01 April 2021
Visiongain has published a new report on Commercial Satellite Imaging Market Report to 2031: Forecasts By Application (Geospatial Data Acquisition & Mapping, Disaster Management, Construction & Development, Natural Resource Management, Surveillance & Security, Defense & Intelligence, Others), By Industry Vertical (Government, Military & Defense, Forestry & Agriculture, Energy & Utilities, Transportation & Logistics, Others). PLUS, Profiles of Commercial Satellite Imaging Companies and Regional and Leading National Market Analysis. PLUS COVID-19 Recovery Scenarios.
Global commercial satellite imaging market was valued at US$ XX billion in 2019 and is projected to reach a market value of US$ XX billion by 2031.
Growing demand for location-based services and increasing demand in disaster management applications are the factors driving the growth of the commercial satellite imaging market. The market seeks growth opportunities from the technological advancements in satellite imaging devices and rising security concerns. However, the availability of aerial imaging services is the factor hampering market growth during the forecast period.
COVID-19 Impact on Commercial Satellite Imaging Market
The outspread of coronavirus in the past few months has affected the businesses and livelihood of the people at an unprecedented rate. However, the commercial satellite imaging market is expected to witness significant demand during the pandemic. The nationwide lockdown imposed across the globe made people confined to their home to minimize the spread of the virus. The satellite images helped in conducting remote monitoring of facilities and the infrastructure during the pandemic. The satellite helped in monitoring the environmental impacts, changes in flights, port activities, and production facilities. Thus, the commercial satellite imaging witnessed substantial growth during the pandemic.
Growing Demand for Location-Based Services
Businesses are focusing on location-based services to obtain a competitive position in the market. The demand for mapping services is expected to drive the commercial satellite imaging market. With the advancements in mapping technology and need for map-making and surveying the adoption of digital maps is on the rise, thereby driving the growth of commercial satellite imaging. Moreover, the adoption of high-end smartphones, increasing the demand for digital maps for tracking and routing, and growing demand for games with remote sensing imaging capability drives the growth of the commercial satellite imaging market.
Growing Demand in Disaster Management Applications
Satellite imaging and GIS mapping offer valuable information to the emergency and disaster response control units for assessing, analyzing, and monitoring natural disasters. The information obtained from the satellite images helps the emergency and disaster response teams to plan and evaluate the risk and vulnerability of the disaster, allowing them to prioritize the target mitigate and preparedness activities of the areas. Th use of multispectral satellite imagery for interpretation of images for pre or post-disaster assessment is driving the demand for commercial satellite imaging market.
Technological Advancements in Satellite Imaging Devices
The key market players are continually focused on advancing satellite imaging devices to offer enhanced imaging and maintain a competitive position in the market. The innovations in imagery equipment, including high-resolution cameras, and advanced remote-sensing technology has enhanced the quality of images captured via satellite imaging devices which are extensively used by the research & defence for commercial applications. Moreover, the adoption of IoT and M2M technology allows easy sharing of images, thereby creating growth opportunities for the commercial satellite imaging market.
Rising Security Concerns
With rising criminal and terrorist activities across the globe, the demand for commercial satellite imaging services. The images obtained for the imagery device from the satellite, which help in detecting the unusual movements across the boundaries. The information obtained from the imagery devices helps the intelligence departments to plan and create response strategies for safeguarding the nation's borders. Thus, the demand for commercial satellite imaging for mitigating the security concerns is expected to create the growth prospects commercial satellite imaging market during the forecast period.
The commercial satellite imaging market is highly competitive. The key market players are adopting organic as well as inorganic growth strategies to help them obtain a competitive position in the market. Some of the companies profiled in the report include Trimble Navigation Ltd., Google Inc., MapBox, BlackSky Global LLC, European Space Imaging, Harris Corporation, ImageSat International N.V., Galileo Group, Inc., Maxar Technologies Inc., and Planet Labs Inc.
July 2020, Maxar Technologies Inc. acquired Vricon, Inc., a 3D data and analytics firm. The acquisition aimed at strengthening its position in the commercial satellite imaging market by integrating Vricon’s satellite-derived 3D software and related to its offerings.
September 2020, BlackSky Global LLC announced a next-generation Gen-3, satellite architecture, next phase of expansion of its high-revisit commercial satellite constellation. The commercial constellation expansion offers the capability of producing images with 50-centimetre resolution and hosting multiple sensors, including short-wave infrared (SWIR). The improved resolution and enhanced spectral diversity of the Gen-3 satellites boost the BlackSky’s ability to provide real-time insights to its customers even during nighttime, low light, and challenging weather.
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