New York, USA, May 01, 2023 (GLOBE NEWSWIRE) -- Commercial Satellite Imaging Market Overview :
Market Research Future (MRFR) 's report highlights Commercial Satellite Imaging Market Information by By Application, By End-User, By Type - Forecast till 2032"; the market will achieve USD 5.11 billion by 2032 at a 7.80% CAGR By 2023 to 2032
Market Synopsis
Education, research, and military tactics are just a few industries that employ satellite images, which are pictures of the Earth obtained by imaging satellites operated by governments and businesses worldwide. The imaging technique uses optically outfitted satellites to produce raw image data. Aeronautical imaging provides a higher picture quality than satellite imaging because it is nearer to the object. Terrestrial imaging offers the best value and highest image resolution but has geographical restrictions. Using geospatial and other digital technologies, including BIM, artificial intelligence, and the digital twin, ensures the timely completion of projects and the efficient operation of construction sites. Satellites are preferred over other imaging systems due to their speedy data supply and extensive coverage.
Commercial satellite imaging is taking pictures of the world from space, commonly called "earth observation," and using such pictures for various purposes. The commercial application of satellite pictures includes mapping construction projects, energy resource security, environmental monitoring, and border surveillance. Once in orbit, imaging services are also affordable, fostering long-term industrial growth. The commercial satellite imaging industry may face difficulties because of the abundance of open-source data for numerous nations. Satellite images and other publicly accessible data are called "open-source data" and are frequently released by governmental entities or organizations. Insurance businesses face difficulties determining the truth and addressing ambiguity in real-time in an increasingly complicated world. Geospatial technology is evolving as a significant tool for the insurance industry since geographic data is recognized as a source of important and pertinent information.
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Report Scope
| Report Attribute | Details |
| Market Size in 2030 | 2032: USD 5.11 |
| CAGR | 7.80% CAGR (2023-2032) |
| Base Year | 2022 |
| Forecast Period | 2023-2032 |
| Historical Data | 2021 |
| Forecast Units | Value (USD Million) |
| Report Coverage | Revenue Forecast, Market Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Information By Source, Category, Distribution Channel, And Region |
| Geographies Covered | North America, Europe, Asia-Pacific, and Rest of the World (RoW) |
| Key Market Drivers | Increasing the use of satellite images for real-time data access in defense applications |
Market Competitive Landscape:
The vital contenders in the commercial satellite imaging market are:
- Exelis Inc. (US)
- Planet Labs, Inc. (US)
- Harris Corporation (US)
- Airbus (France)
- UrtheCast (Canada)
- European Space Imaging (Germany)
- Blacksky (US)
- SpaceKnow (US)
- Galileo Group Inc. (US)
- DigitalGlobe (US)
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Market U.S.P. Covered:
Market Drivers:
The expanding smart city efforts are also driving the commercial satellite industry. Smart cities collect and analyze data using various technologies, including the Internet of Things (IoT) and satellite pictures, to enhance the quality of life for their residents and lessen the environmental effect of urban areas. Government and defense organizations, which purchase photos from for-profit service providers for various use cases, dominate the industry. The most widespread end-user use of commercial satellite photos is for military and defense purposes. The security and surveillance operations, essential components of every defense organization, are to blame for the segment's expansion. The digitization trend is impacting the commercial satellite imaging sector.
Until now, the top commercial satellite imagery businesses primarily derived revenue from the government and the defense sector. However, in the coming years, the market for commercial satellite imagery is expected to grow significantly due to the rising demand for data analytics across numerous industries. To map radio emissions on Earth and create atmosphere profiles, remote sensing satellites orbit the planet, some the dimensions of a truck while others are the size of a shoebox. They use tools to detect visible light for images of the Earth's surface and other parts of the electromagnetic spectrum for ultraviolet, infrared (IR) and microwave imagery.
Market Restraints:
The main obstacle to market expansion during the projected period is anticipated to be the existence of strict rules and regulations from various governments surrounding the use of satellites. Also, the costs related to satellite imaging will probably deter new companies from entering the industry, thereby limiting market expansion. Furthermore, it is further hypothesized that the availability of inexpensive alternatives like aerial imaging services will restrain trade growth during the predicted period.
COVID 19 Analysis
Due to the shutdown and restrictions put in place by the government due to the pandemic struggles, raw materials are no longer readily available, which limits the ability of production and manufacturing units to meet regular market customer demand and maintain a steady supply chain mechanism. Businesses and government agencies are preparing for an inventive shift in the post-COVID-19 market as the constraints on promptly evaluating and altering their supply chains have been eliminated. Also, many workers and staff members are staying home and delaying going to work due to their concern about contracting an infection. Due to the labor shortage, people are forced to close their manufacturing departments and company units.
The worldwide commercial satellite imaging market is nevertheless benefiting from the increased government backing. Given all these international government restrictions, outside parties frequently get geographic information about foreign countries. Governments can restrict certain locations and regulate the qualities of commercially available photos, such as their clarity and sharpness. Nonetheless, military organizations frequently include fallback strategies. Most regional governments support businesses by expanding their investments in the commercial activities carried out by major market participants.
Market Segmentation
By end-user, the market includes commercial and defense. By application, the market includes defense & intelligence, energy, surveillance & security, geospatial data acquisition & mapping, and disaster management. By type, the market includes small, middle, and large.
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Regional Insights
North America controlled the market for commercial satellite imaging. Due to the existence of multiple business players in the area and the limited supply of commercial satellite imagery from various agencies and government-run organizations, the market is expanding. Due to the increasing end-use applications of satellite imagery in Europe, Asia-Pacific, and the Middle East, these regions are projected to present a considerable opportunity for the commercial satellite imaging industry. The Asia-Pacific market is anticipated to expand significantly over the projected period. Other significant factors contributing to the region's market growth include expanding government programs for satellite imagery to attract both domestic and foreign businesses.
An insurance company can forecast threats and advise its clients on how to avoid them using location-based information, safeguarding them from various situations. Remote sensing can enhance risk modeling and intelligence, making insurance processes more effective. The adoption of new technologies by the region's end-user verticals is accelerating tremendously, promoting the expansion of the commercial satellite imaging market. Governments throughout the region are also investing in cutting-edge technologies that will likely influence the direction of imaging satellite development.
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