Global Commercial Satellite Imaging Market Analysis 2018 Forecasts to 2023
Global Commercial Satellite Imaging Market by Application (Geospatial Data Acquisition & Mapping, Defense & Intelligence, Energy, Surveillance & Security, Disaster Management), End-User (Commercial, Defense), Type (Small, Middle, Large)-Forecast till 2023
Market Scenario
Satellite imaging consists of the various stages of collecting data in the form of images through the use of imaging satellites. Satellite imagery is becoming a competitive market gradually, owing to the rising numbers of new players in this market. The commercial satellite imaging market is gaining attention with the growing necessity for disruptive satellite imagery information analytics by companies across various industries. Critical information and market understanding about various geospatial and environment conditions is carried out for the purpose of efficient resource supervision.
Geospatial information acquisition & mapping has been the largest commercial satellite imaging market across the globe. In addition, commercial enterprise has been the major end-user of commercial satellite imaging market. In addition, it include providers of map related services such as Apple Maps and Google Maps.
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The major trends witnessed in the global commercial satellite imaging market include hyper-spectral image processing for automatic target identification purposes. Most of the military applications involve detecting objects, such as tracking movement of vehicles, with the help of hyper-spectral image processing. Moreover, hyper-spectral image sensors provide image data encompassing both spatial and spectral information. In addition, it can be used to detect various activities, including military activities. Moreover, development in high resolution satellite imagery, for applications in data related sectors such as agriculture and natural resource managing, is also a factor supporting the growth of global commercial satellite imaging market.
Most of the vendors in the global commercial satellite imagery market are aggressively using both organic and inorganic growth strategies for their business growth. Currently, the global market is in the process of consolidation, through mergers and acquirements among major companies. For example, DigitalGlobe lately announced its partnership with Esri and Harris Corporation, the providers of advance geospatial information.
There are various benefits of satellite imaging over aerial imaging, such as frequent flying ability, flexibility in severe weather conditions, and better precision & resolution of images captured by satellite system. Although, satellites normally can capture up to 50 cm resolution pictures used for larger picture overview, whereas, the new generation digital aerial cameras can capture pictures with resolution up to 3 cm, suitable for engineering survey type projects.
The intensity of competition in the global commercial satellite imaging market has reduced over the last few years. Still, the global commercial satellite imaging market is highly competitive and segmented owing to the presence of a large number of local and global vendors across the world. It has been observed that these vendors are competing against each other based on factors such as cost, quality of product, reliability of product and its components, and aftermarket service. In addition, these vendors are focusing more and more on providing profitable and superior quality satellite imaging methods to sustain themselves in the intensely competitive market.
Europe is estimated to be the prime market for commercial satellite imaging during the forecast period. The growth of the satellite imaging market in Europe can be attributed to the developed infrastructure for image collection and regulation in this region. These factors have created a positive environment for the adoption of satellite imaging technology.
The key driver impelling the growth of commercial satellite market is the rising demand from various sectors such as natural resource management and oil & gas. Market segmentation is carried out on the basis of application, end-user, type and regions.
Demand in the application segment of commercial satellite imaging market is estimated to be driven by city planning, insurance, and fleet controlling, during the forecast period. Owing to rising terrorism threats, defense and intelligence departments all over the world are using satellite imagery to support their security infrastructure. Global commercial satellite imaging market is also driven by technological advancements in satellite imaging. In addition, growing demand of location-based services (LBS) sector has also contributed to the growth, as satellite imaging is used in LBS for different applications, such as consumer tracking, enterprise services, navigation application, local search, position based business intelligence (BI), position-specific health information application.
Global Commercial Satellite Imaging Market is estimated to witness a CAGR of more than 12% during the forecast period 2018-2023.
Key Players
The key players in global commercial satellite imaging market are DigitalGlobe (U.S.), Galileo Group Inc. (U.S.), SpaceKnow (U.S.), Airbus (France), Harris Corporation (U.S.), Planet Labs, Inc. (U.S.), Exelis Inc. (U.S.), Blacksky (U.S.), European Space Imaging (Germany), and UrtheCast (Canada).
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