The global Commercial Satellite Imaging market is segmented on the basis of geography into Europe, the Middle East and Africa, Latin America, North America, and Asia Pacific. Accounting for a share of approximately 45% in 2014, North America dominates the overall commercial satellite imaging market in terms of revenue. This region is anticipated to retain its lead through 2023, fueled by factors such as a strong technological base and the increase in government funding. Latin America, on the other hand, is anticipated to emerge as the most rapidly developing regional segment of the commercial satellite imaging market, registering a 14.50% CAGR from 2015 to 2023. The growth of this region can be attributed to factors such as the strong support of the government, the growth of the geospatial industry, the rapidly expanding agricultural and industrial sectors, and the increasing focus on foreign investments.
One of the most significant factors driving the global commercial satellite imaging market is the expansion of the commercial space economy. This can be attributed to the incorporation of advanced technologies, the increase in spending on space programs by various governments, and the ongoing improvements in digital image processing techniques. The commercial satellite imaging market is also fueled by the growing demand for high-resolution satellite imagery from homeland security agencies, national development organizations, national defense organizations, and environmental protection groups. In a report by Transparency Market Research, it has been estimated that the global commercial satellite imaging market will expand at an 11.40% CAGR from 2015 to 2023, rising in value from US$2.4 bn in 2014 to US$6.4 bn by 2023.
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Government Sector Largest End User of Commercial Satellite Imaging
The major end-use segments of the commercial satellite imaging market include commercial enterprises, military, agriculture, insurance, government, civil engineering, forest, and energy. Holding a share of around 30% in 2014, the government sector dominates the overall commercial satellite imaging market in terms of revenue. This sector is expected to continue leading the market from 2015 to 2023, registering the highest CAGR of 14.0% therein. The growing number of commercial satellite launches by space agencies such as ISRO and NASA is anticipated to drive this sector.
Growing Application of Commercial Satellite Imaging in Defense and Intelligence Sector
Commercial satellite imaging finds application in geospatial technology, construction and development, defense and intelligence, media and entertainment, energy, natural resource management, disaster response management, and conservation and research. Accounting for a 32.50% share in 2014, defense and intelligence emerged as the leading application segment in terms of revenue. This segment is anticipated to maintain its dominant position through 2023 driven by the increasing demand for commercial satellite imaging by the government for military infrastructure and other applications. The rising incidence of deforestation across the globe is projected to fuel the demand for commercial satellite imaging in natural resources management over the coming years.
Some of the key names in the global commercial satellite imaging market are Telespazio, Spaceknow, Inc., DigitalGlobe, Inc., SkyLab Analytics, Galileo Group, Inc., Exelis, Inc., Trimble Navigation Limited, Planet Labs, Inc., and Blacksky Global.
Research Report: http://www.transparencymarketresearch.com/commercial-satellite-imaging-market.html
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