Commercial Satellite Imaging Market Size 2024-2028

The commercial satellite imaging market is estimated to grow by USD 2.33 billion at a CAGR of 7.66% between 2023 and 2028.  Market growth is contingent upon various factors, such as advancements in satellite imaging technologies, the expanding applications of satellite-based telemetry, and the rising demand for Earth observation (EO) imaging systems. These elements collectively shape the trajectory of market expansion, reflecting a convergence of technological innovation and industry trends. The progress in satellite imaging technologies underscores the continuous improvement in data quality and resolution, enhancing the capabilities of satellite-based applications. Simultaneously, the growing utilization of satellite-based telemetry across various sectors highlights its effectiveness in data collection and transmission for monitoring and analysis purposes. Additionally, the increasing demand for EO imaging systems signifies the rising importance of satellite-derived information for diverse applications, including environmental monitoring, agriculture, and urban planning. Thus, the interplay of these factors delineates the landscape for the anticipated growth of the market.

What will be the size of the Market During the Forecast Period?

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Market Segmentation

By End-User

The market share growth by the government segment will be significant during the forecast period. The major reason for the growth of satellite imaging by the government sector is that it is helpful for civil protection and humanitarian purposes. It supports government agencies in analyzing and managing the causal factors of disasters. It helps analyze the risks and plan and implement prevention measures. It can facilitate better planning and coordination of the different communities to relieve the suffering of the population affected.  

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The government segment was valued at USD 1.37 billion in 2018. Increasing usage of satellite imaging technology in the government sector is an important driver of this segment. It is expected to increase significantly during the forecast period. The increasing usage of satellite imagery in various applications, such as disaster management, energy sector exploration, environment changes, improvement of town planning, and management and monitoring of environmental changes, is the key factor behind the dominance of this segment. Hence, such factors are fuelling the growth of this segment during the forecast period.

By Region

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APAC is estimated to contribute 31% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period. 

Another significant region contributing to the market is North America. The US government civilian space program is conducted by NASA, which is responsible for the maintenance of four primary activities that include aeronautics research, exploration systems, science, and space operations. With the US leading the global demand for commercial satellite services, there have been several developments, investments, and satellite programs, all of which have resulted in consistent year-over-year (YoY) growth and steady progress in the market in the country. 

Market Dynamics and Customer Landscape

The Market is a significant and growing industry that provides Earth observation imagery to various sectors such as meteorology, oceanography, fisheries, agriculture, biodiversity protection, forestry, geology, cartography, regional planning, intelligence, warfare, and more. Imaging satellites, equipped with optically equipped sensors, capture high-resolution satellite imagery that is utilized for various applications. Companies like DigitalGlobe Inc, Galileo Group Inc, Planet Labs Inc, SpaceKnow Inc, Skylab Analytics, L3Harris Technologies, and GeoXO Imager are key players in this market. Satellite imagery is used for meteorological forecasting, ocean current monitoring, fisheries management, crop yield analysis, biodiversity conservation, forest fire detection, geological surveys, and cartography, among others. Smart cities are also adopting satellite imagery for urban planning and infrastructure management. The market for commercial satellite imaging is expected to grow significantly due to the increasing demand for accurate and timely information from various industries. Our researchers analyzed the data with 2023 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.

Key Market Driver

The advances in satellite imaging technologies are the key factor driving the market growth. Images provided by satellites are interpreted to gather valuable data and information, which are used by government organizations for sectors such as defense, oil and natural gas, mining, meteorology, and agriculture. Innovative image-enhancing equipment, including high-resolution cameras and advanced remote-sensing technology, has enhanced the quality of satellite-based EO images. These images are used extensively in the defense, science, and R&D domains. The technology used to capture satellite images has been improving over the years, thereby raising the expectations of the end-users.

For example, users have started demanding more clarity in the images captured by EO satellites so that they can use these images effectively for applications such as weather information collection and forecasting, farming, and forestry. companies have strengthened their R and D efforts to develop innovative equipment such as superior lenses. They are also developing innovative remote sensing technologies and high-resolution cameras to improve the quality of images captured by satellites. Such factors will increase the market growth during the forecast period.

Significant Market Trend

Advanced satellite imaging applications are the primary trend in the market growth. New-generation, cost-effective broadband interactive services are paving the way for another successful revolution in the field of satellite imaging systems. Advanced satellite imaging technologies and rapid progress in the field of information technology have enabled Google Earth Engine to provide a video service by combining satellite images with the help of sophisticated software. This video service called Timelapse can track geological changes across the globe over the past 30 years.

Furthermore, there are a plethora of advanced applications, including determining soil moisture content using active and passive sensors from space, mapping soil types for agriculture planning, unearthing ancient archaeological sites like the Mayans and ancient Egypt, and others. Hence, such factors are driving the market during the forecast period.

Major Market Challenge

The lack of clarity in transmitted images is a major challenge to market growth. Most satellite imaging technologies depend on daylight and the absence of clouds to provide a clear image. This indicates that these technologies are not as efficient in recording clear images after sunset and at night as during the daytime. One of the steadfast solutions to this problem is the application of synthetic aperture radar (SAR) on satellites to generate 3D images of the landscape on Earth.

