Yahoo Finance Commercial Satellite Imaging Market to Surpass $9.2 Billion by 2031: Allied Market Research
Rise in utilization of satellite imagery in government and defense sectors drive the growth of the global commercial satellite imaging market. North America contributed to the highest share in 2021, and is expected to continue its dominant share by 2031. The COVID-19 pandemic impacted the mission-deployments along with slowing down of new product deliveries due to disruption in the supply chain.
Portland, OR, July 05, 2022 (GLOBE NEWSWIRE) -- According to the report published by Allied Market Research, the global commercial satellite imaging market generated $3.3 billion in 2021, and is estimated to reach $9.2 billion by 2031, witnessing a CAGR of 11.3% from 2022 to 2031. The report offers a detailed analysis of changing market trends, top segments, key investment pockets, value chain, regional landscape, and competitive scenario.
Advantages such as precise mapping for mission planning, search, and rescue operations and rise in utilization of satellite imagery in government and defense sectors drive the growth of the global commercial satellite imaging market. Moreover, the introduction of new technologies such as electric propulsion technology, high-resolution cameras, advanced remote sensing technology, and others supplements the market. On the other hand, increase in usage of satellite data for development of smart cities and connected vehicles along with rise in implementation in commercial applications present new opportunities in the coming years.
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Covid-19 Scenario:
The COVID-19 pandemic impacted the mission-deployments along with slowing down of new product deliveries due to disruption in the supply chain.
In addition, the pandemic led to postponement or freeze of investments toward R&D activities and put a rest on adoption of new technologies in the commercial satellite imaging sector for a short period.
However, the demand for commercial satellite imaging is estimated to grow steadily post-pandemic, owing to rise in application of commercial satellite imagery and analytics in different end-use verticals.
The report offers detailed segmentation of the global commercial satellite imaging market based on application, end user, and region.
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Based on application, the geospatial data acquisition and mapping segment accounted for the highest share in 2021, contributing to more than one-fourth of the total market share, and is estimated to continue its lead position during the forecast period. However, the defense & intelligence segment is projected to manifest the highest CAGR of 13.3% from 2022 to 2031.
Based on end user, the government segment held the largest share in 2021, accounting for more than one-fifth of the global commercial satellite imaging market. However, the civil engineering and archaeology segment is expected to register the largest CAGR of 13.2% during the forecast period.
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Based on region, North America contributed to the highest share in 2021, holding nearly two-fifths of the total market share, and is expected to continue its dominant share by 2031. However, Asia-Pacific is projected to portray the fastest CAGR of 12.9% during the forecast period.
Leading players of the global commercial satellite imaging market analyzed in the research include BlackSky, Galileo Group, Inc., European Space Imaging, L3Harris Technologies, Inc., ImageSat, Planet Labs Inc., Maxar Technologies Inc., SpaceKnow Inc., Airbus S.A.S., and Telespazio France.
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