Enjoy complimentary customisation on priority with our Enterprise License!
The commercial satellite imaging market is estimated to grow at a CAGR of 6.24% between 2022 and 2027. The size of the market is forecast to increase by USD 1,722.63 million. The growth of the market depends on several factors, including the advances in satellite imaging technologies, the growing satellite-based telemetry applications, and the increasing demand for EO imaging systems.
This report extensively covers market segmentation by end-user (government, military and defense, transportation, agriculture, and others), technology (optical and radar), and geography (North America, APAC, Europe, South America, and Middle East and Africa). It also includes an in-depth analysis of drivers, trends, and challenges. Furthermore, the report includes historic market data from 2017 to 2021.
To learn more about this report, Download Report Sample
Technavio categorizes the global commercial satellite imaging market as a part of the global aerospace and defense market within the global capital goods market. The parent, global aerospace and defense market covers products and companies engaged in the production of aerial platforms used under commercial and general aviation; defense platforms used under naval, land, and air domains; arms and ammunition; defense electronics; defense logistics equipment; and space platforms, equipment, and launch vehicles. The global aerospace and defense market also encompasses maintenance, overhaul, and repair (MRO) activities related to commercial and general aviation and defense sectors. Our research report has extensively covered external factors influencing the parent market growth during the forecast period.
The advances in satellite imaging technologies are notably driving the market growth, although factors such as lack of clarity in transmitted images may impede the market growth. Our researchers analyzed the data with 2022 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.
Key Commercial Satellite Imaging Market Driver
The advances in satellite imaging technologies are the key factor driving the global commercial satellite imaging market growth. Images provided by satellites are interpreted to gather valuable data and information, which are used by government organizations for sectors such as defense, oil and natural gas, mining, meteorology, and agriculture. Innovative image-enhancing equipment, including high-resolution cameras and advanced remote-sensing technology, has enhanced the quality of satellite-based EO images. These images are used extensively in the defense, science, and R & D domains. The technology used to capture satellite images has been improving over the years, thereby raising the expectations of the end-users.
For example, users have started demanding more clarity in the images captured by EO satellites so that they can use these images effectively for applications such as weather information collection and forecasting, farming, and forestry. Vendors have strengthened their R and D efforts to develop innovative equipment such as superior lenses. They are also developing innovative remote sensing technologies and high-resolution cameras to improve the quality of images captured by satellites. Such factors will increase the market growth during the forecast period.
Significant Commercial Satellite Imaging Market Trend
Advanced satellite imaging applications are the primary trend in the global commercial satellite imaging market growth. New-generation, cost-effective broadband interactive services are paving the way for another successful revolution in the field of satellite imaging systems. Advanced satellite imaging technologies and rapid progress in the field of information technology have enabled Google Earth Engine to provide a video service by combining satellite images with the help of sophisticated software. This video service called Timelapse can track geological changes across the globe over the past 30 years.
Furthermore, there are a plethora of advanced applications, including determining soil moisture content using active and passive sensors from space, mapping soil types for agriculture planning, unearthing ancient archaeological sites like the Mayans and ancient Egypt, and others.
Major Commercial Satellite Imaging Market Challenge
The lack of clarity in transmitted images is a major challenge to the global commercial satellite imaging market growth. Most satellite imaging technologies depend on daylight and the absence of clouds to provide a clear image. This indicates that these technologies are not as efficient in recording clear images after sunset and at night as during the daytime. One of the steadfast solutions to this problem is the application of synthetic aperture radar (SAR) on satellites to generate 3D images of the landscape on Earth.
However, the large-scale deployment of the SAR technology on satellites is challenging as SAR satellites require larger antennae and consume higher energy than other satellites. This is because the SAR technology is based on active imaging (SAR satellites send a signal down to Earth and record its reflecting pattern rather than measuring the light reflecting from an object). Such factors will hinder market growth during the forecast period.
Key Commercial Satellite Imaging Market Customer Landscape
The report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.
Global Commercial Satellite Imaging Market Customer Landscape
Vendors are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
blacksky.com - The company offers commercial satellite imaging through Spectra AI Platform. Also, the company offers solutions such as BlackSky Assured, BlackSky on demand, and other satellite imaging solutions.
