Commercial Satellite Imaging Market Drivers, Trends
The commercial satellite imaging market is expected to register a CAGR of 11.84 % during the forecast period of 2023-2028, according to a new report from Mordor Intelligence.
Images of the Earth taken by imaging satellites run by governments and companies worldwide are known as satellite images, sometimes known as Earth observation imagery, spaceborne photography, or simply satellite photos. Meteorology, oceanography, fisheries, agriculture, biodiversity protection, forestry, landscape, geology, cartography, regional planning, education, intelligence, and warfare are just a few fields where satellite photos are used.
The increasing requirement for efficient monitoring of vast land areas is one of the key drivers for the commercial satellite market. The use of satellite imagery and data can provide detailed and accurate information about land use, vegetation, and other features, which can be used for a wide range of applications such as agriculture, urban planning, natural resource management, and environmental monitoring.
The rising smart city initiatives are also driving the commercial satellite market. Smart cities use various technologies, such as the Internet of Things (IoT) and satellite imagery, to collect and analyze data to improve citizens' quality of life and reduce the environmental impact of urban areas. Satellite imagery plays a key role in smart city initiatives by providing detailed and accurate information about the built environment, such as the location and condition of buildings, roads, and other infrastructure. This information can improve urban planning, transportation, and public services.
The availability of open-source data for various countries can challenge the commercial satellite imaging market. Open-source data refers to satellite imagery and other freely available data to the public, often provided by government agencies or organizations.
Commercial Satellite Imaging Market Drivers
Military and defense applications are the most extensive end-user application of commercial satellite imagery. However, because of the security concerns of other countries, they usually have limited access to international airspace. In extreme circumstances, countries might execute shutter control laws that force satellites of foreign countries in regional airspace to turn off their photographic equipment.
Commercial imaging is vital to meeting the needs of both new security and intelligence concerns. This is due to countries' increased attention to evolving their military capabilities and dealing with terrorism threats worldwide. Commercial satellite firms offer vital data for defense and national security. Commercial aerospace has a substantial economic benefit as space becomes more accessible, but government-funded terrorist monitoring using satellite imagery is too expensive. Growing military expenditure and defense budgets in most nations are anticipated to aid the growth of the market under study.
The Asia-Pacific market is expected to grow considerably throughout the forecast period. Increasing government initiatives for satellite imaging to entice global and domestic firms are other vital reasons for the region's market growth.
The commercial satellite imaging market is highly fragmented, with the presence of major players like DigitalGlobe Inc., Galileo Group Inc., Planet Labs Inc., SpaceKnow Inc., and Skylab Analytics among others. Players in the market are adopting strategies such as partnerships, mergers, innovations, investments, and acquisitions to enhance their product offerings and gain sustainable competitive advantage.
(Source: Mordor Intelligence via Research and Markets. Images from file)