(MENAFN- PR Newswire) North America stands as one of the most technologically advanced regions and a hub of innovation, boasting the highest installed base of satellite imaging across diverse industry verticals. Key factors driving market growth in this region include the availability of robust supporting infrastructure, advancements in satellite imaging technology, and rising demand for high-resolution imagery in the U.S. and Canada.
In addition, business enterprises in North America, including prominent technology companies such as Maxar Technologies Holdings Inc. (U.S.), Satellite Imaging Corporation (U.S.), EOS Data Analytics, Inc. (U.S.), EarthDaily Analytics Corp. (Canada), and Orbital Insight, Inc. (U.S.), are increasingly advocating for the integration of satellite imaging solutions and services. For example, in May 2022, Maxar Technologies Holdings Inc. announced that the National Oceanic and Atmospheric Administration (NOAA) had modified its remote sensing license to allow for non-Earth imaging (NEI) capabilities for both its current constellation and next-generation WorldView Legion satellites. This new license enables Maxar to collect and distribute images of space objects in Low Earth Orbit (LEO), ranging from 200 to 1,000 kilometers in altitude, to both government and commercial customers.
Moreover, enterprises are focusing on transforming their satellite imaging models by adopting advanced analytics, AI, and machine learning technologies. Integrating these innovations enhances operational efficiency, further propelling the growth of the satellite imaging market in North America.
Asia-Pacific: The Fastest-growing Regional Market
The satellite imaging market in Asia-Pacific is projected to register the highest CAGR of
15.0% during the forecast period. In 2024, China is expected to account for the major share of 58.8% of the market. The growth of the satellite imaging market is primarily driven by rapid advancements in satellite technology, increasing demand for imaging across various applications-including urban planning and infrastructure development-and the rising need for satellite mapping services in smart agriculture.
Asia-Pacific is projected to be the fastest-growing market for satellite imaging globally. Countries such as China, Japan, India, and South Korea are experiencing significant advancements in satellite technology and are making substantial investments in this sector. The growing demand for satellite imaging in applications such as urban planning, infrastructure development, agriculture, and disaster management is further propelling market growth in the APAC region.
Furthermore, satellite imaging plays a crucial role in Asia-Pacific's agriculture sector, offering valuable insights and tools to enhance productivity, sustainability, and resource management. In countries such as Indonesia and Malaysia, satellite imagery is used to monitor deforestation and its impacts on agricultural land. Satellite imagery is crucial for managing sustainable agricultural practices.
Market players are increasingly focusing on partnerships to develop advanced offerings, thereby supporting market growth. For example, in October 2023, ICEYE (Finland) partnered with Suhora Technologies Pvt. Ltd. (India), a prominent software and geospatial intelligence company. This collaboration marked one of the largest radar satellite imagery agreements in Asia, enabling Suhora to access ICEYE's high-quality satellite imagery of any location on the planet and provide users with enhanced monitoring and analytical geospatial solutions. Additionally, in August 2022, KT SAT (South Korea) signed a Memorandum of Understanding with Ursa Space Systems (U.S.) to deliver satellite imagery and geospatial insights for the Asia-Pacific region. Such developments are anticipated to further propel the growth of the satellite imaging market in Asia-Pacific.
Learn About the Top Companies Influencing Market Dynamics (Download Free Sample) -
Satellite Imaging Market: Competition Analysis
This report offers a competitive analysis based on an extensive assessment of the leading players' product portfolios, geographic presence, and key growth strategies adopted over the past three to four years. Major companies in the satellite imaging market have implemented various strategies to expand their product offerings and global footprints and augment their market shares. The key strategies followed by most companies in the satellite imaging market were product launches, expansions, mergers & acquisitions, agreements, collaborations, and partnerships. The key players operating in the satellite imaging market include
Maxar Technologies Holdings Inc. (U.S.), Airbus SE (Netherlands), Lockheed Martin Corporation (U.S.), L3Harris Technologies, Inc. (U.S.), BlackSky Technology Inc. (U.S.), SpaceKnow, Inc. (U.S.), Satellite Imaging Corporation (U.S.), Capella Space Corp. (U.S.), EOS Data Analytics, Inc. (U.S.), Telespazio UK Ltd (U.K.), Arlula Pty Ltd (Australia), ICEYE (Finland), Remote Sensing Technology Center of Japan (RESTEC) (Japan), Shoghi Communications Ltd. (India), Planet Labs PBC (U.S.), European Space Imaging GmbH (Germany), EarthDaily Analytics Corp. (Canada), SatSure Analytics India Pvt Ltd (India), RMSI Pvt. Ltd. (India), Trimble Inc. (U.S.), Satellogic Inc. (U.S.), and Spire Global, Inc. (U.S.).
Have Specific Research Needs? Request a Customized Research Report -
Satellite Imaging Industry Overview: Latest Developments from Key Industry Players
In May 2024, Maxar launched ClimateDesk, a platform designed to transform enhanced climate data into actionable insights for customers, thereby improving decision-making and facilitating long-term planning.
In May 2024, Maxar signed a contractual agreement with Lockheed Martin Corporation (U.S.) to provide Maxar's geospatial products for the F-35 Full Mission Simulator (FMS) flight simulation and training system.
