The commercial satellite imaging market is experiencing growth opportunities with extensive product application in different industries. Energy, natural resources, geospatial technology, construction & development, and defense & intelligence industries commonly use commercial satellite imaging solutions. Further, some other core applications of these solutions include disaster response management, conservation & research, and media & entertainment.
Defense & intelligence is predicted to be the leading segment in commercial satellite imaging market during the forecast period. This growth in the defense sector is attributed to the need to use advanced commercial satellite imaging solutions. Further, there is an increasing requirement for the employment of advanced technology for different research purposes. This factor is anticipated to generate expansion opportunities in the commercial satellite imaging market.
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The satellite imagery is used for different commercial purposes such as insurance, energy, defense, and agriculture. The amalgamation of different high-end technologies in commercial satellite imaging has encouraged many industries to use this technology to extend their reach to the world.
There is an increased demand for advanced and high-resolution satellite imagery in different fields. Environment protection, homeland security agencies, national defense organizations, emergency services, and national development administration are some major fields that use commercial satellite imaging solutions.
As per the research report by Transparency Market Research, the commercial satellite imaging market is estimated to expand at a CAGR of 11.61% and reach a valuation of US$ 10.23 Bn during the forecast period from 2019 to 2027.
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Technological Advancements and Growth in Security Concerns Anticipated to Boost Expansion Opportunities in Commercial Satellite Imaging Market
Commercial satellite imaging solutions rapidly transmit visual information and provide extensive world coverage. . This has extended the application of aerial and terrestrial imagery by eliminating the limitations of geographical scope. Further, the importance of commercial satellite imaging has encouraged government organizations to adopt this technology. Different governments across the world are supporting companies with the funding of commercial satellite imaging technology. Thus, increasing awareness about the importance of the technology is estimated to bring lucrative opportunities in the commercial satellite imaging market in the upcoming years.
Different countries across the world are increasing their investments in defense and military services to implement security policies. This factor is anticipated to bring growth opportunities in the commercial satellite imaging market. Further, several nations have been deploying satellites using advanced technologies to reinforce their defense activities. So, the rapid deployment of the product is estimated to bring sales opportunities in the commercial satellite imaging market.
Some of the key players operating in the commercial satellite imaging market include Spaceknow Inc., SkyLab Analytics, Trimble Navigation Ltd., Exelis Inc., DigitalGlobe Inc., Telespazio, Planet Labs Inc., and Blacksky Global.
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North America Expected to Hold Significant Position in Commercial Satellite Imaging Market
The commercial satellite imaging market is spread across different geographical regions including North America, Asia Pacific, Europe, the Middle East & Africa, and Latin America. Among these, the North America region was leading owing to increasing adoption of various commercial satellite imaging technology. In 2018, the region contributed more than 45% of the market share. This growth in the North America region is attributed to an increase in funding for different space programs. Further, the increasing number of R & D activities for the achievement of the strong technological base is also creating lucrative opportunities in the region.
The Latin America region is also anticipated to gain lucrative opportunities in the commercial satellite imaging market in the upcoming years. Market vendors from this region are concentrating toward capitalizing on expansion opportunities. The growing application of commercial satellite imaging technology in the agricultural and industrial sectors is estimated to create demand opportunities in the Latin America region.
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