However, the large-scale deployment of the SAR technology on satellites is challenging as SAR satellites require larger antennae and consume higher energy than other satellites. This is because the SAR technology is based on active imaging (SAR satellites send a signal down to Earth and record its reflecting pattern rather than measuring the light reflecting from an object). Such factors will hinder market growth during the forecast period.

Key Market Customer Landscape

The report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.

Market Customer Landscape

Who are the Major Market Companies?

Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.

BlackSky Global LLC - The company offers commercial satellite imaging through Spectra AI Platform. Also, the company offers solutions such as BlackSky Assured, BlackSky on demand, and other satellite imaging solutions.

The report also includes detailed analyses of the competitive landscape of the market and information about 12 market companies, including:

• Airbus SE
• European Space Imaging GmbH
• ICEYE Oy
• Imagesat International I.S.I Ltd.
• L3Harris Technologies Inc.
• MapTiler AG
• Maxar Technologies Inc.
• Planet Labs PBC
• Satellogic SA
• SkyWatch Space Applications Inc.
• SpaceKnow Inc.
• Thales Group

Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.

Segment Overview

The market research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in "USD Billion" for the period 2024 to 2028, as well as historical data from 2018 to 2022 for the following segments.

• End-user Outlook 
  • Government
  • Military and defense
  • Transportation
  • Agriculture
  • Others

• Technology Outlook 
  • Optical
  • Radar

• Region Outlook
  • North America
    • The U.S.
    • Canada
  • Europe
    • The U.K.
    • Germany
    • France
    • Rest of Europe
  • APAC
    • China
    • India
  • South America
    • Chile
    • Argentina
    • Brazil
  • Middle East & Africa
    • Saudi Arabia
    • South Africa
    • Rest of the Middle East & Africa.

You may also interested in below market reports:

Satellite-based Earth Observation Market Analysis North America, APAC, Europe, South America, Middle East and Africa - US, Canada, China, Russia, UK - Size and Forecast

Synthetic Aperture Radar (SAR) Market Analysis North America, APAC, Europe, South America, Middle East and Africa - US, China, UK, Japan, Canada - Size and Forecast

Satellite Market Analysis North America, Europe, APAC, Middle East and Africa, South America - US, China, Japan, Russia, France - Size and Forecast

Market Analyst Overview

Commercial satellite imaging refers to the use of satellites to capture and sell Earth observation imagery to various industries and applications. This market encompasses a wide range of sectors, including meteorology, oceanography, fisheries, agriculture, biodiversity protection, forestry, geology, cartography, regional planning, intelligence, warfare, aeronautical imaging, terrestrial imaging, and smart cities. Satellite imagery plays a crucial role in meteorology and oceanography, providing valuable data for weather forecasting and ocean current monitoring. In fisheries, it helps optimize fishing operations and ensure sustainable practices. The market landscape depends on the Indian Space Research Organization, Very High Resolution (VHR), Maritime, Earth Science Analytics, Energy and Petroleum Industry, Electric propulsion technology, Remote sensing technology, GPS satellites, LIDAR technology, and Cloud-based technology. For agriculture, satellite imagery is used for crop monitoring, yield estimation, and irrigation management. Biodiversity protection and forestry benefit from satellite imagery for monitoring deforestation and wildlife populations. Geology and cartography utilize satellite imagery for mapping and resource exploration.

Moreover, regional planning and intelligent transportation systems rely on satellite imagery for infrastructure development and traffic management. In the intelligence sector, satellite imagery is used for reconnaissance and surveillance. Warfare and military applications utilize high-resolution satellite imagery for target identification and situational awareness. Aeronautical imaging and terrestrial imaging are used for 3D modeling, infrastructure inspections, and disaster response. Smart cities use satellite imagery for urban planning, infrastructure management, and public safety. Companies like Pixxel, Shakuntala, SpaceX Falcon-9, and L3Harris Technologies are leading innovators in the market. Major players in the market include DigitalGlobe Inc, Galileo Group Inc, Planet Labs Inc, SpaceKnow Inc, Skylab Analytics, and GeoXO Imager. These companies offer optically equipped satellites that capture high-resolution satellite imagery for various applications. Google Earth, GeoEye, and DigitalGlobe are well-known providers of satellite imagery for LBS (Location-Based Services) and Defense. The European Commission and the Asia-Pacific market are significant contributors to the growth of the market. The EnhancedView program and natural resources sectors, including energy, are also major consumers of satellite imagery.

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What are the Key Data Covered in this Market Report?

• CAGR of the market during the forecast period
• Detailed information on factors that will drive the market growth and forecasting of the market between 2023 and 2028
• Precise estimation of the size of the market size and its contribution to the parent market
• Accurate predictions about upcoming market trends and analysis and changes in consumer behavior
• Growth of the market industry across Europe, North America, APAC, South America, and the Middle East and Africa
• Thorough market growth analysis of the market’s competitive landscape and detailed information about companies
• Comprehensive market analysis and report on the factors that will challenge the market research and growth of market companies

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