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The global satellite imaging market size was valued at USD 3.27 billion in 2022 and is projected to grow from USD 4.16 billion in 2023 to USD 14.18 billion by 2030, exhibiting a CAGR of 19.12% during the forecast period.
Earthly human and natural activities can be monitored and measured using satellite imagery. Today's environmental monitoring relies heavily on data from remote sensing in agriculture, forestry, disaster management, geology, and others. Further, rule-based and AI-powered systems in satellite imaging are heavily utilized for high-resolution images to propel market growth.
Satellites can monitor occurrences anywhere, evaluate environmental effects, and examine historical data with the help of satellite images. Synthetic-aperture radar (SAR) is used to reconstruct objects in three dimensions or two-dimensional images. The SAR describes a method for creating high-resolution images and offers a finer spatial resolution than traditional stationary images. Additionally, satellites can keep tabs on natural entities such as air, water, vegetation, and land. Moreover, advancements in Earth Observation systems are currently making it possible for the educational community to use satellite image products more frequently. The increasing uses of images captured by satellites in environmental forecasting and rapid response to emergencies such as natural disasters and defense security are fueling the demand for satellite imaging. Moreover, the increasing defense and military budget for utilizing satellite images in military programs drives the market growth of satellite imaging.
Strict Lockdowns and Disrupted Supply Chains Hampered the Market Growth
COVID-19 continues to spread worldwide and negatively affects global economies, disrupting the supply chain and resulting in significant transportation and travel restrictions. Further, mandated closures, worldwide lockdowns, and quarantine restrictions disrupted product operations and caused uncertainty in the financial market. Furthermore, the COVID-19 pandemic has hampered the satellite manufacturing industry, reducing the new satellite launch during COVID-19. Also, this pandemic adversely impacted funding operations for space research and development programs and related activities of implementing technological innovations in the imaging industry. However, with the expanding use of satellite images and analytics in numerous end-use verticals post-pandemic, the demand for satellite imaging is expected to increase significantly.
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Development in Image Resolution Capacity and Satellite Image Processing to Boost the Market
With improvements in satellite technology and satellites, the day-by-day use of satellite images is increasing in various domain applications. Today's satellites are more technologically advanced, with high-resolution capacity and the finest details available. Additionally, the global commercial satellite imaging market had significant growth with the implementation of high accuracy and industry standards.
Furthermore, the imaging satellites have additional features such as HD processing capacity, industry-leading accuracy, precise measurement, uniformity, and automated, repeatable processing of each product fueling the market growth during the forecast period. For instance, in December 2022, Amazon Web Service (AWS) examined satellite imagery technology using machine learning software. It was tested in space for 10 months by Amazon, Italian startup D-Orbit, and Swedish developer Unibap.
Developing New Sensors and Data Sets by Industry Players to Aid Market Growth
The increasing investment in building new sensors to capture additional data sets from space by industry-leading satellite imaging players is driving the market growth. Providing further data sets through new sensors and proprietary data will be important for long-term growth and future market penetration. Thus, the key players in the market are offering new data sets. Fusing new data sets will deliver greater value to existing customers and help attract new customers. Additionally, knowing which sensor makes it possible to collect additional data and which is valuable for customers and might be accessible at every stage. For instance, in December 2022, a start-up-based company, GalaxEye Space, got USD 3.5 million from Special Invest. GalaxEye will utilize this money to launch the world’s first multi-sensor satellite based on advanced technological innovations. Moreover, leveraging the agile aerospace satellite imaging systems capture new types of data with greater resolution, which can be provided as soon as possible.
Increasing Use of Satellite Images in Defense Applications for Real-time Data Access to Boost Market Growth
In today’s asymmetric warfare, thorough insights into Automated Optical Inspection (AOI) and satellite images have become both an asset and a requirement. Pleiades Neo, a military satellite operated by Airbus, enables the creation of quick and reliable Digital Elevation Models (DEMs) and 3D models of remote and urban areas. It also helps take high-resolution images to identify fixed or mobile target status. Moreover, the Very High Resolution (VHR) enables recognizing, identifying, and detecting assets or targets in every smallest detail. Furthermore, satellite imaging helps the armed forces benefit from accurate terrain information to prepare for their missions and understand the situation from every angle. For instance, in December 2022, the Indian Armed Forces monitored the India-China border near Arunachal Pradesh through satellite images. In this surveillance, the Indian Army found Chinese troops' activity near the Line of Actual Control (LAC) near Tawang. Additionally, in December 2022, Poland purchased two observation satellites from Airbus to strengthen its military reconnaissance capabilities.
Stringent Industry and Government Rules & Regulations to Adversely Affect Market Growth
The industry is highly regulated due to the sensitive nature of satellite technology. The laws and regulations governing the operations, business, and satellite imagery distribution may change specific to the country. Additionally, certain environmental-related risks are involved in the operation of ground stations, manufacturing of satellites, and rising orbital debris may hamper the market growth in the forecast period. Under the Kyl-Bingaman Amendment, the U.S. has banned satellite operators from distributing high-resolution images of Palestine and Israel.
