- Surged usage of satellite data in smart cities and connected vehicles along with rise in application in defense and government services fuel the global commercial satellite imaging market growth.
PORTLAND, Ore., Jan. 27, 2022 /PRNewswire/ -- Allied Market Research published a report, titled, "Commercial Satellite Imaging Market by Application (Geospatial data acquisition & mapping, Urban Planning & Development, Disaster Management, Energy & Natural Resource Management, Surveillance & Security, Defense & Intelligence and Other) and End User (Government, Military & Defense, Forestry and Agriculture, Energy, Civil Engineering and Archaeology, Transportation and Logistics and Others): Global Opportunity Analysis and Industry Forecast, 2021–2030." According to the report, the global commercial satellite imaging industry generated $2.63 billion in 2020, and is estimated to reach $6.99 billion by 2030, witnessing a CAGR of 10.8% from 2021 to 2030.
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Drivers, Restraints, and Opportunities
Rise in usage of satellite data in smart cities development and connected vehicles, surge in dependence on location-based services, and increase in applications in government and defense services drive the growth of the global commercial satellite imaging market. However, stringent government regulations regarding usage of satellites and limited availability of aerial imaging restrain the market growth. On the other hand, rise in incorporation of new technologies is projected to open new opportunities in the next few years.
Owing to the COVID-19 pandemic, mission-deployments have been hampered and new product deliveries have been slowed down due to disruptions in supply chain.
The pandemic also affected the revenue streams for R&D activities and implementation of new technologies in the commercial satellite imaging sector.
However, post pandemic, the demand for commercial satellite imaging is estimated to increase with applications of commercial satellite imagery and analytics in different end use verticals.
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The geospatial data acquisition & mapping segment to maintain its dominance by 2030
Based on application, the geospatial data acquisition & mapping segment accounted for the highest market share in 2020, contributing to more than one-fourth of the global commercial satellite imaging market, and is estimated to maintain its dominance in terms of revenue during the forecast period. This is due to wide range of applications in various sectors such as environmental condition analysis, archaeology, mining study, and formation of maps and charts. However, the defense & intelligence segment is projected to register the largest CAGR of 12.6% from 2021 to 2030, owing to increase in investments from public sectors.
The government segment to maintain its leadership status throughout the forecast period
Based on end user, the government segment contributed to the highest market share in 2020, accounting for more than one-fifth of the global commercial satellite imaging market, and is projected to maintain its leadership status throughout the forecast period. This is attributed to usage in applications such as land mapping, disaster management, environmental protection, urban development, GIS updates, homeland security, and public safety. However, the civil engineering and archaeology segment is estimated to witness the largest CAGR of 12.6% from 2021 to 2030, owing to its usage in real-time monitoring of construction projects and exploration & monitoring of archaeological sites with the help of imagery provided by commercial satellites.
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North America to maintain its lead position by 2030
Based on region, North America held the highest market share in terms of revenue in 2020, accounting for around two-fifths of the global commercial satellite imaging market, and is expected to maintain its lead position by 2030. This is due to high adoption of satellite imagery among government and military agencies in the region. However, Asia-Pacific is estimated to portray the fastest CAGR of 12.4% during the forecast period, owing to rise adoption of commercial satellite imaging in various end use sectors in the region.
Leading Market Players
Galileo Group, Inc.
European Space Imaging
L3Harris Technologies, Inc.
Planet Labs Inc.
Maxar Technologies Inc.
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