Commercial Satellite Imaging Market - Growth, Trends, Covid-19 Impact, And Forecasts (2023 - 2028)

Commercial Satellite Imaging Market - Growth, Trends, Covid-19 Impact, And Forecasts (2023 - 2028)

The commercial satellite imaging market was valued at USD 4.15 billion in 2022, and it is expected to reach USD 7.08 billion by 2027, witnessing a CAGR of 11.25% during the forecast period (2022-2027). Satellite imaging has surpassed the use of terrestrial and aerial imagery by overcoming the limitations of geographical reach, owing to its comprehensive coverage of the world and quick delivery of image data. · The significance of satellite imaging has prompted governmental organizations to support its growth. In the United States, the US Department of Commerce relaxed the resolution restrictions on images, helping regional companies improve their image quality. For instance, owing to the relaxed restrictions, DigitalGlobe, one of the prominent providers of commercial high-resolution earth observation and advanced geospatial solutions, could sell its high-quality and industry-leading commercial satellite imagery. · Additionally, machine learning technologies improve image clarity and visualization by interpreting images from different perspectives. Artificial intelligence (AI) primarily aids in extracting valuable insights from rapidly growing satellite imagery, presenting strong AI-driven data analytics for a wide range of applications. · Organizational emphasis on multi-satellite constellations is considerably altering the market scenario. These constellations may boost data gathering frequency, especially for improved global coverage and faster change detection rates. · Further, various space agencies have joined forces to create dashboards, which has increased the demand for imagery-based data. · The significance of satellite imaging has prompted governmental organizations to support its growth. Various governments have supported the firms in the market studied by investing in satellite imaging technologies. The Australian government invested in satellite technologies, and it spent USD 260 million on developing satellite technology and creating jobs in Australia. · These factors have encouraged companies to develop improved solutions in the studied market. For instance, BlackSky, a geospatial intelligence company, announced that it secured USD 50 million loans from the Intelsat satellite powerhouse, primarily to boost its nascent earth observation constellation. The company also announced its plans to use this capital to build on its existing assets and alliances. The company primarily aims to incorporate access to Intelsat’s communications infrastructure to deliver its imaging and intelligence services worldwide.Commercial Satellite Imaging Market TrendsMilitary and Defense is Expected to Account for the Largest Share · Commercial satellite imagery's military and defense applications have been the major end-user verticals. Security and surveillance applications, which have long been key functions of any defense organization, have fueled the segment's growth. Governments typically have satellites orbiting the Earth, serving a variety of roles. However, due to security concerns of other countries, they normally have limited access to international airspace. Governments can impose shutter control rules in some severe instances, requiring foreign satellites in territorial airspace to turn off their imaging equipment. · Most countries' defense and military budgets are predicted to increase to create security initiatives, which will boost the market's growth. According to SIPRI, total global military spending increased by 0.7 percent in real terms in 2021, reaching USD 2.1 trillion. The United States, China, India, the United Kingdom, and Russia were the top five spenders in 2021, accounting for 62 percent of total spending. · Nevertheless, several countries have launched satellites to bolster their defense capabilities using advanced technology in response to rising security concerns. As a result, the number of satellite launches in numerous countries will likely fuel the market's expansion. Commercial satellite imagery is frequently used in the defense sector for geospatial mapping. · Furthermore, Earth observation satellites are becoming more common in defense and security missions, particularly remotely planning operations and mission deployments. Imagery satellites, once thought to be a tool for strategic threat assessments, are now giving exceptional tactical support to decision-makers and the modern soldier.North American Region is Expected to Account for the Largest Share · North America is expected to dominate the market during the forecast period due to the highest number of research and investments, the presence of sophisticated infrastructure to undertake space programs, and the earliest and highest adoption of commercial satellite imaging across various industries in the region. · The market studied is anticipated to widen further in the region due to the federal government's significant support for grants to academic institutions and industries to create highly advanced satellite imaging systems. The United States controls 2,944 of the 4,852 active artificial satellites circling the Earth as of January 1, 2022, according to the Union of Concerned Scientists, with China accounting for only 499. · Additionally, the US government is overhauling its existing commercial space regulations, which need to be simplified. This trend is intended to boost the region's commercial space operations. For example, SpaceX launched a radar-imaging satellite for Spain's Hisdesat Servicios Estrategicos SA and a broadband demonstration satellite. In addition, SpaceX is responsible for almost a quarter of all launches worldwide. In 2020, SpaceX was predicted to launch 21.8 percent of all rockets. · According to SkyWatch, a Canadian business that built a software platform for satellite photography, customers are becoming more interested in site monitoring. Governments, corporations, and consumers all benefit from satellite communications. · Also, according to the US Department of Homeland Security (DHS), satellite operations are an important part of maintaining crucial infrastructure that is essential for public health, safety, and community well-being during the COVID-19 emergency response. Following the epidemic, commercial satellite imagery is projected to surge in demand.Commercial Satellite Imaging Market Competitor Analysis The market studied is moderately fragmented, with moderate competitive rivalry. The companies in the market studied are engaged in providing satellite-based imagery or solutions based on the imagery. Competition among players in the market studied has been increasing due to competitive strategies. These companies strive to develop better features in their solutions to gain a competitive edge in the market studied. As a consequence, startups are rapidly joining the industry under investigation. Nano-satellite firms such as Skybox Imaging, Planet Labs, UrtheCast, PlanetiQ, Dauria Aerospace, Teledyne Brown Engineering, Tyvak Nano-Satellite Systems, NovaWurks, and Tyvak are also present in the market. · May 2022 - The National Reconnaissance Office has given 10-year contracts to BlackSky, Maxar Technologies, and Planet Labs to provide satellite imagery to US intelligence, defense, and civil organizations. These awards were the NRO's "largest-ever commercial imagery contracting initiative," according to the agency. These contracts represent a historic expansion of the NRO's commercial imagery acquisition to satisfy growing client demand with increased capability.Additional Benefits: The market estimate (ME) sheet in Excel format 3 months of analyst support