Commercial Satellite Imaging Market to Touch USD 5.11 Billion at 7.80% CAGR by 2032 and Unlocking Opportunities in the Future
Research Reports
Sep 26, 2023
Commercial Satellite Imaging Market Overview:
The commercial satellite imaging market will touch USD 5.11 billion at a 7.80% CAGR by 2032, as per the recent Market Research Future report.
Drivers:
Increased Focus on Enhanced Passenger Experience to Boost Market Growth
One of the key benefits of airport biometrics is how it improves the passenger experience. The adoption of face recognition technology makes navigating airport processes straightforward for visitors. As a consequence, there are fewer lines, quicker boarding, and less stressful experiences for customers. No more rummaging through luggage in search of boarding passes or passports. Biometric identification substantially streamlines the travel process by eliminating the requirement for paper documents and allowing local and international travelers to save identity and boarding pass information on the mobile devices or facial recognition software.
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Key Players:
Key players profiled in the global commercial satellite imaging market report include UrtheCast (Canada), European Space Imaging (Germany), Blacksky (U.S.), Exelis Inc. (U.S.), Planet Labs, Inc. (U.S.), Harris Corporation (U.S.), Airbus (France), SpaceKnow (U.S.), Galileo Group Inc. (U.S.), and DigitalGlobe (U.S.).
Opportunities:
Growing Smart City Initiatives to offer Robust Opportunities
The commercial satellite industry is also being driven by the expanding smart city efforts. Smart cities gather and analyze data using a variety of technologies, including the Internet of Things and satellite images, to enhance quality of life for their residents and lessen the environmental effect of metropolitan areas. By providing precise and detailed information on the built environment like the location and state of buildings, roads, and other infrastructure, satellite imagery plays a crucial role in smart city projects. This knowledge may enhance public services, transportation, and urban planning.
Restraints and Challenges:
Technological Obsolescence to act as Market Restraint
The risks of technological obsolescence and high launch & maintenance cost may act as market restraints over the forecast period.
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Market Segmentation:
The global commercial satellite imaging market is bifurcated based on type, end user, and application.
By application, geospatial data acquisition mapping will lead the market over the forecast period.
By end user, commercial will domineer the market over the forecast period.
By type, small will spearhead the market over the forecast period.
COVID-19 Analysis:
Globally, the aircraft sector was badly hit by the COVID-19 pandemic. Due to supply chain disruption, the COVID-19 epidemic has slowed down the new product deliveries for the majority of the major space manufacturers and hindered mission deployments. The pandemic has also impacted the funding sources that earmarked for R&D & the uptake of innovative technology in the commercial satellite imaging domain. However, a significant increase in post-pandemic demand for the commercial satellite imaging in fact is anticipated for the expanding usage of the commercial satellite imagery & analytics across a range of end use verticals.
Regional Analysis:
In 2022, the North American market was valued at USD 1.19 billion, and throughout the research period, it is anticipated to rise at a high CAGR. North America now grabs the largest market share for the satellite imaging, and it is estimated that this market share will grow during the forecasted period. This region is home to significant, industry-leading firms. The ability to conduct space programs with modern infrastructure can be attributed to rapid regional growth. Another element that is anticipated to support the industry’s expansion throughout the anticipated time period is the region’s substantial usage of commercial satellite imagery. The presence of maximum major famous crucial players is another factor. Due to widespread technology adoption and the huge number of new and existing businesses that provide commercial satellite imaging services, the North American area commands the market share in terms of revenue.
APAC to Have Admirable Growth in Commercial Satellite Imaging Market
Over the course of the forecast period, Asia Pacific is expected to develop considerably. The development of the commercial satellite imaging industry is attributed to the existence of nations such as Japan, Australia, India, & others that have invested heavily in satellite technology. China is most likely to have a big impact on the market’s growth. It is also believed that government involvement in national security problems will benefit the sector. Additionally, the Asia-Pacific region’s market in India grew at the quickest rate, while the Commercial Satellite Imaging market in China had the greatest market share. The fastest rise is being seen in the Asia-Pacific area, which is being fueled by an increase in the usage of commercial satellite imagery in industries including agricultural and civil engineering. With its quickly evolving economies and widespread embrace of technology, this area has great promise.
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