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The commercial satellite imaging market is estimated to grow by USD 1.72 billion at a CAGR of 6.24% between 2022 and 2027. Market growth is contingent upon various factors, such as advancements in satellite imaging technologies, the expanding applications of satellite-based telemetry, and the rising demand for Earth observation (EO) imaging systems. These elements collectively shape the trajectory of market expansion, reflecting a convergence of technological innovation and industry trends. The progress in satellite imaging technologies underscores the continuous improvement in data quality and resolution, enhancing the capabilities of satellite-based applications. Simultaneously, the growing utilization of satellite-based telemetry across various sectors highlights its effectiveness in data collection and transmission for monitoring and analysis purposes. Additionally, the increasing demand for EO imaging systems signifies the rising importance of satellite-derived information for diverse applications, including environmental monitoring, agriculture, and urban planning. Thus, the interplay of these factors delineates the landscape for the anticipated growth of the market.
It also includes an in-depth analysis of drivers, trends, and challenges. Furthermore, the report includes historic market data from 2017 to 2021.
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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).
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.
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The government segment was valued at USD 1.30 billion in 2017. 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.
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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.
The market is witnessing robust growth with the advent of multi-sensor satellites and aerospace satellite imaging systems. Cutting-edge technologies like Automated Optical Inspection (AOI) enhance image quality and analysis capabilities. With advancements such as the Pleiades Neo military satellite, offering Very High Resolution (VHR) imagery, applications in Defense & Intelligence are expanding, especially in regions like the India-China border and Arunachal Pradesh. These satellites support observation and Geospatial Data Acquisition Mapping for defense, intelligence, and civilian purposes, aiding in real-time geo-data acquisition for telecommunication networks, E-retailing, and weather forecasting. They empower flood and rescue events management with high-resolution imagery and real-time maps, accessible via Internet-capable devices like smartphones and tracking devices. 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.
The advances in satellite imaging technologies are the key factor driving the 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. companies 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.
Advanced satellite imaging applications are the primary trend in the 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.
The lack of clarity in transmitted images is a major challenge to the 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.
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 Market Customer Landscape
Companies 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 Global LLC - 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 companies, including:
Qualitative and quantitative analysis of companies 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 companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
The market research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in "USD Billion" for the period 2024 to 2028, as well as historical data from 2018 to 2023 for the following segments.
The market is pivotal for Surveillance & Security, especially for entities like the Indian Armed Forces monitoring the Line of Actual Control (LAC). With multi-sensor satellites like Tanager aiding observation for Defense and Intelligence, applications extend to Security & surveillance and defense security events. Beyond military & defense, these satellites support natural calamities response, forestry and agriculture monitoring, civil engineering, and archaeology studies. They facilitate transportation and logistics planning and provide real-time geo-data for diverse sectors. Accessible via Internet-capable devices and digital cameras, they drive innovation in fitness devices, mobile applications, and personal convenience apps, ensuring nations’ safety and optimizing defense expenditure.
Furthermore, the market is propelled by multi-sensor satellites like Tanager, facilitating observation satellites for various applications. It offers geospatial products and services and location-based services (LBSs), providing real-time geo-data accessible via Internet capable devices and tablets. This market drives innovation in business and communication apps, gaming apps, and health and wellness apps. With aerial imaging services and precision mapping, it caters to commercial entities with earth-imaging satellites and radar-imaging satellites. These technologies are pivotal for surveillance satellites and defense operations, while also supporting navigation and broadband demos.
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 1.72 billion |
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 companies, Market Positioning of companies, 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 forecasting, 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 market 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
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