Commercial Satellite Imaging Market- Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2015 - 2023
Albany, NY -- (SBWIRE) -- 05/01/2018 -- The global market for commercial satellite imaging market is expected to witness robust growth over the coming years, as reported by Transparency Market Research (TMR). Currently the market is characterized by intense yet healthy competition among vendors. It is also witnessing entry of new players every now and then. Prominent names in the global commercial satellite imaging market are Exelis Inc., Galileo Group Inc., SkyLab Analytics, and SkyLab Analytics. Some noteworthy new players in the market are Dauria Aerospace, Planet Labs Inc. and PlanetiQ.
TMR's estimated the global commercial satellite imaging market to be around US$2.5 bn in 2014. With a solid 11.4% CAGR over the forecast duration from 2015 to 2023, the market is envisaged to reach US$6.5 bn by 2023.
Regionally, North America is expected to emerge as the leading segment, as it held nearly 45% of the global revenue in 2014.
The commercial satellite imaging market renders geospatial data which is used by various sectors, including the defense, government, agriculture, engineering, energy, archaeology, insurance and real estate. Among these end uses, the defense sector is likely to emerge as one of the most significant on account of its varied applications such as monitoring illegal activities across borders, mapping border areas, and carrying out rescue operations. This is one of the most prominent end-use sectors propelling the global market for commercial satellite imaging.
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Research Activities and Commercial Space Economy Boosts Market Opportunity
Initially, satellite imagery was not accessible to the masses. With the emergence of technology such as Google Earth, the increased proliferation of consumer electronics and the internet, consumers are now have greater access to data imaging. While Google map services are not paid for by users, they do account for a substantial percentage of the company's revenue received from advertising. The commercialization of satellite imaging is a crucial part of location based services (LBS), and is proving to be extremely useful in cases of emergency such as natural disasters and life-threatening events.
The on-going advancements in technology with the growing investments in the area are also contributing to product innovation and overall growth of the market. While currently only a few companies own satellites equipped for imaging, an increasing number of enterprises offer software or software as a service (SaaS) solutions ?€" all of which are providing bountiful growth opportunities for the satellite imaging market over the globe.
Agriculture Sector to Present New Growth Avenues
The advances in agriculture management technologies is resulting in the rapid uptake of precision agriculture techniques. Thereby, the data regarding in-field crop yield, and its variability is gaining traction, further fuelling the global satellite imaging market.
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