The Commercial Satellite Imaging Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Commercial Satellite Imaging Global Market Report 2024, The commercial satellite imaging market size has grown rapidly in recent years. It will grow from $4.34 billion in 2023 to $4.83 billion in 2024 at a compound annual growth rate (CAGR) of 11.3%. The growth in the historic period can be attributed to defense and security applications, natural resource management, infrastructure development, disaster management, navigation and mapping.
The commercial satellite imaging market size is expected to see rapid growth in the next few years. It will grow to $7.33 billion in 2028 at a compound annual growth rate (CAGR) of 11.0%. The growth in the forecast period can be attributed to precision agriculture, climate monitoring, urban planning and smart cities, humanitarian aid and disaster relief, telecommunications infrastructure. Major trends in the forecast period include global demand for real-time imaging, integration of hyperspectral imaging, public-private partnerships for data sharing, enhanced data analytics platforms, focus on environmental monitoring and climate change.
Increasing concerns with respect to national security are expected to propel the commercial satellite imaging market going forward. National security threats are any actions or events that pose a risk to the safety, stability and security of a nation or its citizens. These threats can originate from a variety of sources, including foreign governments, terrorist organizations, or cyber-attacks on government agencies. Satellite imaging data plays a complementary role in preventing cyber-attacks on government agencies by providing valuable information for network monitoring, geolocation, early warning, response, and mitigation efforts. For instance, in 2022, according to the Cyber Threat Report published by SonicWall, a US-based cyber security company, there was a significant increase in global ransomware incidents, with a rise of 105% in 2021 compared to the previous year. The number of ransomware attacks on government agencies saw a dramatic increase of 1,885%, which was more than twice the increase seen in healthcare (755%), education (152%) and retail (21%), combined, as well as substantial increase in crypto-jacking attempts on government customers, with a rise of 709% in 2021. Therefore, the increasing concerns with respect to national security are driving the commercial satellite imaging market.
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The commercial satellite imaging market covered in this report is segmented –
1) By Technology: Optical, Radar
2) By Application: Geospatial Data Acquisition And Mapping, Natural Resource Management, Surveillance And Security, Conservation And Research, Disaster Management, Defense And Intelligence
3) By End User: Government, Military And Defense, Forestry And Agriculture, Energy, Civil Engineering And Archaeology, Transportation And Logistics, Other End Users
Major companies operating in the commercial satellite imaging market are adopting a strategic partnership approach to enhance the use of satellite imagery. Strategic partnerships refer to a process in which companies leverage each other’s strengths and resources to achieve mutual benefits and success. For instance, in April 2023, Axelspace, a Japan-based space startup that develops microsatellite technology, partnered with New Space Intelligence, a Japan-based provider of satellite imagery analysis services. As a result of this collaboration, the companies will jointly drive the increased utilization of satellite data. Emphasizing the development of novel applications and the extension of services to international markets will be central to our combined efforts. This strategic partnership significantly broadens Axelspace’s presence in innovative satellite image applications.
The commercial satellite imaging market report table of contents includes:
1. Executive Summary
2. Commercial Satellite Imaging Market Characteristics
3. Commercial Satellite Imaging Market Trends And Strategies
4. Commercial Satellite Imaging Market – Macro Economic Scenario
5. Global Commercial Satellite Imaging Market Size and Growth
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26. South America Commercial Satellite Imaging Market
27. Brazil Commercial Satellite Imaging Market
28. Middle East Commercial Satellite Imaging Market
29. Africa Commercial Satellite Imaging Market
30. Commercial Satellite Imaging Market Competitive Landscape And Company Profiles
Top Major Players:
- Airbus SE, L3Harris Technologies Inc
- Trimble Navigation Limited
- Maxar Technologies Inc
- DigitalGlobe Inc
- Environmental Systems Research Institute Inc
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