Commercial Satellite Imaging Market Expected to Reach $9.6 Billion by 2032

According to a new report published by Allied Market Research, titled, “Commercial Satellite Imaging Market," The commercial satellite imaging market size was valued at $3.3 billion in 2022, and is estimated to reach $9.6 billion by 2032, growing at a CAGR of 11.5% from 2023 to 2032.

Increase in applications of satellite imaging services such as geospatial mapping, disaster mapping, urban planning, and energy management drives the overall growth of the market. The commercial satellite imaging market growth has been fueled by the increasing demand for high-resolution imagery and data-driven decision-making across various industries.Moreover, rise in requirement of satellite imaging data analytics from various industries that need critical information regarding geospatial and environmental conditions for effective resource management fuels the market growth. Satellite imagery is used in various commercial applications such as selection of construction sites, surrounding areas, route planning, monitoring of infrastructural projects, and 3D modeling of excavation areas, which further accelerates the market growth. The commercial satellite imaging industry plays a crucial role in providing valuable geospatial data and insights for applications ranging from urban planning to natural resource management.

Moreover, rise in adoption of artificial intelligence (AI), machine learning (ML) and cloud computing in the space sector, rise in the use of satellite data in the development of smart cities and connected vehicles, and surge in NewSpace movement and stringent government regulation on satellite launch significantly impact the market growth.

Furthermore, the commercial satellite imaging market is projected to witness considerable growth, especially in North America, owing to the presence of sophisticated infrastructure to undertake space programs and the earliest & highest adoption of commercial satellite imaging across various industries. Commercial and government space organizations are adopting various innovative techniques to provide customers with advanced and innovative feature offerings.

For instance, the China government announced in June 2021 that four satellites will be launched into predetermined orbits for catastrophe prevention and mitigation, asteroid resource discovery, ecological environment monitoring, and other applications. Surge in demand for satellite data from various industry verticals and increase in requirement of earth observation satellites are factors expected to drive the market growth.Companies with a strong technological edge and diverse customer base are likely to gain a competitive advantage in the commercial satellite imaging market share landscape.

Moreover, commercial satellite imagery is primarily used in the energy sector for exploration and maintenance of energy resources on the surface of the earth. Various applications of satellite imagery in the energy sector include mapping of energy losses, monitoring of gas pipelines, exploration of energy sources, inspection of power plants, and others. One of the major roles of satellite imagery in the energy sector is the exploration of gas, oil, and minerals. The images captured through satellites are used for mitigating oil spills, monitoring instances of oil smuggling, and others.

Similarly, energy companies are also adopting commercial satellite imagery services for enhancement in productivity, which supports the market growth. For instance, in May 2022, ProStar Holdings Inc., a major company in Precision Mapping Solutions, was announced that Scout Energy Partners, signed a service-level agreement (SLA) for ProStar’s cloud and mobile solution to improve the management and safety of pipeline operations.

They are gaining immense popularity and are massively adopted in the government sector, defense & intelligence, transportation, telecommunication, manufacturing, e-retailing, energy, and natural resource management industries. This is attributed to high-resolution imagery to produce updated, highly accurate, and real-time maps by LBSs. Therefore, growth in adoption of LBSs is expected to drive the growth of the commercial satellite imaging industry. The global commercial satellite imaging market size has been steadily increasing due to the growing demand for geospatial data across various sectors.

The commercial satellite imaging market is segmented into application, end user, and region. By application, the market is categorized into geospatial data acquisition & mapping, urban planning & development, disaster management, energy & natural resource management, surveillance & security, defense & intelligence, and others. By end user, it is segregated into government, military & defense, forestry & agriculture, energy, civil engineering & archaeology, transportation & logistics, and others. By region, the market is analyzed across North America, Europe, Asia-Pacific, Latin America, and Middle East and Africa.

Multispectral imagery offered by satellites for various applications such as wetland mapping, vegetation analysis, and examination of soil features has increased the adoption of satellite imaging in the agriculture sector. For instance, in June 2021, HEAD Aerospace signed an agreement with UP42 to enhance image data from more than 40 innovative Chinese Earth Observation satellites available on the UP42 business. In addition, imagery in 25 spectral bands crossing the visible, near infrared, and mid-infrared helping of the spectrum is ideal for regional natural resource management such as detection crop stress and development pesticide/fertilizer applications, types of mapping of forests and vegetative land cover, and protecting environmentally sensitive zones. This data can also be utilized in agriculture monitoring, mineral exploration, and water quality monitoring. A comprehensive commercial satellite imaging market analysis is essential for businesses to identify growth opportunities and develop effective strategies.

KEY FINDINGS OF THE STUDY

• By application, the geospatial data acquisition and mapping segment is anticipated to dominate the market in the coming future.
• By end user, the government segment is anticipated to lead the market.
• By region, Asia-Pacific is anticipated to register the highest CAGR during the forecast period.

The key players operating in the global commercial satellite imaging market include with BlackSky, European Space Imaging, Galileo Group, Inc., ImageSat, L3Harris Technologies, Inc., Maxar Technologies Inc., Planet Labs Inc., Airbus S.A.S., SpaceKnow Inc. and Telespazio France. These players are adopting strategies such as contracts, agreements, and acquisitions to improve their market positioning.