Commercial satellite imaging refers to the collection of data through images taken using a satellite revolving around the earth. It comprises a wide range of cameras, instruments, and sensors installed on the satellites. The introduction of advanced technology in commercial satellite imagery has encouraged several industries to implement this technology in order to enhance their business to a new level and strengthen their position in the overall market. The expansion of commercial space economy has also created potential growth opportunities for the key players in the market.
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In 2014, the global commercial satellite imaging market was worth US$2,499.6 mn, and is anticipated to reach a valuation of US$6,480.9 mn by the end of 2023. The market is estimated to register a progressive 11.40% CAGR from 2015 to 2023.
Expanding Application Base to Drive Commercial Satellite Imaging Market
The defense sector is considered as one of the key application segments of the global commercial satellite imaging market in recent years. The rising adoption of imaging devices in the defense and government sectors for security purposes is estimated to drive the global commercial satellite imaging market in the next few years. Furthermore, the increasing expenditure by several governments across the globe on space programs is projected to boost the demand for commercial satellite imaging devices in the coming few years. In addition, technological advancements and increasing participation of players are estimated to fuel the growth of the market in the next few years.
Furthermore, the surge in the demand for high-resolution satellite imagery in diverse sectors such as national defense organizations, homeland security agencies, national development authorities, emergency services, and environmental protection across the globe is expected to accelerate the demand for commercial satellite imaging in the next few years. The increasing number of applications of commercial imaging satellites is also anticipated to propel the overall market in the near future.
Increasing Government Funding to Encourage Growth of Commercial Satellite Imaging Market in North America
Among the key geographical segments, North America has developed as a dominant region in the global commercial satellite imaging market and is projected to remain in the leading position in the next few years. In 2014, North America held a 45% share in the commercial satellite imaging market in terms of revenue. The rapid growth of this region can be attributed to the increased government funding and the presence of a robust technological base in this region. However, in recent years, the demand for these devices has increased significantly in Latin America. The development of the industrial and agricultural sectors is estimated to contribute extensively towards the growth of the commercial satellite imaging market in Latin America.
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The commercial satellite imaging market is fragmented in nature owing to the presence of a limited number of players operating across the globe. The prominent players engaged in the commercial satellite imaging market across the globe include Telespazio, Galileo Group Inc., Exelis Inc., Planet Labs Inc., Trimble Navigation, DigitalGlobe Inc., Spaceknow Inc., SkyLab Analytics, and Blacksky Global.