Commercial Satellite Imaging Market Growth Analysis till 2031

The global commercial satellite imaging market is expected to reach US$ 7.0 Bn by the end of 2031

Geospatial intelligence available from government and commercial sources has been in demand for the last few years. Commercial satellite imaging services are majorly used by government and defense sectors, agriculture, oil & gas, mapping and construction planning industries. The market is majorly driven by government and defense entities who acquire images from commercial service providers for various use cases. The trend of digitization is also impacting the commercial satellite imaging industry.

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Use of geospatial and other digital technologies, such as BIM, digital twin, and artificial intelligence, ensures on-time project delivery and on-site smooth functioning. Defense sector and the government remained the major source of income for top commercial satellite imagery companies till date; however, growing demand for data analytics in various sectors is projected to drive the commercial satellite imaginary market in the next few years. Technologies such as AI/ML, metaverse, IoT, 5G, and digital twin are likely to boost the demand for satellite imaging. Thus, commercial satellite imaging is anticipated to double its market value in the next five years.

Remote sensing satellites, some the size of a truck and others the size of a shoebox, circle the Earth and use instruments to detect both visible light for photographs of the Earth's surface as well as other parts of the electromagnetic spectrum used for ultraviolet, infrared (IR), and microwave imagery, thereby mapping radio emissions on Earth and creating profiles of the atmosphere. Once a remote sensing satellite collects images or sensing data, the data is transmitted to a ground station on Earth, and often to another place, where it is interpreted and studied.

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High-resolution optical satellites that offer 0.25m imagery and possess the ability to image the entire Earth at one meter resolution daily, improved weather forecasting through GPS radio occultation, radio frequency mapping, and commercial availability of synthetic aperture radar are key advancements in remote sensing technology that are boosting the commercial space-based remote sensing satellite industry. These advancements provide useful insights to the public and aid vital missions carried out by civil and defense organizations.

The study of an object from a faraway location or when one is not in physical contact with the object being researched is known as remote sensing. Satellite remote sensing gathers data from space and the Earth's orbit. When the gathered data comprises images of the Earth's surface, it is referred to as Earth Observation.

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Large numbers of satellites in orbit and massive volumes of data are expected to allow machine learning tools to establish a baseline and train algorithms to detect small changes. Advances in AI and machine learning are also estimated to unlock the potential of geospatial data to everyone.

In June 2022, China launched a new satellite for Earth observation, the satellite, Gaofen-12 03, by a Long March-4C carrier rocket. It is expected to be used in various fields including land surveys, urban planning, road network design, crop yield estimation, and disaster relief.

For instance, synthetic aperture radar (SAR) sensors can provide visibility through all weather conditions clouds, fog, smoke, rain and capture and transmit live satellite imagery 24/7 day and night, across the globe. Advancements in cloud computing, AI, and other technologies are likely to enable satellite imaging to deliver even deeper insights.

In an increasingly complex world, insurance companies are challenged to determine facts and address uncertainty on the ground in real time. Geographical data is acknowledged as a source of crucial and relevant information, thus geospatial technology is increasingly developing as a major aid for the insurance business. Location-based information assists an insurance agency to predict dangers and help its clients avoid them, thereby protecting them from various emergencies. Remote sensing can improve risk modelling and intelligence, resulting in more efficient insurance procedures.

In today's extremely competitive market, insurers are seeking for methods to better differentiate their offers, retain clients, and expand market share. Competitors are seeking to increase profitability by implementing more precise and efficient pricing models, claim valuation systems, and methods.

For instance, aerial and drone imagery provides precise insight into markets and claims cases. Historically, availability of these data sources has been limited by cost and scale; however, recent breakthroughs in satellite imaging, data processing, and machine learning are opening new doors in the insurance data industry.

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For instance, CAPE Analytics, an AI-powered geospatial property intelligence company, integrates geospatial analytics using geospatial imagery, scalable artificial intelligence, and risk relevant data that is useful for the insurance and real-estate industries.

Satellite monitoring is an effective tool that is capable of observing the state of crops. It can be used by agricultural insurance companies to a great advantage. Satellites are multitasking operating systems and, among other tasks, are capable of precise field area assessment, seedling presence detection, and harvested soil identification (whether a field has been harvested or not) all at the same time. Thus, increase in demand for satellite images from insurance sector is anticipated to boost market revenue.

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