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.

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Need for Efficiive Disaster Management Helping the Commercial Satellite Imaging Market Grow

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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