- Compound Annual Growth Rate from 2019 to 2027 to be 11.61%
- Defense and Intelligence to be a leading market segment. North America to account for a sizeable market share
ALBANY, New York, March 26, 2020 /PRNewswire/ -- Over the period – 2019 to 2027 – the global commercial satellite imaging market is set to grow at a rate of 11.61%, compounded annually. A number of growth drivers would help the market chart an impressive trajectory. Besides, the growth rate would translate to a robust market valuation, which is set to rise from USD 3.82 bn. in the year 2018 to USD 10.23 bn by the year 2027.
As per Transparency Market Research, "Technological advancement would be a significant determinant of growth in the market."
Key Findings of the Global Commercial Satellite Imaging Market
- In the application segment, defense and intelligence would lead the market owing to high deployment for research purposes
- As an end-user, commercial enterprises and government would chart substantial growth
- North American region to dominate global commercial satellite imaging market over the forecast period
Explore a report with detailed research, incisive insights, and in-depth country levels estimations. Gain business intelligence on Commercial Satellite Imaging Market (End User - Government, Commercial Enterprises, Civil Engineering Industry, Military, Forest, Agriculture, Energy Sectors, and Insurance; Applications - Energy, Geospatial Technology, Natural Resources Management, Construction and Development, Disaster Response Management, Defense and Intelligence, Conservation and Research, and Media and Entertainment) - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2019 – 2027 at
Key Drivers of Growth in the Global Commercial Satellite Imaging Market:
Technological advancement is key to growth in the global commercial satellite imaging market, as per Transparency Market Research. Furthermore, interplay of a number of connected factors help the market stay buoyant over the assessment period. A synopsis is provided below:
- Application in a number of industries such as defense, energy, and construction and development to drive market forward; demand for high-end images is key here
- Use in natural resource management, disaster response management, and conservation and research is critical – contributes massively to the growth of market
- Certain technologies and applications help uptake; Google Earth being a case in point
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Key Impediments to Growth in the Global Commercial Satellite Imaging Market:
The market, which is set to witness an upward facing and steep growth curve over the assessment period, is witnessing a number of restrains in its landscape. A prominent restrain that is hampering growth in the global commercial satellite imaging market is requirement of high capital investment. However, as novel opportunities of growth arise in the developing nations of the world, the influence of limitations would be counteracted.
Regional analysis of Global Commercial Satellite Imaging Market:
- North America led the global commercial satellite imaging market in the period ending in the year 2018, holding a sizeable share of market – 45% +
- The trend of North American dominance would continue into the forecast period owing to increase in number and growth in funding of space programs, and research and development
- Lucrative growth opportunities would emerge in the Latin American region due to growing use of satellite imaging in industrial and agricultural sectors
- Asia Pacific (APAC) region would continue at a sturdy compound annual growth rate over the forecast period, presenting market players with gainful growth avenues
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Competitive Landscape of the Global Commercial Satellite Imaging Market:
The market is highly competitive. Top players that occupy the vendor landscape of global commercial satellite imaging market include Galileo Group Inc., Planet Labs Inc., Blacksky Global, Telespazio, Exelis Inc., DigitalGlobe Inc., SkyLab Analytics, Trimble Navigation Ltd., and Spaceknow Inc.
Over the next few years the top players would direct efforts towards consolidating their market position by strengthening distribution networks, notes Transparency Market Research.
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The market is segmented based on:
- Commercial Enterprises
- Civil Engineering Industry
- Energy Sectors
- Geospatial Technology
- Natural Resources Management
- Construction and Development
- Disaster Response Management
- Defense and Intelligence
- Conservation and Research
- Media and Entertainment
- Rest of North America
- Rest of Europe
- Rest of Asia Pacific
Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of Middle East and Africa
- Rest of Latin America
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