The
progress of the commercial satellite imaging market is being
driven by the increasing demand for location-based services (LSB), use of
satellite images by various sectors, and advancements in satellite imaging
technology. As per P&S Intelligence, the domain generated a revenue of
$2,411.8 million in 2017, and it is expected to advance during the forecast
period 2018–2023 at a CAGR of 14.2%. It is also being predicted that by 2023,
the market value would grow to $5,266.5 million.
Satellite
imaging simply refers to the scanning or photographing of the earth from
satellites or aircraft at extremely high altitudes. The images, stored and
shared digitally, are used for environmental monitoring, earth mapping,
archeological surveys, and weather prediction. Natural resources, defense,
infrastructure, energy, maritime, disaster management, location-based services
(LBS), and others are the various application areas of satellite imaging. Among
these, the defense sector contributed nearly 49.0% revenue to the commercial satellite imaging market in
2017, due to increasing terrorist activities and growing demand for efficient
homeland security and crime mapping.
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While
the defense sector will still generate the highest market revenue during the forecast
period, the fastest growth will be witnessed in the disaster management niche,
at around 17.0% CAGR. Over the years, the use of satellite imaging for
predicting and assessing the damage caused by natural and man-made disasters
has increased, especially in Europe and Asia. For instance, the recent floods
in France were covered by satellite-image aided mapping, which helped in the
timely sharing of assessment data with the authorities.
Now,
on the basis of technology, the commercial
satellite imaging market can be categorized as radar and optical. In 2017,
images taken via optical technology held the larger revenue share, as the
technology is cost-effective and the images produced are similar to how people
see the world with their eyes. During the forecast period, this category is
expected to hold on to its market dominance, but the radar technology category
is predicted to grow faster. Radar technology creates high bandwidth signals
that penetrate even smoke and clouds to generate clearer images of the earth.
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Globally,
North America generated the highest commercial
satellite imaging market revenue in 2017 on account of the increasing use
of the technology for tracking terrorist activities by the U.S. Department of
Defense. Further, the rising number of natural disasters, specifically
hurricanes, tornados, and floods, is impelling the government to use systems
for monitoring these and as well as managing the damage these cause. This is
why the region is expected to be the largest revenue contributor (more than
30.0%) to the domain in the future as well.
Therefore,
we see that the growing terrorist and natural disaster threat will keep aiding
the market progress during the forecast period.
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