The global commercial satellite imaging market is projected to reach $5,266.5 million, progressing at a CAGR of 14.2% during 2018–2023. Technological advancements in satellite imaging, growing adoption of location-based services (LBS), and surging application of satellite imagery in various sectors are the key factors supporting the growth of the market across the globe.
Insights on market segments
Based on technology, the optical category held the larger share in the commercial satellite imaging market in 2017, owing to the better image quality provided by this technology. The images created by an optical sensor are similar to how human eyes perceive the world around. Moreover, the systems are useful in characterization of the oil spill, and depends on the solar radiations and on reflecting properties of the objects or ground structure. Thus, it leads to a simplified analysis of the images, further increasing the category’s share, globally.
On the basis of application, the disaster management application is expected to register the fastest growth in the commercial satellite imaging market during the forecast period. The use of satellite imagery for disaster management is increasing considerably, owing to the significance of damage assessment, especially in Asian and European countries. Various earth observation programs use satellite imagery to assess a disaster’s impact.
Market to witness the fastest growth in Asia-Pacific (APAC) during the forecast period
Based on region, APAC is expected to witness the fastest growth in the commercial satellite imaging market during the forecast period with the surging inclination toward the technology in the region. Military organizations and state and national governments are adopting commercial satellite imaging for defense and homeland security in the APAC region. Additionally, location-based services using commercial satellite imagery are gaining momentum in the region for commercial purposes, such as emergency services, navigation, and weather and traffic information.
Hyperspectral image processing for automatic target detection is trending in the market
One of the major trends being observed in the commercial satellite imaging market is the popularity of hyperspectral image processing for automatic target detection. Several military and civilian applications include detect objects or activities and movement of military vehicles or vehicle tracking, through hyperspectral image processing. Apart from this, the use of hyperspectral image sensors in satellite imagery provides image data containing both spatial and spectral information, which further can be used to detect various activities and issues, such as military intrusion.
Growing demand for LBS accelerates growth of the market
The increasing demand for LBS is likely to spearhead the commercial satellite imaging market growth. Satellite imaging is used in LBS for various applications, including navigation, local search, enterprise services, mobile advertisements, location-specific health information, tourism, consumer tracking, and business intelligence (BI). The surging customer awareness and supportive government initiatives, especially in developing countries, such as India, China, and Mexico, are poised to drive the growth of the LBS technology. In addition, real-time geographical data can be captured with the help of LBS. Moreover, the government of various countries are also taking initiatives to increase the consumer adoption and motivating vendors and start-ups to venture into the LBS market. All these factors are comprehensively impacting the growth of the commercial satellite imaging market across the globe.
Commercial satellite imaging market competitiveness
The intensity of rivalry in the commercial satellite imaging market is moderate. Key market players are focusing on mergers & acquisitions, partnerships, and service launches to expand their market foothold. For instance, in February 2017, Planet Labs Inc., a provider of earth imaging, announced plans to acquire Terra Bella, a business of Google which provides commercial high-resolution earth observation satellite imagery. The acquisition was aimed at serving new customers and improving the prospects for growth in the market, globally.
Some of the key players operating in the global commercial satellite imaging market are DigitalGlobe Inc., Galileo Group Inc., Spaceknow Inc., Environmental Systems Research Institute, and Airbus Defence and Space.
Global Commercial Satellite Imaging Market Segmentation