Global Commercial Satellite Imaging Market 2023-2030

Global Commercial Satellite Imaging Market 2023-2030

Global Commercial Satellite Imaging Market Size, Share & Trends Analysis Report by Type (Visible Imagery, Infrared Imagery, and Water Vapor Imagery), by Application (Geospatial Data Acquisition and Mapping, Natural Resource Management, Surveillance and Security, Construction and Development, Disaster Management, Defense and Intelligence, and Others (Energy Generation), and by End User (Government, Construction, Transportation and Logistics, Military and Defense, Energy, Forestry and Agriculture, Other) Forecast Period (2022-2030)

The global commercial satellite imaging market is anticipated to grow at a CAGR of 11.3% during the forecast period. The increasing requirement for efficient monitoring of vast land areas is one of the key drivers for the commercial satellite imaging market. Commercial satellite imagery provide detailed data and accurate information about land use, vegetation, and other features, which is used for a wide range of applications such as agriculture, urban planning, natural resource management, and environmental monitoring. In addition, increasing the use of commercial satellite imagery for various smart city initiatives, and integration of technological advancements such as the Internet of Things (IoT), will further drive the market growth. For instance, in December 2022, the Dubai Electricity and Water Authority (DEWA) launched its first satellite DEWA-SAT1, to develop IoT terminals to support the new satellite IoT network. It is an ambitious and far-reaching project to use satellites to provide connectivity anywhere in the world to enhance the operations of water and electricity networks. This is a truly innovative initiative to revolutionize the global utilities sector.

Segmental Outlook

The global commercial satellite imaging market is segmented based on its type, application, and end user. Based on type, the market is segmented into visible imagery, infrared imagery, and water vapor imagery. Based on application, the market is categorized into geospatial data acquisition and mapping, natural resource management, surveillance and security, construction and development, disaster management, defense and intelligence, and others. Based on end user, the market is divided into government, construction, transportation and logistics, military and defense, energy, forestry and agriculture, other. Based on type, the water vapor imagery segment is anticipated to grow at a significant rate. Water vapor imagery is used to track lower tropospheric winds, identify jet streaks, monitor severe weather potential, estimate lower-level moisture, identify regions where the potential for turbulence exists.

The Geospatial Segment is Projected to Grow at a Favorable Rate

The geospatial segment is anticipated to grow at a favorable rate. Increasing satellite and geospatial images to assess various economic phenomena, including urbanization, environmental impact, infrastructure, and farming practices, drive segment growth. In addition, the market players such as Clouded, MDA, Planet Labs PB Care, and others are offering geospatial imagery solutions by adopting new strategies such as partnership, collaboration, and new product offerings. For instance, in March 2023, Cloudeo, partnered with Globhe, to expand its geospatial products offered through the Cloudeo marketplace. By aggregating satellite imagery and drone data into the company’s daily operations, they take direct action to mitigate risks, plan their operations and estimate projections for the future.

Regional Outlooks

The global commercial satellite imaging market is further segmented based on geography, including North America (the US and Canada), Europe (Italy, Spain, Germany, France, and Others), Asia-Pacific (India, China, Japan, South Korea, and Others), and the Rest of the World (the Middle East & Africa and Latin America). The market can be analyzed for a particular region or country level as per the requirement. Among these, the North America region is expected to experience significant growth in the commercial satellite imaging market. The growth is mainly augmented owing to an increase in the adoption of commercial satellite imaging among end user industries such as by government and military authorities for map creation, military recognition, urban planning, and disaster management, among others.

Global Commercial Satellite Imaging Market Growth, by Region 2023-2030

Source: OMR Analysis

The Asia-Pacific Region Holds a Prominent Market Share in the Global Commercial Satellite Imaging Market

Based on region, Asia-Pacific is expected to grow at a favorable rate. The market growth is driven by the integration trend of Artificial Intelligence (AI) and the increase in satellite imaging applications in sectors such as government, manufacturing, retail, transportation, defense, construction, and healthcare. For instance, in August 2021, UP42 partnered with Indian startup HyperVerge to offer satellite imagery services using change detection algorithms based on artificial intelligence (AI). The satellite imagery detects small structural changes to homes and properties for local government tax assessment and code enforcement. They will also help monitor legal and unauthorized construction of roads, buildings and artificial islands in remote regions by federal or defense agencies, and keep GIS maps updated in rapidly growing urban areas. The automated algorithms will detect these changes with a high degree of accuracy by comparing two images acquired on different dates.

Market Players Outlook

The major companies serving the global commercial satellite imaging market include Airbus SAS, MDA, Images at International (I.S.I) Ltd.’s and others. The market players are considerably contributing to the market growth by the adoption of various strategies, including mergers and acquisitions, partnerships, collaborations, funding, and new product launches, to stay competitive in the market. For instance, in December 2022, SI Imaging Services announced that it signed an MOU with Terra Cover. Through this agreement, the two companies focus on various technology businesses using satellite imagery data. The agreement aims to automate the production of DEMs (Digital Elevation Models) derived from satellite imagery and used in various fields such as administration, environment, agriculture, forestry, disaster prevention, national defense, and so on.

The Report Covers

Market value data analysis of 2022 and forecast to 2030.

Annualized market revenues ($ million) for each market segment.

Country-wise analysis of major geographical regions.

Key companies operating in the global commercial satellite imaging market. Based on the availability of data, information related to new product launches, and relevant news is also available in the report.

Analysis of business strategies by identifying the key market segments positioned for strong growth in the future.

Analysis of market-entry and market expansion strategies.

Competitive strategies by identifying ‘who-stands-where’ in the market.