Moreover, many industry-leading companies have faced lawsuits or liability due to imagery available through services and products. In these cases, operating results and business are adversely affected. Furthermore, maintaining regulatory approvals or regulatory requirements could result in service interruptions or impede the execution of the business plan aiding to hamper the market growth.
Increasing Demand for Earth Observation Satellite Images Drives the Market Growth
Based on application, the market is divided into geospatial data acquisition, navigation & mapping, defense & intelligence, surveillance & security, and others.
The geospatial data acquisition segment has the highest market share in the application segment. Increasing satellite and geospatial images to assess various economic phenomena, including urbanization, environmental impact, infrastructure, and farming practices. Additionally, governments and private sector companies are increasing expenditure on satellite imagery to gain data related to natural resources, and urban planning.
Additionally, the increasing number of satellites for surveillance & security purposes saw moderate growth during the forecast period. Moreover, the defense & intelligence segment is seeking satellite images for border monitoring, and utilizing satellite images in various missions is driving the growth. Furthermore, navigation and mapping applications in several countries with limited map data are made easier by using artificial intelligence to enhance digital map features based on satellite images to aid market growth during the forecast period. The other segment includes construction & development, disaster management, conservation & research, agriculture, and insurance-related applications. The agriculture segment is significantly growing due to the increasing use of satellite images for crop monitoring, harvest planning, and soil & moisture management under the precision agriculture initiative.
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Diverse Applications of Satellite Images across Every Domain will Catalyze the Market Growth
Based on end-user, the market is classified into government, defense, commercial, and others.
The commercial segment has the largest market share among the end-users. The increasing use of commercial satellite images for taking images of the Earth and using those pictures for different commercial purposes is driving market growth. Additionally, rising applications in observations and monitoring of natural resource management, urban planning, mapping, and disaster management aid the market growth. The rising exploitation of navigation and geospatial mapping services based on real-time geo-data and providing accurate location information boosts segmental growth in the forecast period. This service is gaining immense popularity and is widely adopted in government, defense, and intelligence sectors, attributing to the development of the government segment. The others segment includes industrial, energy, and civil and is expected to have a marginal increase in the coming years.
North America Satellite Imaging Market Size, 2022 (USD Billion)
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The global market is divided into North America, Europe, Asia Pacific, and the rest of the world.
North America has the largest satellite imaging market share and is expected to grow during the estimated period. Major industry-leading players are present in this region. The availability of modern infrastructure to carry out space programs can be attributed to rapid regional development. Additionally, it is anticipated that the industry will grow during the forecast period due to the region's widespread adoption of commercial satellite images.
Due to the expanding end-use applications of satellite imagery, Europe is likely to present a sizable opportunity for the commercial market. Further, several countries such as Germany, France, Russia, Spain, and the U.K. are projected to sustain the Europe market growth in the coming years.
During the forecast period, APAC is anticipated to grow marginally. The market's growth is attributed to the presence of Japan, Australia, India, and others, which have heavily invested in satellites. China is most likely to contribute significantly to the market's growth. Additionally, it is expected that government involvement in national security concerns will positively impact the market in the future. For instance, with the aim of advancement in satellite technology and job creation in Australia, the Australian government invested USD 260 million.
The rest of the world will grow during the forecast period. In countries, such as Brazil, Argentina, and others, increasing the adoption of satellite images in various sectors is leading to the growth of the Latin American commercial imaging market. The increasing utilization of satellite images for developing modern infrastructures in the UAE and Saudi Arabia in the Middle East is boosting market growth.
The market includes national and international satellite imaging players across the globe. Various players are consistently developing advanced strategies to take a competitive advantage. Many companies are forming mergers & acquisitions and partnership & collaboration strategies to enable the satellite imaging market growth. The players focus significantly on research and development activities. These activities help the players develop more efficient and convenient end-user applications.
An Infographic Representation of Satellite Imaging Market
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The report brings a comprehensive analysis of the market and emphasizes key aspects such as key players, objects, offerings, and end-users of satellite imaging. Moreover, the research report deals with insights into the market trends, market competition, product pricing, regional analysis, market players, competitive landscape, and the market status and highlights key industry growth.
CAGR of 19.12% from 2023 to 2030
Value (USD Billion )
Fortune Business Insights says that the market size was USD 3.27 billion in 2022 and is anticipated to reach USD 14.18 billion by 2030.
Registering a CAGR of 19.12%, the market will exhibit steady growth in the forecast period (2022-2029).
During the forecast period, the geospatial data acquisition segment will likely be the fastest-growing application segment in this market.
North America dominated the market in terms of share in 2021
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