Commercial Satellite Imaging Market Poised for 11 Percent Growth
The Commercial Satellite Imaging Market was valued at $3.8 billion in 2020, and is expected to grow at a CAGR of 11% from 2022-2028, according to a new report from UnivDatos Markets Insights in India. The analysis has been segmented into Application (Geospatial Data Acquisition, Urban Planning, Disaster Management, Natural Resource Management, Surveillance, Defense & Intelligence, and Others); End-User (Government, Military & Defense, Forestry & Agriculture, Civil Engineering, Transportation, and Others); Region/Country.
The Commercial Satellite Imaging market report has been aggregated by collecting informative data on various dynamics such as market drivers, restraints, and opportunities. This report makes use of several analyses to get a closer outlook on the Commercial Satellite Imaging market. The report offers a detailed analysis of the latest industry developments and trending factors in the market that are influencing the market growth. Furthermore, this statistical market research repository examines and estimates the Commercial Satellite Imaging market at the global and regional levels.
The global commercial satellite imaging market is rising due to the increasing use of satellite imagery for commercial purposes like defense, agriculture, energy, and others and rising concerns about climatic changes, environmental degradation, and disaster monitoring. Moreover, deforestation monitoring and the growing security concerns and geopolitical tensions between countries will positively stimulate the industry landscape. Additionally, the rising budget of various space agencies is significantly contributing to the growth of this market. For instance, NASA's budget stood at $23.3 billion in 2021 which rose to $24 billion in 2022. The increasing investment in aerospace industry startups is also driving the growth of the commercial satellite imaging market.
Commercial satellite imaging is primarily related to the acquisition of images of the Earth by satellites, and the use of these images for a variety of commercial purposes is known as commercial satellite imaging.
Commercial Satellite Imaging Market Serves Multiple Industries
On the basis of application, the market is divided into geospatial data acquisition, urban planning, disaster management, natural resource management, surveillance, defense & intelligence, and others. The defense & intelligence segment accounted for a commendable share of the commercial satellite imaging market mainly owing to services provided by satellite imagery to the government and defense agencies for several types of applications such as image fusion, change detection, and land cover classification.
Based on end-user, the market is segmented into government, military & defense, forestry & agriculture, civil engineering, transportation, and others. Among these categories, the military & defense segment is expected to showcase a prominent CAGR during the forecast period. Commercial satellite imaging also provides location-based services that help during floods, rescue events, natural calamities, and weather forecasting to develop future programs to simplify situational events.
North America accounted for a prominent share of the global commercial satellite imaging and is expected to grow at a significant growth rate during the forecast period owing to the rapid adoption of commercial satellite imaging across several industries in the region. In addition, the rapidly growing military spending is further contributing to the growth of this market in the region.
The degree of competition among prominent global companies has been elaborated by analyzing several leading key players operating worldwide. The specialist team of research analysts sheds light on various traits such as global market competition, market share, most recent industry advancements, innovative product launches, partnerships, mergers, or acquisitions by leading companies in the Commercial Satellite Imaging Market. The major players have been analyzed by using research methodologies for getting insight on global competition.
(Source: UnivDatos Markets Insights news release. Images from file)