PORTLAND, Oregon, Sept. 10, 2019 /PRNewswire/ -- Allied Market Research recently published a report, titled, "Commercial Satellite Imaging Market by Application (Geospatial Data Acquisition & Mapping, Planning & Development, Disaster Management, Energy & Natural Resource Management, Surveillance & Security, Defense & Intelligence, and Others), and End User (Government, Military Defense, Forestry and Agriculture, Energy, Civil Engineering & Archaeology, Transportation & Logistics, and Others): Global Opportunity Analysis and Industry Forecast, 2019–2026". According to the report, the global commercial satellite imaging market accounted for $2.24 billion in 2018 and is projected to reach $5.26 billion by 2026, registering a CAGR of 11.2% during the forecast period.
Prime determinants for growing market
Rise in adoption of location-based services (LBS) and rise in application of satellite imagery in various sectors have boosted the global commercial satellite imaging market. However, high resolution of aerial imaging services and various disadvantages of satellite imagine hamper the market growth. On the contrary, decreasing prices of satellite imaging solutions and technological advancements are expected to create lucrative opportunities in the near future.
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Geospatial data acquisition and mapping segment dominated the market
The geospatial data acquisition and mapping segment held the largest share in 2018, contributing more than one-fourth of the global commercial satellite imaging market. This is owing to its potential in archaeology, construction, government, mining, and civil engineering. However, surveillance & security segment is projected to register the fastest CAGR of 11.8% during the forecast period, owing to increasing security concerns and focus on developing security programs.
Civil engineering and archaeology segment to manifest fastest growth
The civil engineering and archaeology segment is projected to manifest the fastest CAGR of 11.7% during the forecast period, owing to rise in construction activities and increase in need for geographical for its effective utilization. However, the government segment held the largest share in 2018, accounting for more than one-fifth of the global commercial satellite imaging market, owing to increase in security concerns and rise in use of commercial satellite imaging for geospatial mapping.
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North America to rule the market
The global commercial satellite imaging market is analyzed across various regions such as North America, Europe, Asia-Pacific, and LAMEA. The market across North America region dominated the market in 2018, contributing around two-fifths of the market, owing to increase in utilization of satellite imaging in their defense, government, and agriculture sectors and presence of major market players such as Google, Inc. and GeoEye, Inc. However, the market across the Asia-Pacific region is anticipated to manifest the fastest CAGR of 11.8% during the forecast period, owing to rising investment in the satellite manufacturing and increase in number of satellite launches.
Forerunners of the market
The global commercial satellite imaging market report includes analysis of the major market players such as
- Surrey Satellite Technology Ltd.
- Airbus Defence and Space
- ADCC International East Africa Limited
- Korea Space-image Technology, Ltd
- Vricon, Inc.
- SpaceView Inc.
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