The commercial satellite imaging market is poised for remarkable growth, with expectations of reaching a staggering US$ 12.4 Billion by the year 2032. This promising trajectory is underpinned by a projected Compound Annual Growth Rate (CAGR) of 7.9% during the forecast period.
The remarkable expansion in this market can be attributed to the increasing demand for high-resolution Earth observation data across various industries, including agriculture, forestry, infrastructure, and disaster management. As businesses and governments alike recognize the invaluable insights that commercial satellite imaging can provide, the industry is set to continue its upward ascent, revolutionizing the way we gather and utilize geospatial information.
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The military and defense industries are predicted to offer lucrative possibilities for the global commercial satellite imaging market. Defense and military spending are rising rapidly in a number of developing countries, offering market participants appealing opportunities. For instance, the United States spent US$ 717 billion on its military in 2019, according to SIPRI.
Key Takeaways From The Commercial Satellite Imaging Market:
- By end-use, the government segment is expected to record an 8.1% CAGR by 2032
- By application, the defense and intelligence segment to expand at a 7.9% growth rate during the forecast period
- The U.S market to garner US$ 3 Billion and record a 7.2% CAGR from 2022–2032
- Market in China to procure US$ 1.2 Billion, expanding at a 9.2% growth rate during the assessment period
Competitive Landscape:
- Key players in the global commercial satellite imaging market include Planet Labs, Inc., DigitalGlobe, Inc., Exelis, Inc., Trimble Navigation Limited, and Telespazio, among others. Recent developments among key players are:
- In July 2019, DigitalGlobe launched OpenStreetMap imagery endpoints. It will allow the users of OpenStreetMap to observe uniformity in content between the previous and new layers. The imagery is expected to be more often updated by using the latest Maxar mosaic content. The augmented production processes are projected to benefit OSM contributors.
- In February 2020, the Air Force Life Cycle Management Centre announced a strategic partnership with L3Harris Technologies to develop a software platform. The software is expected to make it convenient for analysts to use AI to locate objects in large data sets, thereby, addressing urgent defense requirements for automation to observe and analyze large geospatial data sets.
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Commercial Satellite Imaging Market Segmentation:
By End Use:
- Commercial Satellite Imaging for Governments
- Commercial Satellite Imaging for Commercial Enterprises
- Commercial Satellite Imaging for Civil Engineering
- Commercial Satellite Imaging for Military
- Commercial Satellite Imaging for Forests
- Commercial Satellite Imaging for Agriculture
- Commercial Satellite Imaging for the Energy Sector
- Commercial Satellite Imaging for Insurance
By Application:
- Commercial Satellite Imaging in Energy Generation
- Commercial Satellite Imaging in Geospatial Technology
- Commercial Satellite Imaging in Natural Resources Management
- Commercial Satellite Imaging in Construction and Development
- Commercial Satellite Imaging in Disaster Response Management
- Commercial Satellite Imaging in Defense and Intelligence
- Commercial Satellite Imaging in Conservation and Research
- Commercial Satellite Imaging in Media and Entertainment
By Geography:
- North America
- Europe
- Asia-Pacific
- Middle East & Africa
- Latin America
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