The commercial satellite imaging market offers geospatial data and information in the form of real-time images. These images captured through satellite imagery systems are utilized for several purposes, including natural resource management, surveillance of terror prone border areas, mapping of vast constructional projects and for environment monitoring and management. Surging adoption of location-based services (LBS) by various end-users, including commercial enterprise, government, defense, civil engineering, forestry & agriculture, insurance and energy, is likely to spearhead the growth of the global commercial satellite imaging market.
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Geographically, North America has been the largest market for commercial satellite imaging and Asia-Pacific had been the fastest growing regional market. North America is expected to account for over 40% of the global commercial satellite imaging market in 2023. By country, the U.S. stands as the largest market globally, whereas the commercial satellite imaging market in India has been growing at highest pace. The anticipated growth in the Asia-Pacific market can be owed to factors such as rapid adoption of Earth imagery technologies, growth in industry digitalization and advancement in satellite image analytics across the region. Further, increasing regional government focus towards advancement of Earth imagery technology is expected to bolster the commercial satellite imaging market.
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With advancement in agriculture management technology, and rapid increase in use of precision agriculture techniques, information concerning within-field crop yield variability has become more important for effective and efficient crop management. In addition, high resolution satellite imagery of growing crops can be used in order to generate yield maps for both within season and after season crop management. Further, with increasing government expenditure on space programs and research & development to adopt advance technology in satellite imaging systems is also a prominent factor, which is expected to drive the demand of satellite imaging in coming years.
Satellite imaging is widely used for image capturing, which can offer valuable data and information, used by government and research organizations across various sectors for various applications including weather information and forecasting, farming and forestry. In addition, the companies involved in offering commercial satellite imaging products and services are heavily investing in research & development to enhance high-resolution cameras and advance sensing technology, which would further help in improving the quality of satellite-based Earth Observation (EO)