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Global Commercial Satellite Imaging Market Report 2023: Growing Need for LBS to Drive Sector Moving Forward
Global Commercial Satellite Imaging Market
Dublin, March 17, 2023 (GLOBE NEWSWIRE) -- The "Global Commercial Satellite Imaging Market Size and Share Analysis by Technology, Application - Industry Demand Forecast to 2030" report has been added to ResearchAndMarkets.com's offering.
In 2022, the commercial satellite imaging market size stood at USD 3,754 million, which is projected to propel at 11.20% CAGR during 2022-2030, reaching USD 8,777 million by 2030, according to the report.
With the utilization of optically prepared satellites, raw image information is formed in the process of imaging. Aeronautical imaging provides better image resolution in comparison to satellite imaging, as it is nearer to the object. Terrestrial imaging is the most reasonable and offers the best image resolution, but has geographical limitations.
Satellites are the most common method in comparison to other imaging approaches as they offer quicker image delivery and wide coverage. Moreover, once they are in orbit, using imaging the services are economical, which will boost expansion of the industry in the coming years.
The EnhancedView program, a ten-year, USD 7.3 billion contracts with the National Geospatial-Intelligence Agency, includes the U.S.-based corporations, such as DigitalGlobe and GeoEye. It targets to fuel image-gathering efforts and reinvest in commercial satellite imaging infrastructure. Such government agreements, which are the reason for the majority of these businesses' revenue, will increase the revenue in the coming few years.
The growing need for LBS is expected to develop the industry with a significant share in 2022. LBS is utilized for numerous applications, such as local search, mobile advertisements, navigation, enterprise services, location-specific health information, consumer tracking, tourism, and other location-based business intelligence.
Satellite imaging can provide important information and data. This is utilized by government bodies and research establishments in several sectors, such as defense, meteorology, oil and natural gas, and agriculture for several applications,
North America is rising at a CAGR of approximately 12.40% in the coming few years, in which the U.S. had the largest commercial satellite imaging market share. The U.S. government is changing its stance from restricting commercial satellite toward enabling the private companies to utilize high-resolution satellites to orbit, thus further growing intelligence-gathering potential.
The key players include Planet Lab Inc., Blacksky global, and Digital Globe Inc. Among several end-users, commercial companies remain the major players in the North American continent.
Also, heavy investment in the army and intelligence industry along with rising geospatial research in the U.S. is projected to boost the development of the satellite imaging demand in the region the coming years.
Since, satellites are the most commonly chosen method in comparison to other imaging approaches as they offer quicker image data delivery and wide coverage. Moreover, once they are in orbit, using imaging the services is most affordable, such factors will drive the commercial satellite imaging industry in the future as well.
Report Attribute | Details |
No. of Pages | 170 |
Forecast Period | 2022 - 2030 |
Estimated Market Value (USD) in 2022 | $3754 Million |
Forecasted Market Value (USD) by 2030 | $8777 Million |
Compound Annual Growth Rate | 11.2% |
Regions Covered | Global |
Companies Mentioned
DigitalGlobe Inc.
Environmental Systems Research Institute Inc.
MDA Ltd.
Airbus SE
Blacksky Technology Inc.
European Space Imaging (EUSI) GmbH
ImageSat International Ltd.
Galileo Group Inc.
Planet Labs PBC
Skylab Analytics
Spaceknow Inc.
For more information about this report visit https://www.researchandmarkets.com/r/gubkg2
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