytics, Harris Corporation, and BlackSky Global LLC focus on product launch, acquisition, and partnership for expansion in the market. For instance, in January 2013, DigitalGlobe, Inc. acquired GeoEye, Inc., a geospatial intelligence solutions provider, which enabled DigitalGlobe. Inc. to broaden its service offerings, customer base, and strengthen analytics capabilities.