Commercial Satellite Imaging Market Set To Reach $9.6 Billion By 2032, Growing At A CAGR Of 11.5%

Commercial Satellite Imaging Market

The commercial satellite imaging market is segmented into application, end user, and region.

WILMINGTON, NEW CASTLE, DELAWARE, UNITED STATES, August 20, 2024 /EINPresswire / -- The Commercial Satellite Imaging Market report offers a detailed analysis of changing market trends, top segments, key investment pockets, value chain, regional landscape, and competitive scenario. Advantages such as precise mapping for mission planning, search, and rescue operations and rise in utilization of satellite imagery in government and defense sectors drive the growth of the global commercial satellite imaging market. Moreover, the introduction of new technologies such as electric propulsion technology, high-resolution cameras, advanced remote sensing technology, and others supplements the market. On the other hand, increase in usage of satellite data for development of smart cities and connected vehicles along with rise in implementation in commercial applications present new opportunities in the coming years.

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For instance, the China government announced in June 2021 that four satellites will be launched into predetermined orbits for catastrophe prevention and mitigation, asteroid resource discovery, ecological environment monitoring, and other applications. Surge in demand for satellite data from various industry verticals and increase in requirement of earth observation satellites are factors expected to drive the market growth. Companies with a strong technological edge and diverse customer base are likely to gain a competitive advantage in the commercial satellite imaging market share landscape.

The global commercial satellite imaging market size was valued at $3.3 billion in 2022, and is projected to reach $9.6 billion by 2032, growing at a CAGR of 11.5% from 2023 to 2032.

The key players profiled in this report include

IMAGESAT INTERNATIONAL N.V, EUROPEAN SPACE IMAGING, SPACEKNOW, GALILEO GROUP, INC, PLANET LABS INC, MAXAR TECHNOLOGIES INC, TELESPAZIO FRANCE, HARRIS CORPORATION, BLACKSKY GLOBAL LLC, URTHECAST CORP

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Similarly, energy companies are also adopting commercial satellite imagery services for enhancement in productivity, which supports the market growth. For instance, in May 2022, ProStar Holdings Inc., a major company in Precision Mapping Solutions, was announced that Scout Energy Partners, signed a service-level agreement (SLA) for ProStar's cloud and mobile solution to improve the management and safety of pipeline operations.

Based on end user, the government segment held the largest share in 2021, accounting for more than one-fifth of the global commercial satellite imaging market. However, the civil engineering and archaeology segment is expected to register the largest CAGR of 13.2% during the forecast period.

Regional Analysis:

Based on region, North America contributed to the highest share in 2021, holding nearly two-fifths of the total market share, and is expected to continue its dominant share by 2031. However, Asia-Pacific is projected to portray the fastest CAGR of 12.9% during the forecast period.

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The commercial satellite imaging market size is segmented into application, end user, and region. By application, the market is categorized into geospatial data acquisition & mapping, urban planning & development, disaster management, energy & natural resource management, surveillance & security, defense & intelligence, and others. By end user, it is segregated into government, military & defense, forestry & agriculture, energy, civil engineering & archaeology, transportation & logistics, and others. By region, the market is analyzed across North America, Europe, Asia-Pacific, Latin America, and Middle East and Africa.

KEY FINDINGS OF THE STUDY

By application, the geospatial data acquisition and mapping segment is anticipated to dominate the market in the coming future.

By end user, the government segment is anticipated to lead the market.

By region, Asia-Pacific is anticipated to register the highest CAGR during the forecast period.

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David Correa
Allied Market Research
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