Global Commercial Satellite Imaging Market is growing at a rapid pace. Market growth attributes to the rising numbers of new players in this market. Besides, the growing necessity for disruptive satellite imagery information analytics by companies across industries drives the market growth. Commercial satellite imaging systems are gaining attention worldwide due to their efficient resource supervision in critical information collection and market understanding of various geospatial and environmental conditions.
Moreover, geospatial information acquisition & mapping escalate the market demand to furthered height. According to Market Research Future (MRFR), the global commercial satellite imaging market is estimated to grow at 12% CAGR throughout the forecast period (2020-2023). The indelible efficacy that commercial satellite imaging devices demonstrate in monitoring and predicting climatic patterns and estimation of crop yields & assessment of damage during natural disasters influences the market growth.
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Additionally, surface geology mapping for the estimation of mineral deposits and water sources provide a massive impetus to the market. Simultaneously, growing investments in SATCOM & ISR payloads and increasing demand for electro-optical imaging systems foster market growth. Furthermore, continued efforts to improvise navigation and observation systems, and access to high-quality equipment substantiate the market growth.
Conversely, the lack of standardization of devices and the high initial investments required for the installation of these devices are the significant factors projected to impede the market growth. Also, technical issues such as unwanted coordination among different databases, reusability, customization, and isolation of various satellites from one another act as a major headwind for the market growth.
Nevertheless, the government’s growing investments to improve security services and upgrade aging equipment would support market growth throughout the review period. Also, the increased demand for advanced image-enhancing equipment would encourage manufacturers to improve the quality of satellite-based earth observation images are expected to boost market growth.
The commercial satellite imaging market appears to be competitive due to the presence of several well-established industry players. Mergers & acquisitions, innovation, and brand reinforcement remain key trends for these players to gain a larger competitive share. Matured players compete based on reputation, services, and pricing.
Market players address the increasing demand with a wide range of solutions that are purpose-built for commercial viewing.
Players leading the Global Commercial Satellite Imaging Market include Galileo Group Inc. (US), DigitalGlobe (US), SpaceKnow (US), Harris Corporation (US), Airbus (France), Planet Labs, Inc. (US), Blacksky (US), Exelis Inc. (US), UrtheCast (Canada), and European Space Imaging (Germany), among others.
Industry/ Innovation/ Related News
June 24, 2020 – Maxar Technologies (the US), a space technology company, announced its plan to acquire an American geospatial-intelligence data and software PROVIDERVRICON, Inc. Maxar is an innovator in earth intelligence and space infrastructure. Maxar commercial satellite imagery has been pioneered in the US, and allied defense & intelligence operations. Therefore, the acquisition would enable training, simulation, and tactical missions to be conducted in highly immersive and accurate 3D environments.
VRICON’S products and technology align with Maxar’s Earth Intelligence growth strategy and priority mission areas outlined in the US National Defense Strategy. The deal would extend Maxar’s lead in existing markets with additional high-value growth products, by increasing its accuracy and augmenting automated feature extraction and change detection capabilities.
The report is segmented into four dynamics. By Application: Defense & Intelligence, Geospatial Data Acquisition & Mapping, Energy, Surveillance & Security, Disaster Management, and others.
By End-User: Commercial and Defense.
By Type : Small, Middle, and Large.
By Regions: North America, Europe, APAC, and the Rest-of-the-World.
Europe dominates the Global Commercial Satellite Imaging Market. The largest market share attributes to significant investments made in surveillance and monitoring technologies. Besides, factors such as the developed infrastructure for image collection and regulation in this region increase the adoption of satellite imaging technology.
Moreover, the rising demand from various sectors such as natural resource management and oil & gas is a key factor in pushing the market growth. The European commercial satellite imaging market is projected to retain its dominance throughout the estimated period.
North America stands second in the global commercial satellite imaging market. The presence of global players and the growing IT industry provides a competitive advantage to the US and Canada leading position in the market. Rising city planning, insurance, and fleet controlling projects in the region foster the growth of the market. Additionally, rising terrorism activities in the region promote commercial satellite imaging devices in defense & intelligence departments satellite imagery to support their security infrastructure.
The Asia Pacific region holds a prominent position in the global commercial satellite imaging market. Numerous companies operational in commercial verticals in media and entertainment and disaster management are acting as a tailwind pushing up the market growth. Furthermore, the growing demand for LBS in different applications, such as consumer tracking, enterprise services, navigation, and local search drives regional market growth.
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