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 commercial satellite imaging market demonstrates a highly competitive business landscape, states Transparency Market Research (TMR) in a new research study. These players are likely to remain dominant in the global commercial satellite imaging market in the next few years. They are expected to focus on establishing strong 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 stood at US$ 3.82 Bn in 2018. The global commercial satellite imaging market is anticipated to expand at a CAGR of 11.61% and reach US$10.23 bn by the end of the forecast period. Energy, geospatial technology, natural resources management, construction & 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 Global Commercial Satellite Imaging Market
Asia Pacific, North America, Middle East & Africa, Europe, and Latin America have emerged as the major regions of the global commercial satellite imaging market. North America leads the global commercial satellite imaging market. This trend is estimated to continue in the near future. The commercial satellite imaging market in Asia Pacific is also anticipated to expand at a steady pace in the next few years, states the research study.
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Technological Advancements to Boost Global Commercial Satellite Imaging Market
“Of late, the global commercial satellite imaging market has been observing tremendous growth,” says a TMR analyst. The emergence of a number of technologies and applications, such as Google Earth, is supporting the growth of the global commercial satellite imaging market. Constant advancements in technologies is also boosting the global commercial satellite imaging market.
The wide use of the commercial satellite is seen in defense and intelligence, natural resource management, conservation and research, geospatial technology, construction and development, energy, disaster response management, and media and entertainment sector. The above-mentioned areas are key applications for the commercial satellite imaging market globally. The growing usability for commercial satellite imaging has a wide scope in the military, agriculture, commercial enterprise, civil engineering industry, forest, energy sector, government, and insurance. These industries have made the best end user base for the commercial imaging satellite to grow profoundly on the global platform.
Global Industrial Automation Market: Geography
As per the geography, the regions covered in the report for commercial satellite imaging market are North America, Europe, Latin America, Asia Pacific, and the Middle East and Africa. Among these, North America is the leading and is estimated to dominate the market in the coming years, due to technological advancements and constant efforts made in research and development. Contribution by NASA and SpaceX in the US, have intensified the space programs.
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They have also improved and grown the demand for communication, navigation, and spying satellites. Asia Pacific stands at the second position after North America in the global commercial satellite imaging market in the coming years. The increasing need for high investment for research in emerging countries may deter the market to grow and compete at the global level. However, by tailoring the vast untapped opportunity in emerging economies will lead the market to perform in an outstanding manner.
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