Commercial Satellite Imaging Market Share Will Exhibit a Prominent Uptick in 2020 as Corona Virus Outbreak Prevails as a Global Pandemic

The demand for location-based services (LBS) is increasing because of the growing awareness of customers and supportive government initiatives, primarily in emerging economies, such as China, Mexico, and India. Moreover, real-time geographical data can be captured with the help of LBS. Due to all these factors, the governments of different countries are also taking several initiatives in order to motivate the vendors and start-ups for venturing into the LBS market and increase the adoption of these services. 

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Since satellite imaging is utilized in LBS for different applications, such as tourism, mobile advertisements, local search, enterprise services, navigation, consumer tracking, location-specific health information, and location-based business intelligence (BI), its demand is rising as well. Commercial satellite imaging or remote sensing refers to the scanning of earth by satellites or high-flying aircrafts for obtaining georeferenced data. 

As per a research conducted by P&S Intelligence, in 2017, the global commercial satellite imaging market generated a revenue of $2,411.8 million and is projected to witness a 14.2% CAGR during the forecast period (2018–2023). The commercial satellite imaging systems are based on two technologies, namely optical and radar, among which the systems based on the optical technology were more in demand during 2013–2017. 

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There are several applications of commercial satellite imaging systems: natural resources, infrastructure, maritime, defense, energy, LBS, and disaster management. Some other applications include environmental conservation, media & entertainment, research, and surveillance. The digitally transmitted images are used for environmental monitoring, weather predictions, archeological surveys, and mapping.