Global Commercial Satellite Imaging Market - Segmented by Application (Geospatial Data Acquisition & Mapping, Natural Resource Management, and Surveillance & Security), End-user Vertical (Government, Construction, and Military & Defense), and Region - Growth, Trends and Forecasts (2018 - 2023)
In 2017, the commercial satellite imaging market was valued at USD 3.061 billion and is expected to reach a value of USD 5.68 billion by 2023, registering a CAGR of 10.85% during 2018-2023 (the forecast period). The scope of this report is limited to the solutions offered by the various market players for natural resource management, geospatial data acquisition, security & surveillance, and disaster management, among others.
The major market drivers have been the adoption of location-based services and the reduced costs of satellite imaging solutions. Further, the technological advancements, such as the launch of GPS satellites, remote sensing technology, cloud service, and high-resolution cameras, have created numerous opportunities for the growth of the commercial satellite imaging market. However, the provision of higher resolution images through aerial imaging, when compared to satellite imagery, is expected to restrict the market growth.
Geospatial Data Acquisition & Mapping To Hold The Largest Market Share
As of 2017, Geospatial data acquisition & mapping application accounted for the largest market share in the global CSI market. The growth of this application is attributed to the increased utilization of satellite imagery for the selection of construction sites, 3D modelling of excavation areas, route planning, and monitoring of infrastructural projects, among others. Convergence of the geospatial technologies (such as GIS, location-based services, remote sensing, navigation models, and other visualization models) has enabled new forms of data visualization models, which have greatly enhanced the user-experience and enabled the end-users to interact with the models in innate ways, by making the use of multiple components. These components include hues, markers, and heat maps. Also, the recent trends in integration and convergence of geospatial technologies, such as the advent of new business models that are aimed at leveraging the demand for geospatial information, and increased application of geospatial data acquisition in city and town planning, are shaping the commercial satellite imaging market space. For instance, Tableau, a global leader in visualizations, has improved its data preparation tool and is working to add natural language processing, geospatial analytics & mapping, and other capabilities to its software.
United States To Hold The Largest Market Share
Being an early adopter and leader in space technology for imaging applications across various end-user verticals, the United States dominates the market. The country boasts of a highly advanced and developed market landscape buoyed by government organizations, such as NASA. The United States is one of the highest spending countries on aerospace and defense. Also, the country has been a forerunner in adopting technologies to address environmental concerns, through the United States Environmental Protection Agency. In 2016, the country invested around USD 1.42 trillion to combat climate change and carbon emissions, through effective imaging and GIS. The government’s emphasis on owning a state-of-the-art technology and equipment for the use in the industry proves to be instrumental in driving the adoption rate of satellite-based imaging techniques. With the increasing number of natural disasters, such as Hurricane Harvey, Hurricane Matthew, Great Smoky Mountains wildfires, and Louisiana floods, it is imperative for the country to adopt monitoring and disaster management solutions. However, high costs and licensing issues remain the major constraints impeding the market growth in this region.
Key Developments in the market