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Satellite imaging deals with taking images of earth or other planets with the help of imaging satellites. Aeronautical imaging provides higher image resolution compared to satellite imaging as it is closer to the target. Terrestrial imaging provides the highest resolution and is cost-effective, but it has geographical limitations. The satellite imaging is preferred over other imaging solutions due to its fast delivery of data and full coverage of the globe. Moreover, the satellite imaging services are comparatively low-priced once the satellite is launched into space.
The rising security concerns have led the government to increase the use of satellite imaging solutions to strengthen their defense operations and invest in development related to product innovation. The rise in usage and investment by government and defense sector is expected to drive the market growth. Moreover, the growing demand for broadband services is expected to fuel market growth. Furthermore, an increase in demand for location-based services (LBS) owing to its services that provide real-time geospatial information for preventing life-threatening situations and disasters is expected to boost the growth of the market. However, high-resolution image offered by terrestrial and aerial imaging with a lower price is expected to hinder the growth of the market.
Key Market Driver -
The rising use of satellite imaging for national security purpose The growing demand for broadband services Increasing investment and funding for product development
Key Market Restraint -
High-resolution image solutions offered by other imaging technologies
The market is segmented by application and end-use. The application segment is further divided into geospatial data acquisition & mapping, natural resource management, surveillance & security, construction & development, conservation & research, defense & intelligence, and disaster management. The geospatial data acquisition & mapping segment is expected to hold the major share in the market. A surge in requirement of satellite imaging data analytics to gain critical information regarding geospatial and environmental conditions for effective resource management is predicted to fuel the market growth. Moreover, satellite imagery is used in several commercial applications such as the selection of construction sites, route planning, monitoring of infrastructural projects, and 3D modeling of archaeological sites is anticipated to support the growth of the market.
The end-user segment is further classified into government, defense, forestry & agriculture, construction, energy, and others. The defense and government segment is predicted to have the potential to grow at higher CAGR owing to rising defense and military budgets to develop security programs in developing countries.
The major companies in the global satellite imaging market are Google Inc. (The U.S.), DigitalGlobe, Inc. (The U.S>), GeoEye, Inc. (The U.S.), ImageSat International N.V. (The U.S.), Airbus Defence and Space (Germany), Galileo Group, Inc. (The U.S.), SpaceView Inc. (The U.S), L3Harris Corporation (The U.S), European Space Imaging (Germany), and among others.
The satellite imaging market has been segmented into North America, Europe, Asia Pacific, and Rest of the world. North America is expected to dominate the market, owing to the highest number of researches and investments in the market. The presence of key players such as Google Inc., GeoEye, Inc., ImageSat International N.V., and others will sustain the position of North America in the market through the forecast period. Currently, the U.S. government is refurbishing its existing space regulations that are required to be modernized, and this is expected to boost commercial space activities in the region. The market in the Asia Pacific is expected to grow at a higher rate owing to developments in emerging economies such as China and India. China is expected to contribute to market demand majorly.
Europe is anticipated to have a substantial growth in the market during the forecast period owing to rush in the commercialization of the regional space industry.
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