Commercial Satellite Imaging Market Report through 2027
The global commercial satellite imaging market size reached $3.5 Billion in 2021, and is forecast to grow to $ 6.5 Billion by 2027, exhibiting a CAGR of 10.87% during the period.
According to the report "Commercial Satellite Imaging Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027" from IMARC Group, rising concerns about climatic changes, environmental degradation, and disaster monitoring represent one of the key factors escalating the demand for commercial satellite imaging around the world. Moreover, due to the growing security concerns and geopolitical tensions between countries, governing agencies of numerous countries are increasing their defense budget. They are deploying commercial satellite imaging to provide information that helps strengthen defense operations and security services.
Commercial satellite imaging is a tool used to visualize high-resolution datasets of ground conditions. It searches a map or an area of interest to compare date, prices, and resolution with other suppliers. It offers comprehensive data and a clear picture useful in simulation, engineering, infrastructure, telecommunications, precision agriculture, disaster recovery, forestry, and watershed management. It also provides a base to start projects for media and publication, regional studies, and mapping widespread trends.
Commercial Satellite Imaging Technologies
Presently, key players are introducing imaging technology that can detect ground conditions at night with radar imagery, thereby delivering unique, reliable monitoring capabilities to civil and defense organizations around the world.
In addition, satellite imaging provides data on the chemical, physical, and biological properties of the planet. This information is widely used by researchers, scientists, and companies to develop advanced products.
Apart from this, the introduction of advanced technologies, such as global positioning system (GPS) satellites, electric propulsion, remote sensing, high-resolution cameras, and light detection and ranging (LIDAR), is contributing to market growth. The escalating use of artificial intelligence (AI) and cloud infrastructure is also influencing the market positively.
Furthermore, the integration of rapid acquisition with this technology can quickly deliver image data to support live monitoring of events, which is creating a favorable market outlook.
(Source: Research and Markets news release. Images provided and from file)