Commercial Satellite Imaging Market Reflecting a CAGR of 12.00% by 2021

Commercial Satellite Imaging Market Reflecting a CAGR of 12.00% by 2021
Commercial Satellite Imaging Market
Commercial Satellite Imaging Market

According to the report, global demand for commercial satellite imaging Market is expected to generate revenue of USD 5.3 billion by end of 2020, growing at a CAGR of 12.00% till 2020.

Commercial satellite imaging is the method of collecting data in the form of images using rotating satellite around the earth. Images can also gather using aircraft or drone flying at high altitudes. Satellite images are used in cartography, military, and meteorology. Satellite imagery includes images of earth collected by satellites and it is mainly operated by the government. Some of the most common applications sectors of commercial satellite imaging are government, commercial enterprises, agriculture, energy, conservation, construction & development, defense, intelligence, and others. Oceanography, fishing, biodiversity, forestry, geology, cartography, regional planning, education, intelligence, and warfare are other also important application areas.

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Commercial satellite imaging market can be segmented based on end-users into military, forest, government, commercial enterprises, agriculture, energy, and other. Commercial satellite imaging market was dominated by military segment in 2014 and which accounted for more than 28% revenue share. Government entities worldwide are still the prime and largest users of satellite imagery.

Based on application commercial satellite imaging market has been segmented into geospatial technology, defense and intelligence, construction and development, energy, natural resources management and other. Defense and intelligence were leading application segment in commercial satellite imaging market and accounted for the largest market share in 2014. Growing demand for geospatial technology and natural resources management are expected to drive the satellite imagery market over the forecast period.

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The major driving factor for commercial satellite imaging market is increasing demand for high-resolution satellite imagery, and the growing commercial space economy. Rising demand from national defense and development organizations and environmental protection group is expected to be another key driving factor for commercial satellite imaging market. Moreover, increasing use of satellite for monitoring sites is expected to be beneficial for the growth of commercial satellite imaging. Stringent government regulations imposed on satellite imaging are expected to hamper market growth in the near future.

North America dominated the global commercial satellite imaging market. Strong technological support and high traction towards satellite imagery programs in the U.S. as the data is shareable and unclassified are the factors to drive the growth of the market in this region.  North America is followed by Europe is expected to largest market for commercial satellite imaging. Latin America and Middle East & Africa are also expected to experience significant growth of commercial satellite imaging market in the years to come.

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Some of the key players of global commercial satellite imaging market include GeoEye Inc., BlackBridge (RapidEye), Planet Labs, Inc., Space know, Inc., Skybox Imaging, Inc., Trimble Navigation Limited, Digital Globe, Inc., Image Sat International N.V., Astrium Geo, SkyLab Analytics, Telespazio, Google Inc., and Galileo Group.