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Commercial Satellite Imaging Market Report 2024 - Commercial Satellite Imaging Market Demand, Growth And Trends
Commercial Satellite Imaging Market
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According to The Business Research Company's, The commercial satellite imaging market size has grown rapidly in recent years. It will grow from $4.34 billion in 2023 to $4.83 billion in 2024 at a compound annual growth rate (CAGR) of 11.3%. The growth in the historic period can be attributed to defense and security applications, natural resource management, infrastructure development, disaster management, navigation and mapping.
The commercial satellite imaging market size is expected to see rapid growth in the next few years. It will grow to $7.33 billion in 2028 at a compound annual growth rate (CAGR) of 11.0%. The growth in the forecast period can be attributed to precision agriculture, climate monitoring, urban planning and smart cities, humanitarian aid and disaster relief, telecommunications infrastructure. Major trends in the forecast period include global demand for real-time imaging, integration of hyperspectral imaging, public-private partnerships for data sharing, enhanced data analytics platforms, focus on environmental monitoring and climate change.
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Market Drivers and Trends:
Increasing concerns with respect to national security are expected to propel the commercial satellite imaging market going forward. National security threats are any actions or events that pose a risk to the safety, stability and security of a nation or its citizens. These threats can originate from a variety of sources, including foreign governments, terrorist organizations, or cyber-attacks on government agencies. Satellite imaging data plays a complementary role in preventing cyber-attacks on government agencies by providing valuable information for network monitoring, geolocation, early warning, response, and mitigation efforts. For instance, in 2022, according to the Cyber Threat Report published by SonicWall, a US-based cyber security company, there was a significant increase in global ransomware incidents, with a rise of 105% in 2021 compared to the previous year. The number of ransomware attacks on government agencies saw a dramatic increase of 1,885%, which was more than twice the increase seen in healthcare (755%), education (152%) and retail (21%), combined, as well as substantial increase in crypto-jacking attempts on government customers, with a rise of 709% in 2021. Therefore, the increasing concerns with respect to national security are driving the commercial satellite imaging market.
Major companies operating in the commercial satellite imaging market are developing innovative products, such as hyperspectral satellites, to meet larger customer bases, increase sales, and increase revenue. Hyperspectral satellites are a type of earth observation satellite equipped with sensors capable of capturing a wide range of electromagnetic wavelengths, extending beyond the visible spectrum. For instance, in April 2022, Pixxel, an India-based company that builds hyperspectral earth imaging satellites, launched the Shakuntala commercial satellite. The distinctive feature of Pixxel's inaugural fully-fledged satellite, 'Shakuntala,' lies in its hosting of one of the highest-resolution hyperspectral commercial cameras ever deployed in space. This remarkable capability propels Pixxel closer to its vision of creating a 24x7 health monitor for the planet. With a weight of less than 15 kg, Shakuntala (TD-2) boasts the capability to capture orbital images in over 150 bands of color, spanning the visible and infrared spectrums, all with an impressive resolution of 10 meters per pixel.
Key Benefits for Stakeholders:
• Comprehensive Market Insights: Stakeholders gain access to detailed market statistics, trends, and analyses that help them understand the current and future landscape of their industry.
• Informed Decision-Making: The reports provide crucial data that support strategic decisions, reducing risks and enhancing business planning.
• Competitive Advantage: With in-depth competitor analysis and market share information, stakeholders can identify opportunities to outperform their competition.
• Tailored Solutions: The Business Research Company offers customized reports that address specific needs, ensuring stakeholders receive relevant and actionable insights.
• Global Perspective: The reports cover various regions and markets, providing a broad view that helps stakeholders expand and operate successfully on a global scale.
Major Key Players of the Market:
Airbus SE, L3Harris Technologies Inc., Trimble Navigation Limited, Maxar Technologies Inc., DigitalGlobe Inc., Environmental Systems Research Institute Inc. (Esri), Telespazio Spa, MDA Ltd., Planet Labs PBC, Radiant Solutions Inc., Spire Global Inc., Capella Space Inc., BlackSky Global LLC, GHGSat Inc., ImageSat International N.V. (iSi), UrtheCast Corp., Orbital Insight Inc., Descartes Labs Inc., Tomorrow.io Inc., Satellogic S.L.U., SpaceKnow Inc., Kleos Space S.A., European Space Imaging (EUSI) GmbH, Galileo Group Inc., Skylab Analytics, Astrocast Satellite IoT Network, ICEYE Finland Oy, Satshots LLC, Predicio Analytics Inc., AGROVOCAT S.A.S., Soarview Technologies Inc.
Commercial Satellite Imaging Market 2024 Key Insights:
• The commercial satellite imaging market size is expected to see rapid growth in the next few years. It will grow to $7.33 billion in 2028 at a compound annual growth rate (CAGR) of 11.0%.
• Role Of Commercial Satellite Imaging In Safeguarding National Security Against Cyber Threats
• Innovative Advancements In Commercial Satellite Imaging
• North America was the largest region in the commercial satellite imaging market in 2023
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The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.
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