The commercial satellite imaging market size is expected to reach $6.8 billion by 2023, growing at a CAGR of 11.2% between 2017-2023. The market is growing due to the surging adoption of location-based services (LBS) by various end-users, including commercial enterprise, government, defense, civil engineering, forestry & agriculture, insurance and energy. Geospatial data acquisition & mapping has been the largest application segment in the commercial satellite imaging market globally, accounting for a major share of the revenues in 2016. The market for disaster management is expected to grow at the highest pace during the forecast period. On the other hand, commercial enterprise has been the major end-user in commercial satellite imaging industry, whereas defense segment is expected to be the fastest growing end-user industry during forecast period.
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Geographically, North America has been the largest market for commercial satellite imaging and Asia-Pacific had been the fastest growing regional market. North America is expected to account for over 40% of the global commercial satellite imaging market in 2023. By country, the U.S. stands as the largest market globally, whereas the commercial satellite imaging industry in India has been growing at highest pace. The anticipated growth in the Asia-Pacific market can be owed to factors such as rapid adoption of Earth imagery technologies, growth in industry digitalization and advancement in satellite image analytics across the region. Further, increasing regional government focus towards advancement of Earth imagery technology is expected to bolster the commercial satellite imaging market.
The major trend observed in the commercial satellite imaging market include hyperspectral image processing for automatic target detection. Many military and civilian applications involve in detecting object or activity such as a movement of military vehicle or vehicle tracking, through hyperspectral image processing. Apart from this, the use of hyperspectral image sensors in imagery provide image data, containing both spatial and spectral information, which further can be rendered to detect various tasks such as military intrusion. Apart from this, advancement in high resolution satellite imagery for applications in data centric sectors such as agriculture and natural resource management, is also a factor significantly contributing to the growth of global commercial satellite imaging market.
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Some of the key players operating in the commercial satellite imaging market are DigitalGlobe, Inc., Galileo Group, Inc., Spaceknow, Inc., Environmental Systems Research Institute, and Airbus Defence and Space.
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