Wilmington, Delaware, United States, Oct. 11, 2022 (GLOBE NEWSWIRE) -- Transparency Market Research Inc. - The global commercial satellite imaging market is prognosticated to reach a value of US$ 7.0 Bn by the end of 2031, according to a research report by Transparency Market Research (TMR). In addition, the report finds that the market for commercial satellite imaging is expected to grow at a CAGR of 7.6% during the forecast period, from 2022 to 2031.
The global commercial satellite imaging market is expected to observe notable business opportunities in from the defense sector and the government organizations from across the globe. Moreover, the market is anticipated to observe significant growth prospects owing to a rise in the demand for data analytics in different sectors. This aside, the utilization of satellite imaging is likely to increase in the upcoming years owing to their rising demand for advanced technologies including metaverse, AI/ML, 5G, digital twin, and IoT. This, in turn, is prognosticated to create lucrative prospects in the commercial satellite imaging market during the forecast period.
Players are growing efforts to expand their businesses and establish themselves as a leader in satellite imagery industry. Hence, they are seen using different strategies such as acquisitions and new product launches in order to stay ahead of the competition, note analysts of a TMR study.
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Commercial Satellite Imaging Market: Key Findings
- The demand for geospatial intelligence available from commercial and government sources is being increasing in the recent years. These services are being utilized by defense and government entities for different use cases. Hence, rising demand for these services is expected to help in the expansion of the satellite imaging market size during the forecast period.
- Commercial satellite imaging services are in high demand among organizations from the agriculture, government and defense sectors, mapping and construction planning, and oil & gas industries. This wide range of service application is likely to drive the growth prospects in the market, notes a TMR assessment that delivers important insights on the commercial satellite imagery cost worldwide 2022.
- The application of geospatial and other digital technologies including digital twin, artificial intelligence, and BIM is being rising as it allows for on-site smooth functioning and timely project delivery. This factor is creating lucrative avenues for the market players including top satellite imagery companies. Besides, the commercial satellite imaging industry is being driven by a rise in the trend of digitization across many developed and developing nations globally.
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Commercial Satellite Imaging Market: Growth Boosters
- Rapid developments in the remote sensing technologies are projected to fuel the demand growth in the commercial satellite imaging market
- Rise in the utilization of satellite imaging in the insurance sector is anticipated influence positively on the future of commercial satellite imagery business model
Commercial Satellite Imaging Market: Regional Analysis
- The North America commercial satellite imaging market is projected to maintain its leading position during the forecast period owing to many important factors including rise in the demand for commercial satellite imaging from the regional government sector entities and agencies together with the presence of key players in the region
- The market is anticipated to attract notable business opportunities in Asia Pacific, Middle East, and Europe due to increase in the application of satellite imagery from the regional end-use industries
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Commercial Satellite Imaging Market: Key Players
Some of the key players profiled in the report are:
- Spaceknow
- DigitalGlobe
- Planet Labs
- Harris Corporation
- Galileo Group
- BlackSky Global
- European Space Imaging
- ImageSat International
- Maxar
- UrtheCast
Commercial Satellite Imaging Market Segmentation
- Application
- Energy
- Geospatial Technology
- Natural Resources Management
- Construction & Development
- Disaster Response Management
- Defense & Intelligence
- Conservation & Research
- Environment Monitoring
- Crop Monitoring
- Others
- End-use Industry
- Government
- Civil and Construction
- Military and Defense
- Forestry
- Agriculture
- Energy and Utilities
- Oil, Gas and Mining
- Insurance
- Others
Regions Covered
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- South America
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