LONDON, Oct. 10, 2017 /PRNewswire/ -- Market Overview
Commercial satellite imaging, also known as remote sensing, symbolizes the scanning of earth by satellite or high-flying aircraft to obtain georeferenced data. The global commercial satellite imaging market has been categorized on the basis of application and end-user. On the basis of key application areas, the market is categorized into geospatial data acquisition & mapping, defence & intelligence, energy, construction & development, natural resource management, conservation & research, media & entertainment, surveillance & security and disaster management. Key end-users of the satellite imaging include commercial enterprise, government, defence, civil engineering, forestry & agriculture, insurance and energy.
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COMMERCIAL SATELLITE IMAGING MARKET
The market for commercial satellite imaging is gaining interest with the growing requirement for disruptive satellite imagery data analytics by businesses across industries, who needs critical information and market understanding about various geospatial and environment conditions for efficient resource management.
The global commercial satellite imagery market is expected to grow at a CAGR of 11.2% during the forecast period, to reach $6,809.9 million by 2023. A significant growth in demand for commercial satellite imaging is anticipated due to increase in advancement and development of satellite imagery technologies such as high-resolution image capturing, low cost sensors, and the development of geospatial information analytics capabilities, across the globe.
As per the findings of the research, geospatial data acquisition & mapping has been the largest commercial satellite imaging market, globally. On the other hand, commercial enterprise has been the major end-user of commercial satellite imaging market. The major end-users for commercial satellite imaging in commercial enterprises include providers of map based services such as Google Maps, and Apple Maps.
The major trends observed in the global 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.
Global commercial satellite imaging market is driven by factors such as technological advancement in satellite imaging, surge in application of satellite imagery in various sectors and growing demand of location-based services.
Satellite imaging is used in LBS for various applications, including navigation, local search, enterprise services, mobile advertisements via LBS, location-specific health information, tourism, consumer tracking, and other location-based business intelligence (BI). Surging customer awareness and supportive government initiatives, especially, in developing countries such as India, China, Japan and Mexico have also poised the growth of the LBS technologies. Further, satellite imaging being widely used for image capturing, offers valuable geospatial data and information. This information upon structuration and analytics can be rendered by government and research organizations across various sectors such as defence, oil and natural gas, mining, meteorology, and agriculture for various applications including weather information and forecasting, farming, and forestry to mine valuable insights and changing geographical patterns.
Earth science analytics is one of the prominent and major factor expected to create huge opportunity for commercial satellite imaging market in coming years. Earth science analytics offer rich quality data driven petroleum-geoscience predictions to the energy and petroleum industry. Apart from this, Earth science analytics also helps in enhancing petroleum-geoscience more efficiently with higher precision and low cost as compared to traditional methods.
Electric propulsion is gaining significant interest by all space sectors as a key and revolutionary technology for the new generation of commercial and scientific satellites. Advancement in remote sensing, to observe, record and perceive objects or events from remote locations, is another factor expected to surge the demand for commercial satellite imaging services in coming years. In addition, remote sensors gather critical information by measuring electromagnetic radiations which are reflected, emitted and absorbed by objects in various spectral regions. This helps in studying the environment from distance using techniques such as satellite imaging, aerial photography, and radar.
The intensity of rivalry in the global commercial satellite imaging market is moderate. Most of the major vendors in the global commercial satellite imagery market are actively focusing on their business growth by means of organic and inorganic growth strategies. Currently, the global market is heading towards consolidation by witnessing major partnership, and acquisitions among major players. For instance, DigitalGlobe recently announced its partnership with Esri and Harris Corporation, the providers of advance geospatial information. The partnership aims to enable Esri users to access DigitalGlobe's years to time-lapse library of high resolution satellite imagery, and analytical and deep learning tools to unlock the actionable insights from imagery.
Some of the key players operating in the global 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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