Commercial Satellite Imaging Market To Generate $8,777 Million Revenue by 2030
- Published: January 2023
The commercial satellite imaging market size is expected to advance at a CAGR of 11.20% during 2022–2030, to reach USD 8,777 million by 2030.
North America contributed largest share to the global market in 2022, wherein U.S. is the largest contributor to the North American market. The growing adoption of commercial satellite imaging by defense sector in the U.S. to track terrorism activities across the globe is fueling the demand for commercial satellite imaging in the country.
Also, increased expenditure on natural resources coupled with growing geospatial research in the U.S. is expected to drive the growth of North American satellite imaging market during the forecast period.
However, in the years to come, APAC expected to witness fastest growth, with growing inclination toward technology in the region. The military organizations, state and national governments are adopting commercial satellite imaging for defense and homeland security in region. Also, location-based services using commercial satellite imagery is gaining momentum for commercial purposes, such as emergency services, navigation, weather and traffic information.
The increasing urbanization in China and India is providing growth opportunity for commercial satellite imaging in urban development, and facility management. Globally, the U.S., Japan, and the U.K. are the frontrunners in terms of revenue generation in the market.
Surge In Application of Satellite Imagery in Various Sectors
Satellite imagery is widely used in various applications including, geospatial data acquisition & mapping, defense & intelligence, energy, construction & development, natural resource management, conservation and research, media & entertainment, surveillance & security and disaster management.
Additionally, the earth imagery helps in various applications, including exploring new energy sources, disaster management, infrastructure planning & construction, green mapping, traffic management and topographic mapping. In addition, with increasing requirement for high-resolution satellite images in emergency services, homeland security agencies, defense organizations for crime mapping, crop forecasting and data evaluation, commercial satellite imaging will witness a boost in the demand in the coming years.
Consequently, growth in application areas of commercial satellite imagery is likely to propel the growth of the global market.
Increased European Government Concerns Over Agriculture Mapping and Security Drives European Market
In Europe, the defense application accounted for largest revenue of 45% share in 2022. The regional market in construction & development application is also expected to grow at considerable pace, owing to the adoption for satellite imagery, which is used for strategic planning pertaining to districts and cities. Information collected through satellite imaging in the region is construed in evaluating construction costs, along with environmental impact on utility and transport corridors.
The surging natural resource management activities in Europe will also fuel the market growth. The increased government concerns over agriculture mapping, forestry and soil moisture and ocean salinity have been the key factors responsible for the surging demand for commercial satellite imaging in this industry. The growing need to identify life threats and terrorist activities in the region is also expected to drive the demand for commercial satellite imaging in defense sector in the years to come.
The U.K. led the European market in 2022. It is expected to continue its hold in the near future as well. However, with major investments in military operations through satellite, market in Russia is expected to grow fastest.
Furthermore, France is also investing in technologies, such as high-resolution optical earth observation satellite, broadband satellites and high and low-orbiting telecommunications satellites. For instance, National Center for Space Studies (CNES), France’s space agency and China National Space Administration is set to launch China France oceanography Satellite (CFOSAT). Its primary objective is to monitor the winds and waves of the ocean on the global scale and this will assist in wind and wave forecasting, ocean dynamics modelling and prediction.
The most-significant commercial satellite imaging market players are DigitalGlobe Inc., Environmental Systems Research Institute Inc. (Esri), MDA Ltd, Airbus SE, Blacksky Technology Inc., European Space Imaging (EUSI) GmbH, ImageSat International Ltd, Galileo Group Inc., Planet Labs PBC, Skylab Analytics, and SpaceKnow Inc.