Explosive Growth Forecasted: US$ 12.4 Billion Commercial Satellite Imaging Market by 2032

The market for commercial satellite imaging generated US$ 5.2 billion in 2021 and is anticipated to grow by 11.5% year over year to reach US$ 5.8 billion in 2022. The industry is anticipated to increase to US$ 12.4 billion by 2032 as a result of the increasing assistance from various governmental organizations. During the forecast period, a 7.9% CAGR is expected in the trade.

The increasing importance of satellite imaging has encouraged the government of many nations to invest in the industry, which will likely benefit the market. For instance, the Australian government provided USD 260 million to support the development of satellite technology and the creation of jobs. Similar to this, Black Sky, a well-known geospatial intelligence participant, said that it has secured a US$ 50 million loan from Intelsat, the global satellite technology leader, to finance them

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The military and defense industries are predicted to offer lucrative possibilities for the global commercial satellite imaging market. Defense and military spending are rising rapidly in a number of developing countries, offering market participants appealing opportunities. For instance, the United States spent US$ 717 billion on its military in 2019, according to SIPRI.

Key Takeaways:

• By end-use, the government segment is expected to record an 8.1% CAGR by 2032
• By application, the defense and intelligence segment to expand at a 7.9% growth rate during the forecast period
• The U.S market to garner US$ 3 Billion and record a 7.2% CAGR from 2022-2032
• Market in China to procure US$ 1.2 Billion, expanding at a 9.2% growth rate during the assessment period

“Increasing concerns with respect to national security is likely to encourage various countries to strengthen their satellite imaging systems, which will benefit the market in the forecast period.” 

Competitive Landscape

• Key players in the global commercial satellite imaging market include Planet Labs, Inc., DigitalGlobe, Inc., Exelis, Inc., Trimble Navigation Limited, and Telespazio, among others. Recent developments among key players are:
• In July 2019, DigitalGlobe launched OpenStreetMap imagery endpoints. It will allow the users of OpenStreetMap to observe uniformity in content between the previous and new layers. The imagery is expected to be more often updated by using the latest Maxar mosaic content. The augmented production processes are projected to benefit OSM contributors.
• In February 2020, the Air Force Life Cycle Management Centre announced a strategic partnership with L3Harris Technologies to develop a software platform. The software is expected to make it convenient for analysts to use AI to locate objects in large data sets, thereby, addressing urgent defense requirements for automation to observe and analyze large geospatial data sets.

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More Valuable Insights

Future Market Insights, in its new offering, presents an unbiased analysis of the global commercial satellite imaging market presenting a historical analysis from 2015 to 2021 and forecast statistics for the period of 2022-2032.

The study reveals essential insights on the basis of End-Use (Government, Commercial Enterprise, Civil Engineering, Military, Forest, Agriculture, Energy Sector, Insurance), Application (Energy, Geospatial Technology, Natural Resources Management, Construction and Development, Disaster Response Management, Defense and Intelligence, Conservation, and Research, Media and Entertainment), and Region (North America, Europe, Asia-Pacific, Middle East & Africa, and Latin America)

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Key Segments Covered In The Commercial Satellite Imaging Industry Survey

Commercial Satellite Imaging by End Use:

• Commercial Satellite Imaging for Governments
• Commercial Satellite Imaging for Commercial Enterprises
• Commercial Satellite Imaging for Civil Engineering
• Commercial Satellite Imaging for Military
• Commercial Satellite Imaging for Forests
• Commercial Satellite Imaging for Agriculture
• Commercial Satellite Imaging for the Energy Sector
• Commercial Satellite Imaging for Insurance

Commercial Satellite Imaging by Application:

• Commercial Satellite Imaging in Energy Generation
• Commercial Satellite Imaging in Geospatial Technology
• Commercial Satellite Imaging in Natural Resources Management
• Commercial Satellite Imaging in Construction and Development
• Commercial Satellite Imaging in Disaster Response Management
• Commercial Satellite Imaging in Defense and Intelligence
• Commercial Satellite Imaging in Conservation and Research
• Commercial Satellite Imaging in Media and Entertainment

Commercial Satellite Imaging by Geography:

• North America Commercial Satellite Imaging Market
• Europe Commercial Satellite Imaging Market
• Asia-Pacific Commercial Satellite Imaging Market
• Middle East & Africa Commercial Satellite Imaging Market
• Latin America Commercial Satellite Imaging Market