Global Commercial Satellite Imaging Market to Reach US$6.5 bn by 2023, Propelled by Increasing Demand from National Defense Organizations

Albany, New York: Market Research Reports Search Engine (MRRSE) has added a new report on the global commercial satellite imaging market to its online repository. The report, titled ‘Commercial Satellite Imaging Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2015 – 2023,’ states that the market stood at US$2.5 bn in 2014 and is expected to reach US$6.5 bn by 2023. The market is projected to exhibit an 11.40% CAGR from 2015 to 2023 owing to the rising demand for high-end commercial satellite imaging services from various end-use industries.

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Commercial satellite imaging uses a rotating satellite to collect information in the form of images. Commercial satellite imaging comprises a wide variety of instruments, sensors, and cameras that are fitted on satellites circling the Earth. Satellite imagery equipment can be positioned anywhere within the orbital space for capturing images of the Earth. Advancements in image processing and sensor technology have motivated many commercial players to enter the mainstream. Thus, the consistently increasing commercial space exploration sector can be said to be a key factor benefiting the global commercial satellite imaging market.

Governments of many nations are concentrating on increasing their spending on enhancement of commercial satellite imaging technologies. This has helped leading players as well as new entrants introduce new commercial satellite imaging techniques in the global market. The demand for commercial satellite imagery from end-use industries such as national defense organizations, emergency services, environmental protection groups, national development organizations, and emergency services is expected to increase. This is expected to support the growth of the global commercial satellite imaging market.

For a detailed study, the global commercial satellite imaging market is segmented on the basis of region, end use, and application. Commercial satellite imaging finds application in the energy, natural resources, geospatial technology, management, disaster response management, conservation and research, media and entertainment, and defense and intelligence sectors. Government and military have always been the primary adopters of high-tech commercial satellite imaging technologies. As a result, national space agencies such as ISRO and NASA have been consistently introducing new commercial satellite imagery. This is expected to propel the global market for commercial satellite imaging.

Based on region, the commercial satellite imaging market is divided into Latin America, North America, the Middle East and Africa, Europe, and Asia Pacific. In 2014, North America accounted for 45% of the global commercial satellite imaging market. Increasing government funding will assist North America in maintaining its dominance in the global market. However, Asia Pacific is predicted to exhibit a 14.50% CAGR from 2015 to 2023 owing to the growing industrial and agriculture sectors in the region.

Browse Full Global Commercial Satellite Imaging Market Report with TOC:http://www.mrrse.com/commercial-satellite-imaging-market

Some of the leading companies in the global commercial satellite imaging market are DigitalGlobe, Inc., Planet Labs, Inc., Exelis, Inc., Trimble Navigation Limited, Blacksky Global, Galileo Group, Inc., Spaceknow, Inc., SkyLab Analytics, and Telespazio.

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