Commercial Satellite Imaging Market Size
| Study Period | 2019 - 2029 |
| Market Size (2024) | USD 5.04 Billion |
| Market Size (2029) | USD 8.82 Billion |
| CAGR (2024 - 2029) | 11.84 % |
| Fastest Growing Market | Asia-Pacific |
| Largest Market | North America |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Commercial Satellite Imaging Market Analysis
The Commercial Satellite Imaging Market size is estimated at USD 5.04 billion in 2024, and is expected to reach USD 8.82 billion by 2029, growing at a CAGR of 11.84% during the forecast period (2024-2029).
Images of the Earth taken by imaging satellites run by governments and companies worldwide are known as satellite images, sometimes known as Earth observation imagery, spaceborne photography, or simply satellite photos. Meteorology, oceanography, fisheries, agriculture, biodiversity protection, forestry, landscape, geology, cartography, regional planning, education, intelligence, and warfare are just a few fields where satellite photos are used.
- The imaging method generates raw image data using optically equipped satellites. Since it is closer to the object, aeronautical imaging delivers a higher image resolution than satellite imaging. The most economical and greatest image resolution is provided by terrestrial imaging; however, it has geographical limitations. Because of their quick supply of image data and wide coverage, satellites are favored over other imaging techniques. Additionally, imaging services are economical once they are in orbit, supporting industry growth over time.
- The increasing requirement for efficient monitoring of vast land areas is one of the key drivers for the commercial satellite market. The use of satellite imagery and data can provide detailed and accurate information about land use, vegetation, and other features, which can be used for a wide range of applications such as agriculture, urban planning, natural resource management, and environmental monitoring.
- The rising smart city initiatives are also driving the commercial satellite market. Smart cities utilize various technologies, such as the Internet of Things (IoT) and satellite imagery, to collect and analyze data to improve citizens' quality of life and decrease the environmental impact of urban areas. Satellite imagery plays a key role in smart city initiatives by providing detailed and accurate information about the built environment, such as the location and condition of buildings, roads, and other infrastructure. This information can improve urban planning, transportation, and public services.
- Furthermore, several leading players are focusing on investing in satellite imaging technology to stay ahead of the competition. For instance, in August 2022, Accenture announced to make a strategic investment in Pixxel to monitor Earth's health. Pixxel is building the world's highest-resolution hyperspectral imaging satellite constellation to provide industry AI-powered observations that discover, solve, and predict climate issues at a fraction of the cost of traditional satellites.
- Similarly, in April 2022, Pixxel launched India's first private commercial imaging satellite, "Shakuntala," as a part of its planned 36-satellite constellation aboard a SpaceX Falcon-9 rideshare mission.
- The availability of open-source data for various countries can challenge the commercial satellite imaging market. Open-source data refers to satellite imagery and other freely available data to the public, often provided by government agencies or organizations.
- In the post-COVID-19 market, businesses and government organizations are preparing for an innovation shift since the restrictions are lifted to evaluate and modify their supply chains quickly. For instance, in May 2022, the European Space Agency (ESA), Japan Aerospace Exploration Agency (JAXA), and the National Aeronautics and Space Administration (NASA), an independent agency of the U.S. Federal Government that is in charge of the civilian space program as well as aeronautics and space research, announced that they had teamed up to use the combined scientific power of their earth-observing satellites to document global changes in the environment and human society.
Commercial Satellite Imaging Market Trends
Military and Defense is Expected to Hold Significant Market Share
- Military and defense applications are the most extensive end-user application of commercial satellite imagery. The segment's expansion is attributed to the security and surveillance activities, which are crucial functions of every defense organization. The utilization of satellite-based military communications has grown progressively crucial for defense operations worldwide. As the requirement for reliable and secure communications rises, the technology to fulfill this demand has made considerable progress. Satellite communications present an optimal resolution for military operations, as they offer real-time, secure transmission of vital data and communications, even in the most hostile and remote surroundings.
- Various nations have satellites circling the Earth, providing numerous functions. However, because of the security concerns of other countries, they usually have limited access to international airspace. In extreme circumstances, countries might execute shutter control laws that force satellites of foreign countries in regional airspace to turn off their photographic equipment.
- Considering all these global government prohibitions, other parties often obtain geographical information regarding foreign nations. Governments can regulate the characteristics such as quality and clarity of commercially accessible images and impose a ban on a specific place. However, military agencies always tend to have backup plans.
- Therefore, there is a massive diversity of geographical information that is principally customized to various customers' demands. With changes in satellite imagery (such as hyperspectral imaging), the commercial realm is progressively acquiring data that is only used for military purposes and the data modified for the general public.
