Commercial satellite imaging market growing at nearly 14% annually, as government market recedes
The global commercial satellite imaging market, valued at $2.05 billion in 2012, is expected to grow at 13.9% CAGR during 2013-2019 period, says Research and Markets. The company has recently released a market research study of this sector, entitled Commercial Satellite Imaging Market – Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2013 – 2019.
At present, this technology is used in variety of commercial applications and has shown a significant growth when compared to defense and government (intelligence), which dominated the market in past years, says the market research firm in a Feb. 18 release.
With continuous improvements in technology — both in sensors and image processing techniques — the future holds much promise for commercial satellite imaging market. The data generated through satellite imagery, in combination with aerial photography, provides more accurate, easy-to-understand and precise images, to facilitate response to any developing climatic or geo-political situation.
The growing popularity of location-based services and increasing use of satellite for monitoring sites and security purposes are some of the key factors that will drive the growth of this market, predicts Research and Markets.
The imaging market offers widespread applications, including energy sector management, construction & development, natural resources management, defense & intelligence, media & entertainment, disaster response management, and conservation & research among others.
Military departments, especially across emerging economies in Asia-Pacific, Africa and South America regions, are rapidly learning the value of high resolution satellite imagery in developing their security programs. Hence, they are progressively embracing high-resolution satellite imagery technology in order to support military operations and defense activities. Thus, global commercial satellite imaging market in 2012 was dominated by the military segment.
Geographically, North America was the largest market, followed by Europe. North America is expected to remain the largest market for commercial satellite imaging, despite current budgetary issues. However, challenges such as high capital investments and strict government regulations imposed on satellite imaging data sharing are hindering market growth.