Global commercial satellite imaging market expands at 11.2
The global commercial satellite imaging market was valued at $2,240.0 million in 2018, and is expected to reach $5,256.4 million by 2026, registering a CAGR of 11.2% from 2019 to 2026
Global commercial satellite imaging market expands at 11.2% CAGR by 2026: Report
The global commercial satellite imaging market was valued at $2,240.0 million in 2018, and is expected to reach $5,256.4 million by 2026, registering a CAGR of 11.2% from 2019 to 2026, according to market research company Big Market Research. Satellite imaging is the technology that offer real-time geospatial information in the form of images. These images are further utilized across various applications for commercial purposes.
The importance of satellite images for commercial use is increasing across the globe, as the information extracted from these images helps to strengthen defense operation and security services at global level as whole or for a particular country. In addition, incorporation of recently launched technologies such as remote sensing, GPS, LiDAR, and cloud service in satellite imagery is likely to make the overall image collection method simpler, thereby positively impacting the overall market growth.
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Increase in applications of satellite imaging services such as geospatial mapping, disaster mapping, urban planning, and energy management is the key factor that drives the growth of the global commercial satellite imaging market. In addition, surge in requirement of satellite imaging data analytics from various industries that need critical information regarding geospatial and environmental conditions for effective resource management fuels the market growth.
Moreover, satellite imagery is used effectively in various commercial applications such as selection of construction sites, surrounding areas, route planning, monitoring of infrastructural projects, and 3D modeling of excavation areas. With incorporation of new technologies, including remote sensing and LiDAR, satellite imaging is expected to develop new commercial applications in weather forecasting and other fields.
Furthermore, increase independence on location-based services is anticipated to boost the growth of the global market. This is attributed to the fact that these services offer real-time geospatial information, which helps in preventing life-threating circumstances and natural calamities. This has led to increase in launch of commercial satellites, which accelerates the market growth.
The global commercial satellite imaging market is segmented into application, end use, and region. The applications covered in the market include geospatial data acquisition & mapping, urban planning & development, disaster management, energy & natural resource management, surveillance & security, defense & intelligence, and others. By application, the geospatial data acquisition & mapping segment garnered the largest share in the market. This is attributed to the fact that geospatial mapping is potentially used in archaeology, construction, government, military, mining, and civil engineering.
Depending on end use, the market is fragmented into government, military defense, forestry & agriculture, energy, civil engineering & archaeology, transportation & logistics, and others. The defense sector is the largest end user in this market, as it uses commercial satellite imaging primarily for geospatial mapping. Furthermore, increase in security concerns has led the defense sector to become a prominent buyer for geospatial intelligence and mapping services among others.