New York, NY -- (SBWire) -- 05/07/2019 --The progress of the commercial satellite imaging market is being driven by the increasing demand for location-based services (LSB), use of satellite images by various sectors, and advancements in satellite imaging technology. As per P&S Intelligence, the domain generated a revenue of $2,411.8 million in 2017, and it is expected to advance during the forecast period 2018–2023 at a CAGR of 14.2%. It is also being predicted that by 2023, the market value would grow to $5,266.5 million.
Satellite imaging simply refers to the scanning or photographing of the earth from satellites or aircraft at extremely high altitudes. The images, stored and shared digitally, are used for environmental monitoring, earth mapping, archeological surveys, and weather prediction. Natural resources, defense, infrastructure, energy, maritime, disaster management, location-based services (LBS), and others are the various application areas of satellite imaging. Among these, the defense sector contributed nearly 49.0% revenue to the commercial satellite imaging market in 2017, due to increasing terrorist activities and growing demand for efficient homeland security and crime mapping.
While the defense sector will still generate the highest market revenue during the forecast period, the fastest growth will be witnessed in the disaster management niche, at around 17.0% CAGR. Over the years, the use of satellite imaging for predicting and assessing the damage caused by natural and man-made disasters has increased, especially in Europe and Asia. For instance, the recent floods in France were covered by satellite-image aided mapping, which helped in the timely sharing of assessment data with the authorities.
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Now, on the basis of technology, the commercial satellite imaging market can be categorized as radar and optical. In 2017, images taken via optical technology held the larger revenue share, as the technology is cost-effective and the images produced are similar to how people see the world with their eyes. During the forecast period, this category is expected to hold on to its market dominance, but the radar technology category is predicted to grow faster. Radar technology creates high bandwidth signals that penetrate even smoke and clouds to generate clearer images of the earth.
Across the world, the commercial satellite imaging market is growing due to the rising demand for LBS. Local search, navigation, mobile advertisements, enterprise services, tourism, location-specific health information, and consumer tracking utilize LBS. Now, the demand for LBS is itself being buoyed by government support in countries, including Mexico, China, and India and growing awareness among customers. To strengthen their position in the domain, companies offering satellite imaging services are engaging in the research and development of advanced technologies, which can help produce more high-resolution images, further aiding the market progress.
Globally, North America generated the highest commercial satellite imaging market revenue in 2017 on account of the increasing use of the technology for tracking terrorist activities by the U.S. Department of Defense. Further, the rising number of natural disasters, specifically hurricanes, tornados, and floods, is impelling the government to use systems for monitoring these and as well as managing the damage these cause. This is why the region is expected to be the largest revenue contributor (more than 30.0%) to the domain in the future as well.
Therefore, we see that the growing terrorist and natural disaster threat will keep aiding the market progress during the forecast period.
