Thanks to the technological advancements, the adoption of commercial satellite imaging continues to increase across the globe. Improvements in high-resolution imagery technology and reducing the size of commercial satellites have led to the growth of the level of competition in between leading companies operating in the global commercial satellite imaging market. Currently, this global market is observing the evolution of many new smaller satellites, CubeSats, operated by companies such as PlanetiQ and Skybox Imaging Inc. The introduction of CubeSats has been a key trend, offering high-resolution images, however at low costs of operations, production, and launching.
Established companies are aiming to offer high-resolution images to maintain their dominance in the global market. The global commercial satellite imaging market is in its transitional phase. While the market is registering a moderate growth, it is expected to reach US$6.5 bn by 2023.
The report highlights the key factors expected to drive and restrict the growth of the global commercial satellite imaging market. By using industry-standard tools such as Porter’s five force analysis and SWOT analysis, analysts have identified the key strengths, weaknesses, opportunities, and threats in the market. Key companies operating in the global market are listed in the report by highlighting their products, applications, and specifications.
Commercial Satellite Imaging Market: Trends and Opportunities
The application of advanced technology has motivated many industries to use commercial satellite imaging to broaden their business reach across the globe. The demand for high-resolution satellite imaging from national development authorities, national defense organizations, environmental protection organizations, and homeland security agencies is expected to increase. The application of commercial satellite imaging is predicted to increase. These trends are expected to propel the global market for commercial satellite imaging.
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Commercial satellite imaging finds application in energy, geospatial technology, defense and intelligence, conservation and research, disaster response management, construction and development, and media and entertainment. The demand for commercial satellite imaging is expected to be the highest from the defense and intelligence sector owing to the rising adoption in the military and infrastructure applications.
The rising government funding is likely to support the growth of the global commercial satellite imaging market. Governments of many nations are assisting leading companies to focus on research and development activities to introduce new commercial satellite imaging techniques. The rising application of commercial satellite imaging in the industrial and agricultural sectors is also expected to benefit the market in the long run.
Commercial Satellite Imaging: Region-wise Outlook
By region, the global commercial satellite imaging is divided into Latin America, Europe, North America, Asia Pacific, the Middle East and Africa. In 2014, North America led the global commercial satellite imaging market. Rising government funding is expected to help the North America commercial satellite imaging market to maintain its dominance. However, Latin America is expected to register a significant growth in the global market in the years to come.
Key Players mentioned in the Report:
The global commercial satellite imaging is moderately fragmented in nature and is dominated by few leading companies. Some of the leading organizations operating in the global commercial satellite imaging are Spaceknow Inc., Trimble Navigation Ltd., Telespazio, Planet Labs Inc., Galileo Group Inc., SkyLab Analytics, Exelis Inc., DigitalGlobe Inc., and Blacksky Global.