According to a recent report published by Allied Market Research, titled, “Commercial Satellite Imaging market by Application, and End User: Global Opportunity Analysis and Industry Forecast, 2021–2030”, the global commercial satellite imaging market was valued at $2,634 million in 2020, and is projected to reach $6,992.8 million by 2030, registering a CAGR of 10.8% from 2021 to 2030.
North America dominates the market presently, followed by Europe, Asia-Pacific, and LAMEA. In North America, U.S. dominated the commercial satellite imaging market in 2020, and is expected to maintain its dominance during the forecast period. Some of the key factors that drive the growth are growth in dependence on location-based services, growing applications in government and defense services and rise in use of satellite data in development of smart cities and connected vehicles.
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Satellite imaging offers geospatial products and services for most of the government agencies and defense authorities for various applications, wherein security concern being the important one. With high image quality and precise information, satellite imaging is a proven source of information for any government or defense authorities, which helps in maximizing security programs. In addition, the information extracted from satellite images is further helping local government to better assess the real-life situations, which further helps in developing programs to save lives, protect properties, and enhance future economic stability of their respective communities.
Furthermore, in defense sector, current threat of terrorism and attack on critical infrastructure can be tracked through geographical mapping and can be protected by adopting preventive measures. With the help of satellite imaging, decision-making is becoming easier than before. Moreover, satellite imaging helps in precise mapping for mission planning, search and rescue operation, and formulating future developments. Therefore, government and defense sector collectively emerged as a major growth driver for this market
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Satellite images are used for urban management or planning and for smart city development using satellite imagery datasets containing useful information regarding annotated objects. Urban planners are using such data to understand settlement trends and ensure efficient infrastructure management. In addition, rise in use of remote sensing technology for zoning and city infrastructure modelling has helped in meeting incrementing demands from city-based populations toward better management of sustainable urban development. In addition, growth in urban agglomeration and monitoring urbanization of adjoining areas to enable smart city planning and implementation is further propelling satellite imagery adoption. Moreover, connected as well as autonomous vehicles to leverage high-definition (HD) maps, seamless internet access, and road-side assistance in an emergency from space using commercial satellite imaging. Therefore, increase in use of satellite data used in development of smart cities and connected vehicles is anticipated to offer lucrative growth opportunities for the commercial satellite imaging market. For instance, in April 2019, Maxar Technologies Inc., announced a collaboration with Toyota Research Institute-Advanced Development, Inc. (TRI-AD) and a leading IT services provider NTT DATA Corporation to create an automated HD maps of the Tokyo metropolitan region for autonomous vehicles using high-resolution satellite imagery data.
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Aerial imaging services are majorly adopted for business and personal commercial use, owing to its low cost as compared to satellite imagery. Furthermore, the data captured by these services is most recent as in some cases old satellites may not be able to reflect most recent changes or developments. In addition, resolution and clarity of aerial images is likely to be higher that makes real-time situation easier to understand. These advantages of aerial imaging services are expected to restrain the growth of the global commercial satellite market.
Satellites usually provide images with a resolution of 50 cm; however, efforts are being made by the leading players in the market to decrease the image resolution limit to 30 cm in the coming years. On the other hand, digital aerial cameras can capture images with a resolution of up to 25 mm (2.5 cm). Vexcel Corp. provides aerial photography with 6.50 cm resolution, and GeoEye-1 provides panchromatic imagery of 0.41 m resolution. Thus, the advanced features offered by aerial imaging when compared to satellite imaging can be a major restraining factor for the growth of the commercial satellite imaging market.
The introduction of several technologies in the market and their incorporation in the satellite imaging is expected to enhance the satellite imagery technology; thereby, providing lucrative growth opportunities for the market growth. Some of the newly introduced technologies include electric propulsion technology, high-resolution cameras, advanced remote sensing technology, next generation GPS satellites, LIDAR (Light Detection and Ranging) technology, hyperspectral sensors, and multispectral sensors. Apart from these, the most recently developed technologies such as aerospace digital signal processor and large-scale anti-radiation field programmable gate array are projected to make real-time image processing easy and overcome the limitation in the satellite imaging. If the similar trend is attained in the future, satellite imagery is expected to be the preferred choice in almost all commercial applications, which is anticipated to provide massive growth opportunities for the market growth. Furthermore, development in data transmission capabilities, improvement in geospatial processing, and scalable cloud-based platforms are expected to provide new growth opportunities.
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In addition, AI-based platforms offer insights on previously inaccessible factors such as social, industrial, and economic processes. In addition, Machine Learning (ML) algorithms are increasingly used to process daily satellite imagery to classify and detect objects, locate geographic and topographic features, and monitor minute changes over a span of time. Moreover, ML and AI automated algorithms can accurately detect various things visible on earth from the space such as cars at parking lots, crop yield and geo-sensing in agricultural fields. Furthermore, amalgamation of cloud computing with satellite imagery enables researchers to access imagery data from remote locations.
COVID-19 impact analysis:
This COVID-19 pandemic impacted the revenue streams allocated toward R&D and adoption of new technologies
In addition, remote sensing and imaging satellites have provided health care officials and other users with comparison imagery.
KEY FINDINGS OF THE STUDY
In 2020, by Application, the geospatial data acquisition & mapping segment generated the highest revenue.
In 2020, by End User, the government segment was the highest revenue contributor.
In 2020, region-wise, North America contributed the highest revenue, followed by Europe, Asia-Pacific, and LAMEA.
The key players analyzed in the commercial satellite imaging market include BlackSky, European Space Imaging, Galileo Group, Inc., ImageSat, L3Harris Technologies, Inc., Maxar Technologies Inc., Planet Labs Inc., Airbus S.A.S., SpaceKnow Inc. Telespazio France.
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