The Global Commercial Satellite Imaging market accounted for US $2,528.96 million in 2019 and is expected to reach US $6,675.65 million by 2027 growing at a CAGR of 12.9% during the forecast period according to a report by Research and Mrkets entitled The "Commercial Satellite Imaging - Global Market Outlook (2019-2027).
Increase in security concerns and introduction of new technologies such as GPS satellites, advanced remote sensing technology, the high-resolution cameras, light detection & ranging (LIDAR) technology and electric propulsion technology are some of the factors propelling the growth of the market. However, the availability of aerial imaging services is hindering the growth of the market.
Satellite images are majorly collected by special imaging satellites operated by commercial businesses and governments across the globe. Companies operating in the commercial satellite imaging market sell images to businesses such as Google Maps and Apple Maps and governments through licensing agreements. The usage of satellite imagery for commercial purposes such as agriculture, defense, energy and insurance is known as commercial satellite imaging. The amalgamation of high-end technologies in commercial satellite imaging has encouraged various industries to deploy the technology to increase their reach. The rise in demand for high resolution and advanced satellite imagery in the field of national development administration, emergency services, national defense organizations, homeland security agencies and environmental protection has augmented the adoption of commercial satellite imaging.
Based on the end-user, the military & defense segment is going to have a lucrative growth during the forecast period owing to the security and surveillance applications, which are the core functionalities of any defense organization. In most cases, governments have their satellites orbiting the Earth, performing several operations. Growing defense and military budgets in most of the countries, to develop security programs, are expected to contribute to the growth of the market.
By geography, North America is anticipated to hold considerable market share during the forecast period due to growth in funding in different space programs and an increase in research to achieve a strong base of the technology. The market in the region is expected to expand significantly led by advancements in research and development projects. Due to strong support from the federal government regarding grants to academic institutions and companies, to develop highly advanced satellite imaging devices, the market studied is estimated to expand further in the region.
For more information on the report go to: "Commercial Satellite Imaging - Global Market Outlook (2019-2027)