The report also includes detailed analyses of the competitive landscape of the market and information about 12 market vendors, including:
Qualitative and quantitative analysis of vendors has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize vendors as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize vendors as dominant, leading, strong, tentative, and weak.
The market share growth by the government segment will be significant during the forecast period. The major reason for the growth of satellite imaging by the government sector is that it is helpful for civil protection and humanitarian purposes. It supports government agencies in analyzing and managing the causal factors of disasters. It helps analyze the risks and plan and implement prevention measures. It can facilitate better planning and coordination of the different communities to relieve the suffering of the population affected.
Get a glance at the market contribution of various segments Request a PDF Sample
The government segment was valued at USD 1,305.73 million in 2017 and continue to grow by 2021. Increasing usage of satellite imaging technology in the government sector is an important driver of this segment. It is expected to increase significantly during the forecast period. The increasing usage of satellite imagery in various applications, such as disaster management, energy sector exploration, environment changes, improvement of town planning, and management and monitoring of environmental changes, is the key factor behind the dominance of this segment.
For more insights on the market share of various regions Request PDF Sample now!
North America is estimated to contribute 31% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period. The US government civilian space program is conducted by NASA, which is responsible for the maintenance of four primary activities that include aeronautics research, exploration systems, science, and space operations. With the US leading the global demand for commercial satellite services, there have been several developments, investments, and satellite programs, all of which have resulted in consistent year-over-year (YoY) growth and steady progress in the market in the country.
In 2020, the COVID-19 pandemic significantly impacted the market in focus due to lockdowns and social distancing norms imposed by the governments of various countries in the region. However, in 2021 after the relaxation, the US government helped electronic equipment companies from falling into bankruptcy by announcing financial stimulus packages at the end of 2020. Similar packages are expected in 2021 as well. Since October 2020, the growing investments by prominent vendors in the country have been a positive factor in the growth of the market in the region. As a result, the commercial satellite imaging market in North America will witness moderate growth during the forecast period.
The report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2017 to 2027. The market has been segmented by End-user (Government, Military and defense, Transportation, Agriculture, and Others), Technology (Optical and Radar), and Geography (North America, APAC, Europe, South America, and Middle East and Africa).
Commercial Satellite Imaging Market Scope |
|
Report Coverage |
Details |
Page number |
162 |
Base year |
2022 |
Historic period |
2017-2021 |
Forecast period |
2023-2027 |
Growth momentum & CAGR |
Accelerate at a CAGR of 6.24% |
Market growth 2023-2027 |
USD 1,722.63 million |
Market structure |
Concentrated |
YoY growth 2022-2023(%) |
5.79 |
Regional analysis |
North America, APAC, Europe, South America, and Middle East and Africa |
Performing market contribution |
North America at 31% |
Key countries |
US, China, Japan, Russia, and France |
Competitive landscape |
Leading Vendors, Market Positioning of Vendors, Competitive Strategies, and Industry Risks |
Key companies profiled |
Airbus SE, BlackSky Global LLC, European Space Imaging GmbH, ICEYE Oy, Imagesat International I.S.I Ltd., L3Harris Technologies Inc., MapTiler AG, Maxar Technologies Inc., Planet Labs PBC, Satellogic SA, SkyWatch Space Applications Inc., SpaceKnow Inc., and Thales Group |
Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, Market condition analysis for forecast period. |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
We can help! Our analysts can customize this report to meet your requirements. Get in touch
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by End-user
7 Market Segmentation by Technology
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
Get lifetime access to our
Technavio Insights
Cookie Policy
The Site uses cookies to record users' preferences in relation to the functionality of accessibility. We, our Affiliates, and our Vendors may store and access cookies on a device, and process personal data including unique identifiers sent by a device, to personalise content, tailor, and report on advertising and to analyse our traffic. By clicking “I’m fine with this”, you are allowing the use of these cookies. Please refer to the help guide of your browser for further information on cookies, including how to disable them. Review our Privacy & Cookie Notice.