According to a market report, published by Sheer Analytics and Insights, the global commercial satellite imaging market was valued at $2.7 billion in 2021 and it is expected to reach $7.01 billion at a CAGR of 8.70%% between 2022 and 2032. Commercial satellite imaging is also known as earth observation which takes many pictures of earth from space and uses these pictures in various kinds of commercial works. Some of the leading applications of the commercial satellite are such as acquisition and mapping, disaster management, energy and natural resource management, planning and development of urban areas, and security and surveillance, among others. These are the important functions of taking images of our earth. Hence, these major factors have driven the growth of the commercial satellite imaging market over the last few years. Moreover, the increasing demand for taking pictures of the earth through a satellite is also expected to drive the growth of the market during the forecast period. This kind of imaging satellite is operated by governments and commercial businesses across the globe. After that, they sell these images to major companies such as Google Maps, Apple Maps, and governments from various regions with license agreements.
In regions such as Asia-Pacific, Europe, and North America, Government contractors have benefited from significant administrative and financial support from space agencies through accelerated and advanced payments. Moreover, the new and innovative technologies of earth observation satellites provide a safe and remote method to collect global onsite information without the need to leave their home. Few key players from the North American region have created a software platform for satellite imagery has seen an uptick in customer interest in facility monitoring. Some major factors such as rising concerns about climate change, environmental degradation, disaster monitoring, and more are driving the demand for commercial satellite imaging across the globe. Additionally, the security concerns and geopolitical tensions between countries and governing agencies of several countries have forced their own countries to increase their defense budget. Thus, they are deploying commercial satellite imaging to provide information that helps strengthen defense services.
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Moreover, the rapid increase in the use of satellite data in the development of smart cities and connected vehicles is also driving the growth of the commercial satellite imaging market across the globe. However, strict government regulations for the implementation and use of satellites and the availability of low-cost alternatives such as aerial imaging services are expected to hinder the market growth for a certain period. There are few new opportunities such as a surge in the incorporation of new technologies, and an increase in demand for satellite launches are estimated to boost the market growth in the upcoming future. In some developing countries, the limitation of funds has been a major challenge; therefore, it has been hampering the growth opportunities across those developing countries
Maor Players for Commercial Satellite Imaging Market:
According to the study, key players such as BlackSky Technology (U.S), European Space Imaging (Germany), Galileo Group Inc (U.S), ImageSat International N.V (Israel), Planet Labs (U.S), L3Harris Technologies (U.S), Maxar Technologies (U.S), Airbus Group (France), SpaceKnow Inc (U.S), Leonardo Aerospace (Italy), Threetek (Brazil), Satellogic (U.S), Trimble (U.S), EarthDaily Analytics (Canada), Alphabet Inc Multinational Conglomerate (U.S), Lockheed Martin Aerospace (U.S), Atheer Inc Software Company (U.S), Sierra Nevada Corporation (U.S), Northrop Grumman Aerospace and Defense (U.S), Thales Group Aerospace (France), The Aerospace Corporation (U.S), Boeing Aerospace (U.S), GomSpace Commercial (Denmark), EarthDaily Analytics (Canada), E-Geos (Germany), Geosys Enterprise Solutions Private Limited (India), Trimble (U.S), among others.
The Global Commercial Satellite Imaging Market Has Been Segmented Into:
The Global Commercial Satellite Imaging Market – By Technology Type:
The Global Commercial Satellite Imaging Market –By Application Type:
The Global Commercial Satellite Imaging Market – By End-Users:
The Global Commercial Satellite Imaging Market – By Regions:
North America
Europe
Asia-Pacific
LAMEA
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