NEW YORK, May 30, 2018 (GLOBE NEWSWIRE) -- According to the market research report published by P&S Market Research, global commercial satellite imaging market is expected to reach $5,266.5 million by 2023, commercial satellite imaging offers geospatial data and information in the form of real-time images. These images, which are captured through satellite imagery systems, are utilized for various purposes such as natural resource management, geographical border surveillance, construction project mapping, and environmental monitoring. Besides, the increasing adoption of location-based services (LBS) by various end-users, including commercial enterprises, government, defense, civil engineering, forestry and agriculture, insurance and energy, is expected to support the growth of the market.
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The commercial satellite imaging market is categorized into optical and radar technologies. Optical technology accounted for a major market share in terms of revenue in 2017. During the forecast period, radar technology is anticipated to be the faster-growing category in the market.
On the basis of application, the commercial satellite imaging market is classified into defense, natural resources, energy, infrastructure, LBS, maritime, disaster management, and others, where “others” include surveillance, environmental conservation, research, and media and entertainment. Defense has been the largest application area of commercial satellite imaging and contributed the highest revenue to the market in 2017. However, disaster management is anticipated to be the fastest-growing category during the forecast period, with a CAGR of about 17%.
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Geographically, APAC has been the fastest-growing commercial satellite imaging market. The market in the region is also anticipated to register the highest CAGR, during the forecast period, on account of the rapid adoption of Earth imagery technologies, increasing digitalization, and advancements in satellite image analytics. In addition, the growing focus of the regional government on Earth imagery technologies is expected to bolster market growth.
North America was the largest market for commercial satellite imaging in 2017 and is expected to account for over 30% revenue in the global market in 2023. By country, the U.S. stands as the largest market globally, with India registering the fastest growth from 2013 to 2017.
Technological developments such as electric propulsion and remote sensing are offering growth opportunities to the players operating in the commercial satellite imaging industry. Electric propulsion is gaining interest as a revolutionary technology for the development of commercial and scientific satellites. Hence, developments in electric propulsion technology are expected to generate lucrative opportunities for the companies offering commercial satellite imaging products and services.
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