ALBANY, NY, Feb. 23, 2016 (Transparency Market Research PR) — According to a new market report published by Transparency Market Research entitled “Commercial Satellite Imaging Market – Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2015 – 2023,” the global Commercial Satellite Imaging market was valued at US$2.50 bn in 2014 and is expected to expand at a CAGR of 11.4% from 2015 to 2023, reaching US$6.48 bn by the end of the forecast period.
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The growing commercial space economy, increasing demand for high-resolution satellite imagery, and the widening application base of commercial satellite imaging satellites, are currently the factors responsible for the extensive growth of commercial satellite imaging market. This growth is further encouraged by new sensing technologies such as hyperspectral imaging, which is increasingly being adopted for pharmaceutical production, food inspection, and safety. Continued improvements of digital image processing techniques are further boosting the demand for high-resolution satellite imagery, thereby bolstering the growth of the global commercial satellite imaging market. Factors such as growing big data analytics, introduction of small commercial imaging satellites or cubesats are expected to create new cost-efficient alternatives or substitutes for the commercial imaging satellites, thereby bringing the overall revenue of the market down.
The global commercial satellite imaging market has been segmented on the basis of end-use industry into the government, commercial enterprises, civil engineering, military, forest, agriculture, energy, and insurance sectors, with the government sector accounting for approximately 30% overall market revenue share in 2014. The government sector is anticipated to maintain its leadership throughout the forecast period by expanding at the fastest CAGR of 14.0%. The large number of commercial satellite launches by space agencies including NASA and ISRO is expected to drive the demand for commercial satellite imaging.
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In terms of applications, the defense and intelligence segment accounted for the highest market share in 2014, 32.5% of the global revenue, followed by geospatial technology. High demand in defense and intelligence segment is due to increasing adoption by governments for military, infrastructure, and other applications. Significant market growth is expected to be seen in the field of natural resources management over the forecast period. This is owing to the growing cases of deforestation around the world.
The global commercial satellite imaging market has been segmented as below:
Global Commercial Satellite Imaging Market, By End-use Industry
- Commercial Enterprises
- Civil Engineering Industry
- Energy Sectors
Global Commercial Satellite Imaging Market, By Applications
- Geospatial Technology
- Natural Resources Management
- Construction and Development
- Disaster Response Management
- Defense and Intelligence
- Conservation and Research
- Media and Entertainment
Global Commercial Satellite Imaging Market, By Geography
- North America (NA)
- Europe (EU)
- Asia Pacific (APAC)
- Middle East & Africa (MEA)
- Latin America (LATAM)
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