The global commercial satellite imaging market value is estimated to be around USD 5,329.5 million in 2024. The demand for commercial remote sensing satellites witnessed a Y-o-Y growth of 6.6% between 2019 and 2023, concluding the total market valuation at USD 4,965.4 million.
Utilization of high-resolution and modern satellite imagery in diverse fields of national development, administration, defense organization, emergency services, and environmental protection is propelling the adoption of commercial satellite imaging solutions. Recent advancements in satellite image processing and satellite data analytics are anticipated to propel the market at a higher CAGR over the projected period.
Based on the analysis of the recent trends, it is expected that the global adoption of commercial satellite imaging to grow at a CAGR of 8.2% from 2024 to 2034. The market report further predicts that the total valuation of the global commercial satellite imaging industry to reach USD 11,752.2 million by the end of this forecast period.
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Key Takeaways from the Commercial Satellite Imaging Market Study Report
- The United States dominates the global market with most number of commercial players for satellite imaging services. The regional market is poised to advance further with a 5.1% CAGR through 2034.
- According to the analysis, Germany is anticipated to present the most lucrative market in Europe recording a CAGR of 7.7% during the forecast period.
- China holds a dominant share in the commercial satellite imagery market of Asia and is expected to advance at 8.8% CAGR between 2024 and 2034.
- Japan has been recognized as another potent player in Asia which is expected to register a 9.5% CAGR through 2034.
- The Australian government has invested US$ 260 million in the development of satellite technology and the regional market is likely to follow 11.8% CAGR through 2034.
- Among the different end users, the defense and intelligence segment is estimated to account for 24.5% of the total market demand in 2024.
Competitive Landscape for the Commercial Satellite Imaging Market Participants:
The global competition for commercial satellite communication and imaging services is currently moderate as very few players have been able to establish such business requiring higher investment and technical know-how. However, the increased support from government organizations to become self-independent in satellite technology is anticipated to result in the emergence of many new players in the coming period.
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Leading Key Players:
- Planet Labs, Inc.
- DigitalGlobe, Inc.
- Exelis, Inc.
- Trimble Navigation Limited
- Telespazio
Recent Developments in the Commercial Satellite Imaging Industry Players
In December 2022, the private equity firm Advent International Company acquired the space business Maxar Technologies. The deal was concluded by Advent by paying US$ 6.4 billion to acquire all of the outstanding shares of Maxar Technologies.
In December 2022, a MoU was signed between SI Imaging Services and Terra Cover to launch their operations and concentrate on different technological ventures that make use of satellite images. Terra Cover is an organization that specializes in AI-based geospatial analytics that is expected to augment the SI’s imaging services.
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Commercial Satellite Imaging Market Segmentation:
By Product Type:
- Software
- Hardware
By End Use Verticals:
- Governments
- Commercial Enterprises
- Civil Engineering
- Military
- Forests
- Agriculture
- Energy Sector
- Insurance
- Other End-use Use Verticals
By Application:
- Energy Generation
- Geospatial Technology
- Natural Resources Management
- Construction and Development
- Disaster Response Management
- Defense and Intelligence
- Conservation and Research
- Media and Entertainment
- Other Applications
By Region:
- North America Market
- Latin America Market
- Europe Market
- East Asia Market
- South Asia and Pacific Market
- Middle East and Africa (MEA) Market
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