- Commercial imaging is vital to meeting the needs of both new security and intelligence concerns. This is due to countries' increased attention to evolving their military capabilities and dealing with terrorism threats worldwide. Commercial satellite firms offer vital data for defense and national security. Commercial aerospace has a substantial economic benefit as space becomes more accessible, but government-funded terrorist monitoring using satellite imagery is too expensive.
- Growing military expenditure and defense budgets in most nations are anticipated to aid the growth of the market under study. For instance, in July 2022, the European Commission announced plans to provide a total of around EUR 1.2 billion (USD 1.3 billion) in funding for 61 collaborative defense research and development projects chosen from the first-ever calls for proposals under the European Defense Fund (EDF).
- Furthermore, by leveraging the latest advancements in satellite imaging technology, military forces can gain insight into enemy activities, plans, and locations. Moreover, it can also be used to identify potential targets for aerial reconnaissance and weapons systems.
Asia-Pacific Expected to Register Fastest Growth
- The Asia-Pacific market is expected to grow considerably throughout the forecast period. Increasing government initiatives for satellite imaging to entice global and domestic firms are other vital reasons for the region's market growth.
- The ASEAN countries' developing commercial satellite business is affecting the worldwide commercial satellite imaging industry. The continuing expansion of High Throughput Satellite (HTS) technology is bringing new possibilities and capabilities in various APAC vertical areas.
- For instance, in May 2022, The SuperView Neo-1 01 and 02 imaging satellites from China Siwei were successfully launched by a Long March rocket. They improved China Siwei's already-existing 50 cm resolution SuperView-1 constellation of satellites and offered 30 cm images to clients needing extra channels of extremely high-resolution imaging.
- The region's end-user verticals are adopting new technologies at an exponentially expanding rate, which is bolstering the growth of the commercial satellite imaging market. Governments across the region are also investing in advanced technologies that are expected to shape the future of imaging satellites.
- For instance, the Polar Satellite Launch Vehicle C-53, or PSLV C-53, of the Indian Space Research Organization, was launched from the Sriharikota, India spaceport carrying three Singaporean commercial satellites. The PSLV Orbital Experimental Module, also known as POEM DS-EO, includes an electro-optic, multi-spectral payload to satisfy the demands of humanitarian aid and disaster relief. This payload will give full-color images for land categorization.
Commercial Satellite Imaging Industry Overview
The commercial satellite imaging market is highly fragmented, with the presence of major players like DigitalGlobe Inc., Galileo Group Inc., Planet Labs Inc., SpaceKnow Inc., and Skylab Analytics. among others. Players in the market are adopting strategies such as partnerships, mergers, innovations, investments, and acquisitions to enhance their product offerings and gain sustainable competitive advantage.
In May 2023, European Space Imaging (EUSI) and Airbus announced a strategic partnership to provide the European Maritime Safety Agency (EMSA) with Very High Resolution (VHR) optical satellite imagery. Airbus will be providing imagery collected by Pléiades and Pléiades Neo satellites. SPOT and EUSI will likely be supplying imagery from the current Maxar satellite constellation and other value-added services.
In March 2023, L3Harris Technologies announced it received a USD 765 million contract from NASA to design and build the next-generation, high-resolution imager for NOAA's Geostationary Extended Observations satellite system. The GeoXO Imager will likely provide advanced infrared and visible imagery, more precise observations, and improved water vapor measurements to significantly improve the accuracy and timeliness of weather forecasting in the Western Hemisphere.
Commercial Satellite Imaging Market Leaders
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DigitalGlobe Inc.
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Galileo Group Inc.
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Planet Labs Inc.
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SpaceKnow Inc.
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Skylab Analytics
*Disclaimer: Major Players sorted in no particular order
Commercial Satellite Imaging Market News
- February 2024 - The National Geospatial-Intelligence Agency is supercharging its use of commercial satellite imagery and analytics with a procurement program, “Luno.” The Luno program seeks to leverage commercial satellite imagery and data analytics to enhance NGA’s global monitoring capabilities.
