Commercial Satellite Imaging Market Trends and Outlook, Assessing the Latest Updates by 2030
Commercial Satellite Imaging Market
Commercial Satellite Imaging Market Size was valued at USD 2.6 billion in 2022. The Commercial Satellite Imaging market is projected to grow from USD 2.80 Billion in 2023 to USD 5.11 billion by 2032, exhibiting a compound annual growth rate (CAGR) of 7.80% during the forecast period (2023 - 2032).
The imaging satellites give extensive coverage of the world, making them an excellent choice in imaging solutions. With the advancement of technology, end users can now quickly get imaging data via satellite imaging. The reasons driving the Commercial Satellite Imaging Market growth include an increase in demand for high-resolution satellite images for protection and an increase in the utilisation of satellite imaging in various sectors. Additionally, this industry is growing because of technological improvements and the increased availability of broadband technology.
Due to the wide demand for the development of security programmes, most countries are expanding their defence and military budgets, making the defence sector one of the primary users of market operations and applications. Similar trends are predicted to expand market operations, thereby assisting the market in reaching the expected market valuation by the forecast period's end. Demand for satellite broadband, remote sensing imaging, and other services more than offset losses in demand for pandemic-related services. Costs of designing, building, and deploying satellites have reduced as a result of American innovation, while the United States' market share in manufacturing and launch services has increased. Nearly 1200 satellites were launched in 2020, and the industry has nearly equaled that number in the first half of 2021.
One of the key restrictions on the market's growth during the current projection period is a lack of awareness among the target audience about the market's applications.
Competitive Dynamics
The key Commercial Satellite Imaging Market Players are DigitalGlobe International, Inc (Singapore), Galileo Group (U.S.), SpaceKnow, Inc (U.S.), Airbus Defence and Space (France), Harris Corporation (U.S.), Planet Labs, Inc (U.S.), Exelis Inc., (U.S.), Blacksky Global (U.S.), European Space Imaging GmbH (Germany) and UrtheCast (Canada).
Segmental Analysis
The Commercial Satellite Imaging Market is segmented globally by application, end user, type, and region.
Globally, the market has been segmented into disaster management, surveillance and security, construction and development, energy, defence and intelligence, and geospatial data collection and mapping, among others. Geospatial information acquisition and mapping commands the biggest market share.
Globally, the market has been segmented into the defence and commercial sectors based on end users.
The market has been segmented into three types around the globe: small type, middle type, and large type. The small type is subdivided further into micro-small, nano-small, and pico-small.
Regional Overview
The global market has been segmented into five regions: North America, Europe, Asia-Pacific, Latin America, and the Middle East and Africa.
The commercial satellite imaging market has been segmented geographically into North America, Asia-Pacific, Europe, Latin America, and the Middle East and Africa.
The European area holds the largest market share in the commercial satellite imaging market worldwide, owing to the increasing development of the infrastructure for image regulation and collection, which creates a favourable environment for this type of technology to thrive.
North America holds the second-largest market share in the commercial satellite imaging industry globally, owing to the existence of numerous powerful countries such as Canada and the United States. Additionally, the presence of the most prominent significant key actors contributes to this.
The Asia-Pacific region, being the fastest-growing area, holds the third-largest market share in the commercial satellite imaging market, owing to the existence of densely populated nations such as China and India, which increases demand over the projection period. Another aspect is a high level of disposable income.
Latin America and the Middle East and Africa have the smallest market shares, owing to their lack of infrastructure. Another issue limiting market expansion in these locations is a low per capita disposable income.
Commercial Satellite Imaging Market by Application (Geospatial Data Acquisition & Mapping, Defense & Intelligence, Energy, Surveillance & Security, Disaster Management), End-User (Commercial, Defense), Type (Small, Middle, Large) - Forecast till 2032
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