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Albany, New York, Feb. 13, 2019 (GLOBE NEWSWIRE) -- Transparency Market Research (TMR) witnesses that the global commercial satellite imaging market has an intense competitive scenario. Some of the companies operating in the global commercial satellite imaging market are Blacksky Global, Exelis Inc., Telespazio, DigitalGlobe Inc., Trimble Navigation Ltd., and SkyLab Analytics. These key players are accounting for the lion’s share in the global revenue and the trend is expected to continue over the forecast period. Additionally, they are focusing on the improvement of distribution channels for strengthening their position in the global commercial satellite imaging market.
According to TMR, the global commercial satellite imaging market collected revenue of about US$2.5 bn in the year 2014 and is projected to attain a value of US$6.5 bn. The market is expected to by expand with a CAGR of 11.40% over the forecast period from 2015 and 2023.
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Based on application, the defense and intelligence sector dominated the global commercial satellite imaging market in 2015. It is expected to remain dominant over the forecast period owing to the demand for the technologies in last few years. Based on region, North America accounted for a leading share of about 45.0% in 2014 in the global commercial satellite imaging market. Growing demand for these technologies is a key factor expected to maintain its dominance by the end of the forecast period.
Growing Demand for Advanced Technologies from Several End-use Industries to Propel Market Growth
Satellite imagery is generally addressed to the pictures of planets or Earth that are mainly collected by special imaging satellites. Commercial businesses, as well as governments, operate these satellites globally and key players in the market sell these images to the private and public organizations by licensing them. Growing demand for these images from companies such as Apple Maps, Google Maps, and governments is propelling the growth of the global commercial satellite imaging market.
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The use of satellite imagery mainly for commercial purposes including defense, agriculture, energy, and insurance is propelling adoption of commercial satellite imaging. The appointment of the high-end commercial satellite is triggering its adoption in the numerous industries for deploying the numerous advanced technologies to be used across other sectors. This is another key factor propelling the growth of the global commercial satellite imaging market.
Rising Security Concerns over Country Boundaries to Boost Market Growth
Rising demand for advanced commercial imaging satellite across for defense and security administration, emergency services, and homeland security is augmenting the growth of the global commercial satellite imaging market. Additionally, growing penetration of internet and broadband services globally, mainly in the developing countries, are supporting the adoption of satellite-based services. This the satellite industry is likely to witness more investment for product development. Availability of advanced features in commercial satellite is propelling the growth of the commercial satellite imaging market.
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However, the need for high capital investment mainly in the research activities on improvement of commercial satellite imaging is hampering adoption in the cost-sensitive area. This is especially evident in the underdeveloped region is restraining the growth of the global commercial satellite imaging market. Nonetheless, low entry barrier in the untapped markets is expected to offer lucrative opportunities for key players operating in the commercial satellite imaging market.
This information is encompassed in the report by TMR, titled “Commercial Satellite Imaging Market (End User – Government, and Commercial Enterprises, Civil Engineering Industry, Military, Forest, Agriculture, Energy Sectors, and Insurance; Applications – Energy, Geospatial Technology, Natural Resources Management, Construction and Development, Disaster Response Management, Defense and Intelligence, Conservation and Research, and Media and Entertainment) - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2015 - 2023.”
For the study, the commercial satellite imaging market has been segmented as follows:
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