With advancements in high-resolution imagery technology and the
shrinking size of commercial satellites, the global market for
commercial satellite imaging is experiencing intense competition
between market giants such as DigitalGlobe Inc. and a few of the
startups with high potential. At present, the market is witnessing
the evolution of a number of smaller satellites, also called
CubeSats, mostly operated by startup enterprises such as Dauria
Aerospace, PlanetiQ, Planet Labs Inc., and Skybox Imaging Inc.
CubeSats have emerged as a major trend in the space industry,
offering high-resolution satellite images, albeit at low costs of
production, launching, and operations. In order to compete with these
startups, established companies will also need to enter into this
segment by offering better image quality at much lower costs in the
near future.
Obtain Report Details @
Increase in Commercial Space Economy Boosts Demand for Commercial
Satellite Imaging Technology
As various governments across the world have increased their
expenditure in space programs, the worldwide commercial space economy
is gaining significant traction at present. Advanced technologies
have been incorporated in commercial satellite imaging, which has
encouraged a number of industries to employ satellite imaging
technology in order to expand their business activities to the new
world.
Apart from this, the increased demand for high-resolution satellite
imagery in homeland security agencies, emergency services, national
defense organizations, and environmental protection and national
development authorities, worldwide, is anticipated to escalate the
demand for commercial satellite imaging remarkably during the
forecast period. The widening range of the application of commercial
imaging satellites is also expected to drive their demand in the
coming years.
According to TMR, the opportunity in the global market for commercial
satellite imaging was worth US$2.5 bn in 2014. Expanding at a CAGR of
11.40% during the period from 2015 to 2023, it is likely to reach
US$6.5 bn by the end of the forecast period.
Demand for Commercial Satellite Imaging to Increase at Highest
Rate in Latin America, North America Remains Market Leader
North America has emerged as the leading regional market for
commercial satellite imaging across the world. In 2014, it held
nearly 45% of the total revenue generated in the global market. “A
robust technological base and high funding by the governments have
provided a strong foothold to the commercial satellite imaging market
in this region,” says an analyst at TMR. The regional market is
projected to remain the biggest contributor to the overall revenue
throughout the forecast period.
Fill the form for an exclusive sample of this report @
On the other hand, the demand for commercial satellite imaging
equipment is expected to expand at the highest rate in Latin America
over the forecast period. The steady growth in the agricultural and
industrial sectors in this region is anticipated to augment the need
for these devices in the coming years.
The defense and intelligence sector has surfaced as the biggest
application area for commercial satellite imaging over the last few
years and is projected to remain the leading one during the forecast
period. Similarly, the government sector has reported the highest
utilization of these devices, globally, in the recent past and is
expected to continue to hold the dominant share among end users.
About Us :
Transparency Market Research (TMR) is a global market intelligence
company providing business information reports and services. The
company’s exclusive blend of quantitative forecasting and trend
analysis provides forward-looking insight for thousands of decision
makers. TMR’s experienced team of analysts, researchers, and
consultants use proprietary data sources and various tools and
techniques to gather and analyze information.
TMR’s data repository is continuously updated and revised by a team
of research experts so that it always reflects the latest trends and
information. With extensive research and analysis capabilities,
Transparency Market Research employs rigorous primary and secondary
research techniques to develop distinctive data sets and research
material for business reports.
No comments:
Post a Comment