As per the report published by Allied Market Research, the global commercial satellite imaging market was pegged at $2.63 billion by 2020, and is expected to reach $6.99 billion by 2030, growing at a CAGR of 10.8% from 2021 to 2030.
Increase in use of satellite data in development of smart cities and connected vehicles, growth in dependence on location-based services, and vital applications in government and defense services have boosted the growth of the global commercial satellite imaging market. However, strict government regulations for implementation and user of satellites and availability of aerial imaging services hinder the market growth. On the contrary, surge in incorporation of new technologies is expected to open new opportunities for the market players in the future.
Covid-19 scenario on Commercial Satellite Imaging Market:
The Covid-19 pandemic affected the aerospace industry due to halt in production and lack of workforce and raw materials. Moreover, the pandemic hindered the mission deployments and slowed down new product deliveries due to a disrupted supply chain.
During the pandemic, the revenue allotted to R&D and the integration of new technologies decreased significantly. However, as the world is slowly recovering from the pandemic, the market is expected to get back on the track.
The report segments the global commercial satellite imaging market on the basis of application, end user, and region.
Based on application, the defense & intelligence segment is expected to register the highest CAGR of 12.6% during the forecast period. However, the geospatial data acquisition & mapping segment held the lion’s share in 2020, accounting for more than one-fourth of the market.
On the basis of end user, the civil engineering and archaeology segment would manifest the highest CAGR of 12.6% during the forecast period. However, the government segment held the largest share in 2020, contributing to more than one-fifth of the total market share.
The global commercial satellite imaging market is analyzed across several regions such as North America, Europe, Asia-Pacific, and LAMEA. The market across North America dominated in terms of revenue in 2020, accounting for around two-fifths of the market. However, the market across Asia-Pacific is anticipated to portray the highest CAGR of 12.4% during the forecast period.
The global commercial satellite imaging market includes an in-depth analysis of the prime market players such as BlackSky, Galileo Group, Inc., European Space Imaging, L3Harris Technologies, Inc., ImageSat, Planet Labs Inc., Maxar Technologies Inc., Airbus S.A.S., SpaceKnow Inc. Telespazio France. Globe Newswire