How is Growing Demand for Location-Based Services Driving Commercial Satellite Imaging Market

Commercial satellite imaging or remote sensing refers to the scanning of earth by satellites or high-flying aircrafts for obtaining georeferenced data. The digitally transmitted images are used for environmental monitoring, weather predictions, archeological surveys, and mapping. As per a research conducted by P&S Intelligence, in 2017, the global commercial satellite imaging market generated a revenue of $2,411.8 million and is projected to witness a 14.2% CAGR during the forecast period (2018–2023).

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There are several applications of commercial satellite imaging systems: natural resources, infrastructure, maritime, defense, energy, LBS, and disaster management. Some other applications include environmental conservation, media & entertainment, research, and surveillance. Out of these, the largest demand for commercial satellite imaging systems was created for the defense application during 2013–2017 due to the growing focus of government toward the advancement of the defense industry and increasing budget in the industry in various developed and developing countries. The fastest growth in demand for commercial satellite imaging systems in predicted to be created for the disaster management application.

A key trend being observed in the commercial satellite imaging market is the use of hyperspectral image processing for automatic target detection. Different civilian and military authorities make use of hyperspectral image processing for detecting activities or objects, such as vehicles. In addition to this, the utilization of these sensors in imagery provides data that contains both spectral and spatial information, which can further be used for detecting activities and issue such as military intrusion. Due to the increasing use of hyperspectral technique, the demand for commercial satellite sensing is projected to grow significantly.

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Attributed to the rising utilization of commercial satellite imaging systems, the technology is witnessing advancements. The usage of satellite imaging for image capturing offers valuable information and data. This information is utilized by research organizations and government across different sectors, including oil & natural gas, meteorology, defense, mining, and agriculture, for several applications, such as forestry, weather information and forecasting, and farming. Due to these factors, the companies that offer commercial satellite imaging products and services are investing increasingly in research and development in order to enhance cameras and sensing technology.

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P&S Intelligence is a provider of market research and consulting services catering to the market information needs of burgeoning industries across the world. Providing the plinth of market intelligence, P&S as an enterprising research and consulting company, believes in providing thorough landscape analyses on the ever-changing market scenario, to empower companies to make informed decisions and base their business strategies with astuteness.

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