Commercial Satellite Imaging Market: Current Analysis and Forecast (2022-2028)

The Global Commercial Satellite Imaging Market is expected to register a CAGR of around 11% over the period of 2022-2028. Commercial satellite imaging is primarily related to the acquisition of images of the Earth by satellites, and the use of these images for a variety of commercial purposes is known as commercial satellite imaging. The main uses of commercial satellites include surveying and mapping, disaster management, energy and resource management, city planning and development, security, and surveillance. Further on, the importance of satellite imagery is heightened by the increasing use of these images in environmental forecasts and the rapid response to emergencies such as defense security events and natural disasters.

The global commercial satellite imaging market is uplifting on account of the increasing usage of satellite imagery for commercial purposes like defense, agriculture, energy, and others and rising concerns about climatic changes, environmental degradation, and disaster monitoring. Moreover, deforestation monitoring followed by the growing security concerns and geopolitical tensions between countries will positively stimulate the industry landscape. Further on, the rising budget of various space agencies is significantly contributing to the growth of this market. For instance, NASA's budget stood at USD 23.3 Bn in 2021 which rose to USD 24 Bn in 2022. The increasing investment in aerospace industry startups is also driving the growth of the commercial satellite imaging market.

BlackSky Technology Inc., European Space Imaging GmbH, Galileo Inc., Harris Corporation, ImageSat International N.V., Maxar Technologies Inc., Planet Labs PBC, SpaceKnow Inc., Telespazio Spa, and UrtheCast Corp. are some of the key players in the market. Several M&As along with partnerships have been undertaken by these players to facilitate customers with hi-tech and innovative products/technologies.

Insights Presented in the Report

"Amongst application, the defense & intelligence segment held a prominent share in the market in 2020"

On the basis of application, the market is divided into geospatial data acquisition, urban planning, disaster management, natural resource management, surveillance, defense & intelligence, and others. The defense & intelligence segment accounted for a commendable share of the commercial satellite imaging market mainly owing to services provided by satellite imagery to the government and defense agencies for several types of applications such as image fusion, change detection, and land cover classification.

"Amongst end-user, military & defense captured a prominent share in the market in 2020"

Based on end-user, the market is segmented into government, military & defense, forestry & agriculture, civil engineering, transportation, and others. Among these categories, the military & defense segment is expected to showcase a prominent CAGR during the forecast period. Commercial satellite imaging also provides location-based services that help during floods, rescue events, natural calamities, and weather forecasting to develop future programs to simplify situational events.

"North America to witness significant growth during the forecast period"

North America accounted for a significant share of the global commercial satellite imaging market and is expected to grow at a steady growth rate during the forecast period. The growth of the commercial satellite imaging market in the region can be attributed to the increasing use of satellite imaging for security and surveillance purposes and the increasing investment of countries in the development of advanced satellite technology. Further on, the countries in the region are increasing their military budget, which is further impacting the commercial satellite imaging market in the region. For instance, U.S. military spending stood at USD 766.58 Bn in 2020, which increased to USD 801 Bn in 2021.

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• The study includes market sizing and forecasting analysis validated by authenticated key industry experts.

• The report presents a quick review of overall industry performance at one glance.

• The report covers an in-depth analysis of prominent industry peers with a primary focus on key business financials, product portfolio, expansion strategies, and recent developments.

• Detailed examination of drivers, restraints, key trends, and opportunities prevailing in the industry.

• The study comprehensively covers the market across different segments.

• Deep dive regional level analysis of the industry.

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