Published Date : Apr 07, 2016
Commercial Satellite Imaging Market to Grow due to Increasing Demand from GovernmentThe process commercial satellite imaging refers to collection of data or information through of images or visuals that are captured via rotating satellites around earth. This satellites capture images through various types of instruments such as cameras and sensors.
The global commercial satellite imaging market is segmented on the basis of application, end use, and geography. The applications of commercial satellite imaging are seen in sectors such as energy, geospatial technology, natural resources management, construction and development, defense and intelligence, disaster response management, media and entertainment, and conservation and research. The end users of commercial satellite imaging are the governments, commercial enterprises, civil engineering industry, military, forest, agriculture, energy sector, and insurance. Geographically, this market is segmented into Europe, North America, Asia Pacific, the Middle East and Africa, and Latin America.
Government Sector to Rise at a CAGR of 14.0% in Forecast Period
According to research report, the government sector held a 30% share in overall market revenue in 2014. This segment is expected to maintain its dominance in the coming years as it will rise at a CAGR of 14.0%. This trend will be attributable to the launch of commercial satellites by agencies such as ISRO and NASA in the coming few years.
The reports also suggest that the defense and intelligence segment held a dominating share in the overall commercial satellite imaging market. This segment contributed nearly 32.5% of the total revenue of this market. This share was followed closely by the geospatial technology. Furthermore, the increasing demand for defense and intelligence in the government sectors to support military, infrastructure, and other applications is also boosting the demand for this segment. Analysts also predict that the natural resources management segment will also experience a good growth rate in the coming years due to high incidence of deforestation across the world.
Growing Commercial Space Economy to Drive Global Market
The global commercial satellite imaging market will be primarily driven by the robust commercial space economy, improving demand for high-resolution satellite imagery, and growing number of applications of commercial satellite imaging satellites. This growth will also be propelled by introduction of new sensing technologies such as hyperspectral imaging.