Press release
Commercial Satellite Imaging Market - Increased demand for High-Resolution Satellite Imagery
The global market for commercial satellite imaging is undergoing a transitional phase. Currently, the market is witnessing moderate growth; however, analysts project it to register a significant rise in the long run.
In 2014, the market’s opportunity stood at US$2.5 bn, which is likely to rise at a CAGR of 11.40% between 2015 and 2023 and to reach a value of US$6.5 bn by 2023.
The incorporation of advanced technology in commercial satellite imaging has encouraged a number of industries to adopt this technology in order to increase their business reach to the new world.
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Besides, the increased demand for high-resolution satellite imagery in environmental protection and national development authorities, homeland security agencies, national defense organizations, and emergency services across the world is likely to augment the demand for commercial satellite imaging in the near future.
The widening application range of imaging satellites is also projected to drive their demand over the next few years.
Defense and Intelligence Sector to Remain Largest Application Area for Commercial Satellite Imaging Technology
The major application areas of commercial satellite imaging technology are energy, natural resources management, geospatial technology, construction and development, defense and intelligence, disaster response management, conservation and research, and media and entertainment.
The defense and intelligence sector has reported the highest demand for this technology over the last few years and is expected to remain its largest application area over the forecast period.
The increasing adoption of this technology in the military, infrastructure, and various other applications has been identified as the key factor behind this demand.
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TMR is a global market intelligence company providing business information reports and services. The company’s exclusive blend of quantitative forecasting and trend analysis provides forward-looking insight for thousands of decision makers. TMR’s experienced team of analysts, researchers, and consultants use proprietary data sources and various tools and techniques to gather and analyze information.
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