Commercial Satellite Imaging Market Report - Table of Contents
1. INTRODUCTION
1.1 Study Assumptions and Market Definition
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET INSIGHTS
4.1 Market Overview
4.2 Industry Attractiveness - Porter's Five Forces Analysis
4.2.1 Bargaining Power of Buyers
4.2.2 Bargaining Power of Suppliers
4.2.3 Threat of New Entrants
4.2.4 Threat of Substitute Products
4.2.5 Intensity of Competitive Rivalry
4.3 Industry Value Chain Analysis
4.4 Assessment of the Imapct of COVID-19 on the Market
5. MARKET DYNAMICS
5.1 Market Drivers
5.1.1 Increasing Requirement for Efficient Monitoring of Vast Land Areas
5.1.2 Rising Smart City Initiatives
5.1.3 Big Data and Imagery Analytics
5.2 Market Restraints
5.2.1 High-resolution Images Offered by Other Imaging Technologies
5.3 Market Challenges
5.3.1 Availability of Open-Source Data for Various Countries
6. MARKET SEGMENTATION
6.1 By Application
6.1.1 Geospatial Data Acquisition and Mapping
6.1.2 Natural Resource Management
6.1.3 Surveillance and Security
6.1.4 Conservation and Research
6.1.5 Construction and Development
6.1.6 Disaster Management
6.1.7 Defense and Intelligence
6.2 By End-user Vertical
6.2.1 Government
6.2.2 Construction
6.2.3 Transportation and Logistics
6.2.4 Military and Defense
6.2.5 Energy
6.2.6 Forestry and Agriculture
6.2.7 Other End-user Verticals
6.3 By Geography
6.3.1 North America
6.3.2 Europe
6.3.3 Asia-Pacific
6.3.4 Latin America
6.3.5 Middle East and Africa
7. COMPETITIVE LANDSCAPE
7.1 Company Profiles*
7.1.1 DigitalGlobe Inc.
7.1.2 Galileo Group Inc.
7.1.3 Planet Labs Inc.
7.1.4 SpaceKnow Inc.
7.1.5 Skylab Analytics
7.1.6 L3Harris Corporation Inc.
7.1.7 BlackSky Global LLC
7.1.8 ImageSat International NV
7.1.9 European Space Imaging (EUSI) GmbH
7.1.10 UrtheCast Corp.
8. INVESTMENT ANALYSIS
9. FUTURE OF THE MARKET
Commercial Satellite Imaging Industry Segmentation
Commercial satellite imaging deals with capturing images of the earth through satellites, also known as earth observation, and utilizing these images for various applications. The satellite images are used for commercial purposes in environmental monitoring and management, security of energy resources, border surveillance, mapping of construction projects, etc.
The commercial satellite imaging market is segmented by application (geospatial data acquisition & mapping, natural resource management, surveillance & security, conservation & research, construction & development, disaster management, defense & intelligence), end-user vertical (government, construction, transportation & logistics, military & defense, energy, forestry & agriculture), and geography (North America, Europe, Asia Pacific, Latin America, Middle East & Africa). The market sizes and forecasts are provided in terms of value in USD for all the above segments.
| By Application | |
| Geospatial Data Acquisition and Mapping | |
| Natural Resource Management | |
| Surveillance and Security | |
| Conservation and Research | |
| Construction and Development | |
| Disaster Management | |
| Defense and Intelligence |
| By End-user Vertical | |
| Government | |
| Construction | |
| Transportation and Logistics | |
| Military and Defense | |
| Energy | |
| Forestry and Agriculture | |
| Other End-user Verticals |
| By Geography | |
| North America | |
| Europe | |
| Asia-Pacific | |
| Latin America | |
| Middle East and Africa |
Commercial Satellite Imaging Market Research FAQs
How big is the Commercial Satellite Imaging Market?
The Commercial Satellite Imaging Market size is expected to reach USD 5.04 billion in 2024 and grow at a CAGR of 11.84% to reach USD 8.82 billion by 2029.
What is the current Commercial Satellite Imaging Market size?
In 2024, the Commercial Satellite Imaging Market size is expected to reach USD 5.04 billion.
Who are the key players in Commercial Satellite Imaging Market?
DigitalGlobe Inc., Galileo Group Inc., Planet Labs Inc., SpaceKnow Inc. and Skylab Analytics are the major companies operating in the Commercial Satellite Imaging Market.
Which is the fastest growing region in Commercial Satellite Imaging Market?
Asia-Pacific is estimated to grow at the highest CAGR over the forecast period (2024-2029).
Which region has the biggest share in Commercial Satellite Imaging Market?
In 2024, the North America accounts for the largest market share in Commercial Satellite Imaging Market.
What years does this Commercial Satellite Imaging Market cover, and what was the market size in 2023?
In 2023, the Commercial Satellite Imaging Market size was estimated at USD 4.44 billion. The report covers the Commercial Satellite Imaging Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Commercial Satellite Imaging Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
Commercial Satellite Imaging Industry Report
Statistics for the 2024 Commercial Satellite Imaging market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Commercial Satellite Imaging analysis includes a market forecast outlook to for 2024 to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.
Commercial Satellite Imaging Market Report Snapshots
