Commercial Satellite Imaging Market is Expected to reach $5.25 Bil. by 2026
Khandwa, India, March 22, 2021--According to a new report published by Trends Market Research entitled, "Commercial Satellite Imaging Market by Application, End User, and Region: Global Opportunity Analysis and Industry Forecast, 2019-2026," The global commercial satellite imaging market was valued at US$ 2.24 Billion in 2018, and is expected to reach US$ 5,25 Billion by 2026, registering a CAGR of 11.2% from 2019 to 2026.
Satellite imaging is a technology that offers real-time geospatial information in the form of images. These images are further used across various industries for commercial purposes. Thus, the Importance of satellite images for commercial use is increasing across the globe, as the information extracted from these images helps to strengthen defense operation, security services, and other vital uses at global level as whole or for a particular country.
Increase in applications of satellite imaging services such as geospatial mapping, disaster mapping, urban planning, and energy management is driving the overall growth of the market. Moreover, rise in requirement of satellite imaging data analytics from various industries that need critical information regarding geospatial and environmental conditions for effective resource management is fueling the growth of the market. Satellite imagery is used in various commercial applications such as selection of construction sites, surrounding areas, route planning, monitoring of infrastructural projects, and 3D modeling of excavation areas, which further accelerate the market growth. Wit.
The global commercial satellite imaging market is segmented into application, end use, and region. The applications covered in the study include geospatial data acquisition & mapping, urban planning & development, disaster management, energy & natural resource management, surveillance & security, defense & intelligence, and others. Geospatial data acquisition & mapping accounted for the highest share, due to its application in archaeology, construction, government, military, mining, and civil engineering sector.
By end use, the market is bifurcated into government, military defense, forestry and agriculture, energy, civil engineering & archaeology, transportation & logistics, and others. The defense sector is the major shareholder, owing to the fact that governments from various countries invest in aerial security to develop security programs with the help of geospatial mapping services.
Market segmentation based on region includes North America, Europe, and LAMEA. North America has emerged as the global leader in this market. Established aerospace and defense industry is mainly contributing in the North America commercial satellite imaging market growth.
Presence of some of the major companies such as Google Inc., DigitalGlobe, GeoEye, Inc., and ImageSat International N.V. in North America is further driving the market growth, and is anticipated to offer remunerative growth opportunities. Key players operating in the global commercial satellite imaging market are BlackSky Global LLC, European Space Imaging, Galileo Group, Inc., Harris Corporation, ImageSat International N.V., Maxar Technologies Inc., Planet Labs Inc., Planet Labs Inc., Telespazio France, UrtheCast Corp, and others.
For More Information: https://www.trendsmarketresearch.com/report/sample/13275
