(MENAFN- EIN Presswire) EINPresswire/ -- The global satellite image data services industry was generated $ 6.3 billion in 2022 and is anticipated to generate $46.3 billion by 2032, witnessing a CAGR of 22.2% from 2023 to 2032.

The growth of the global satellite image data services market is driven by factors such as a rise in demand for geospatial information from various industries, an increase in demand for earth observation satellites, and supportive government initiatives and regulations. However, regulatory and legal challenges and high costs hamper the growth of the market. On the contrary, the integration of AI, ML, and cloud computing in satellite image data services, and the surge in adoption of global connectivity and data accessibility are expected to offer remunerative opportunities for the expansion of the satellite image data services market during the forecast period.

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Satellite imagery encompasses photographs or visual representations of the Earth captured from satellites revolving around our planet. These satellites are equipped with a range of sensors capable of detecting different types of radiation, including visible light, infrared light, and microwave radiation. By combining these captured images, detailed and high-resolution depictions of the Earth are generated. This technology offers fresh insights into climate patterns, geographical features, and human-made constructions, presenting unique perspectives and data to various industries.

Moreover, there is a rise in the demand for high-resolution images in both visible and thermal infrared spectrums. For instance, in April 2023, Albedo, an aerial-quality imagery service provider received a contract from the U.S. Air Force to provide services or technology related to capturing images using thermal infrared sensors during nighttime operations. As part of this contract, Albedo is expected to capture the highest-resolution commercial satellite imagery in both the visible spectrum (with a resolution of 10 cm ground sample distance (GSD)) and the thermal infrared spectrum (with a resolution of 2 m ground sample distance (GSD)). Therefore, such developments to provide high-quality and accurate data are expected to attract more customers and drive demand for satellite image services.

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In addition, government agencies and organizations collaborate with satellite image service providers through various programs. For instance, in July 2021, Planet Labs Inc., a satellite data provider received a contract expansion from NASA to supply satellite imagery for scientific purposes to all U.S. federal civilian agencies, the National Science Foundation (NSF), and associated entities. The imagery from Planet is expected to be made available through NASA's Commercial Smallsat Data Acquisition (CSDA) Program. Partnerships with commercial satellite imagery providers demonstrate a growing demand for satellite image services. Therefore, such collaborations contribute to the growth of the market by fostering competition, and innovation among commercial satellite imagery companies, which is expected to boost the growth of the market.

The global satellite image data services market is segmented into optical imagery, and radar imagery. The optical imagery includes satellite images collected by the passive remote sensing method. The satellite image is captured by satellites, which are equipped with remote sensing payloads that monitor the solar energy reflected and re-emitted by the Earth's surface or atmosphere. This technology provides data under conditions of sunlight and clear skies. Passive sensors, such as optical and thermal sensors, are commonly employed for this purpose.

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Based on region North America held the highest market share in terms of revenue in 2022, accounting for more than half of the global satellite image data services market revenue, and is likely to dominate the market during the forecast period, as there is a rise in the development of various programs, which utilize satellite image data to enhance agricultural practices, improve yield predictions, optimize resource management, and mitigate risks related to climate variability and extreme events. However, the LAMEA region is expected to witness the fastest CAGR of 25.0% from 2023 to 2032, owing to the adoption of satellite data services in agriculture within various countries of the region.

Leading Market Players: -

Maxar Technologies
ICEYE
Planet Labs PBC
Airbus
L3Harris Technologies, Inc.
Ursa Space Systems, Inc.
EAST VIEW GEOSPATIAL, INC.
BlackSky
LAND INFO Worldwide Mapping, LLC
Satellite Imaging Corporation

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