In February 2024, Capella partnered with TCarta (U.S.), a global leader in hydrostatic products and services, to integrate high-resolution SAR satellite imagery into TCarta's coastal monitoring and shoreline feature extraction solutions. This collaboration enhances the capability to consistently and reliably identify changes along coastlines, equipping coastal managers with accurate and timely information to effectively address the impacts of climate change.
In January 2024, Capella partnered with Floodbase (U.S.), a leading data provider and reporting agent for parametric flood insurance, to integrate high-resolution SAR satellite data into Floodbase's comprehensive solution. This collaboration enhances the certification of payout triggers for parametric insurance by accurately capturing the extent of flooding with high resolution, regardless of cloud cover.
In May 2023, Advent International Corporation (U.S.) and British Columbia Investment Management Corporation (BCI) (Canada) acquired Maxar to enhance their capacity to deliver both long- and short-term mission-critical technology and solutions to customers.
In May 2023, Capella partnered with LiveEO (Germany), a leading provider of Earth observation analytics and solutions for monitoring high-value infrastructure and energy assets. As the inaugural certified Capella Analytics Partner, LiveEO will integrate Capella's all-weather, 24/7 SAR imagery into its advanced analytics platform. This collaboration will enhance the monitoring of assets such as railways, buildings, pipelines, and other infrastructure, delivering timely insights for disaster response and management.
In March 2023, L3Harris signed a contractual agreement with NASA valued at USD 765 million to design and develop a high-resolution imager for NOAA's Geostationary Extended Observations (GeoXO) satellite system. The GeoXO Imager will provide advanced visible and infrared imagery, enhancing precise observations and improving water vapor measurements. This development is expected to significantly improve the accuracy and timeliness of weather forecasting across the Western Hemisphere.
In January 2023, Satellogic collaborated with Tata Advanced Systems Limited (India) to establish and develop local space technology capabilities in India, with a focus on manufacturing satellites and developing imagery for national defense and commercial applications.
In January 2023, Maxar signed a contractual agreement with the National Geospatial-Intelligence Agency (NGA) to provide up to USD 35.8 million in funding and deliver an advanced application programming interface (API) for NGA's Foundation Program. This API will enable NGA to query, discover, and download products from Maxar's extensive 125-petabyte high-resolution commercial imagery archive.
In December 2022, ICEYE signed a multi-year framework contract with the European Maritime Safety Agency (EMSA) to support their efforts in managing various aspects of maritime operations with SAR data.
In May 2021, ICEYE collaborated with Neptune Flood (U.S.), the first AI-driven flood insurance company to provide fast and easy flood insurance. As part of the collaboration, ICEYE will provide Neptune Flood with high-resolution flood hazard data in the immediate aftermath of a flood event to enable monitoring of Neptune's insured geolocations for micro changes in water depths around properties.
IMMEDIATE DELIVERY AVAILABLE | BUY THIS RESEARCH REPORT (Insights, Charts, Tables, Figures and More)
-
Scope of the Report:
Satellite Imaging Market Assessment - by Offering
Satellite Imaging Market Assessment - by Application
Surveillance & Reconnaissance
Environmental Conservation & Research
Infrastructure Planning & Monitoring
Agricultural Planning
Weather Forecasting
Disaster Response & Aid Planning
Forestry Monitoring & Management
Navigation
Other Applications
Satellite Imaging Market Assessment - by Sector
Government & Defense
Environment & Climate
Agriculture, Forestry and Fisheries
Energy & Mining
Finance & Insurance
Transportation & Logistics
Other Sectors
Satellite Imaging Market Assessment-by Geography
North America
Asia-Pacific
China
Japan
India
South Korea
Rest of Asia-Pacific
Europe
U.K.
Germany
France
Italy
Spain
Rest of Europe
Latin America
Middle East & Africa
Browse More Related Reports
-
Thermal Imaging Market - Thermal Imaging Market is expected to reach $7.8 billion by 2031, at a CAGR of 7.2% from 2024 to 2031
Dental Imaging Market - Explore the growth of the Dental Imaging Market, projected to hit $5.12 billion by 2031, with the CAGR of 4.9% from 2024
3D Sensing and Imaging Market
- 3D Sensing and Imaging Market is expected to reach $115.3 billion by 2030, at a CAGR of 24.2% during the forecast period of 2023–2030
Magnetic Resonance Imaging Systems Market
- Magnetic Resonance Imaging Systems Market, projected to reach $10.35 billion by 2030. Discover MRI designs, field strengths, and applications
Multimodal Imaging Market - Multimodal Imaging Market is expected to grow at a CAGR of 5.3% from 2018 to reach $1.6 billion by 2024
Satellite IoT Market
- Satellite IoT Market is projected to reach $2.48 billion by 2031, at a CAGR of 18.2% from 2024 to 2031
Industrial X-Ray Inspection System Market
- The Industrial X-Ray Inspection System Market is projected to reach $1.33 billion by 2031, at a CAGR of 10.7% during 2024–2031
Location-based Services Market
- Location-based Services Market is projected to reach $327.6 billion by 2031, at a CAGR of 15.9% During 2024–2031
Satellite Imaging Market Research Summary
SOURCE Meticulous Market Research Pvt. Ltd.