18 March 2020
Visiongain has published a new Aviation report entitled Commercial Satellite Imagery (CSI) Market Forecast 2020-2030.
The Commercial Satellite Imagery market is estimated to witness a Compound Annual Growth Rate of 10.9 per cent from 2020 to 2030.
Several factors are having a driving effect on the industry, particularly funding from government, defence, and intelligence agencies.
Visiongain anticipates that global investment and consolidation will be very robust and stable over the next decade. The market’s strong health is due to the factors previously mentioned, as well as the presence of several established companies.
The leading players currently providing CSI products and services are BlackSky Global, European Space Imaging, Galileo Group, L3Harris Technologies, ImageSat International, Maxar Technologies, Planet Labs, SpaceKnow, Telespazio France and UrtheCast Corporation.
The senior Aviation Analyst said: "The global Commercial Satellite Imagery market is expected to generate sales of USD 2.84 billion in 2020.
"The reasons as to why the industry is, today, such a prosperous and buoyant worldwide business are wide-ranging. For example, the government, defence, and intelligence sectors have been prime markets and sources of economic support for CSI companies for a number of years.
"Also, in 2019, the National Reconnaissance Office announced that it was ready to start buying products from new vendors who for years have felt frozen out of the market – such as Planet and BlackSky. This means that new opportunities for commercial suppliers of satellite imagery will be plentiful.
"Secondly, the growing popularity of location-based services is expected to accelerate the CSI market over the next decade. LBS have been widely adopted by several key industries, including defence, transport, telecommunication, manufacturing, e-retail, energy and natural resource management.
"Location-based services also aid civil defence operations, flood responses, rescue events, and the fallout from other natural disasters. Therefore, it is inevitable that the CSI market will continue to grow alongside the use of LBS because imagery makes practically every decision-making process more efficient.
"By 2030, visiongain predicts that the Commercial Satellite Imagery market will have surpassed the five billion-dollar mark, achieving a total sales figure of USD 7.98 billion.”
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