Led by Galileo Group Inc., Planet Labs
Inc., Blacksky Global, Telespazio, Exelis Inc., DigitalGlobe Inc.,
SkyLab Analytics, Trimble Navigation Ltd., and Spaceknow Inc., the
global market for commercial satellite imaging demonstrates a highly
competitive business landscape, states Transparency Market Research
(TMR) in a new research study. These players are likely to remain
dominant in this market over the forthcoming years. They are likely to
focus more on establishing robust distribution channels across various
industries in the near future in order to strengthen their position in
the global market, notes the research study.
According to the research report, the overall opportunity in the global commercial satellite imaging market was
US$2.5 bn in 2014. Over the period from 2015 to 2023, the market is
expected to rise at a CAGR of 11.40% and reach a value of US$6.5 bn by
the end of the forecast period. The energy, geospatial technology,
natural resources management, construction and development, disaster
response management, defense and intelligence, conservation and
research, and media and entertainment sectors have surfaced as the key
application areas for commercial satellite imaging solutions across the
world, states the research report.
North America to Continue to Dominate
Geographically, Asia Pacific North
America, the Middle East and Africa, Europe, and Latin America have
emerged as the main regional markets for commercial satellite imaging
across the world. North America, among these has taken the leading
position and is projected to remain on the top in the near future. Asia
Pacific is also expected to witness steady growth in its market for
commercial satellite imaging over the next few years, states the
research study.
Technological Advancements to Boost Market’s Growth
“Of late, the global market for
commercial satellite imaging has been observing a tremendous rise,” says
a TMR analyst. The emergence of a number of technologies and
applications, such as Google Earth, is supporting the growth of this
market, tremendously. The continual advancements in technologies is also
adding to the rise of this market and is expected to drive the market
in the forthcoming years too.
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On the flip side, the need for high
capital investments in research activities for the advancements of
commercial satellite imaging production techniques may act as a
restriction to the growth of the global market for commercial satellite
imaging in the near future. Nonetheless, the presence of untapped
opportunities in emerging economies will normalize the impact of these
deterrents in the years to come, states the research report.
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