The increasing use of satellite imaging market size and is projected to grow from USD 4.16 billion in 2023 to USD 14.18 billion by 2030, exhibiting a CAGR of 19.12% during the forecast period. for national security purposes can have a tremendous impact on the global market, states Fortune Business Insights, in a report, titled “Satellite Imaging Market Size, Share Industry Analysis, By Application (Geospatial Data Acquisition Mapping, Natural Resource Management, Surveillance Security, Construction Development, Conservation Research, Defense Intelligence, Disaster Management), By End-Use (Government, Defense, Forestry Agriculture, Construction) and Regional Forecast, 2023-2030.” The growing demand for broadband services is expected to foster healthy growth of the market in the forthcoming years.
Information Source:
https://www.fortunebusinessinsights.com/satellite-imaging-market-103372
Market Driver:
Rising Demand for Location-Based Services (LBS) to Promote Growth
The growing security concerns have led the government to increase the use of satellite imaging solutions to strengthen the defense operations, which, in turn, can improve the prospects of the market. The increasing investment by the government in the defense sector is expected to bolster the healthy growth of the market. Moreover, the rising demand for broadband services is likely to enable speedy expansion of the market in the forthcoming years. Furthermore, the need for location-based services (LBS) to provide real-time geospatial information for preventing life-threatening situations and disasters is expected to boost the market's growth. However, high-resolution image offered by terrestrial and aerial imaging can impede the development of the market.
The Report Lists the Key Companies in the Satellite Imaging Market
· Google Inc. (The U.S.)
· DigitalGlobe, Inc. (The U.S)
· GeoEye, Inc. (The U.S.)
· ImageSat International N.V. (The U.S.)
· Airbus Defence and Space (Germany)
· Galileo Group, Inc. (The U.S.)
· SpaceView Inc. (The U.S)
· L3Harris Corporation (The U.S)
· European Space Imaging (Germany)
Contracts and Mergers between Companies to Augment Growth
The increasing adoption of various strategies such as mergers, acquisitions, partnerships, and others can have an excellent impact on the market. For instance, in July 2019, Maxar Technologies announced that it had signed a three-year agreement to offer its Vivid and Metro satellite imagery mosaics to Esri’s ArcGIS Living Atlas of the World. This new contract builds upon Esri and Maxar Technologies’s long-term partnership and demonstrates Esri’s commitment to provide ArcGIS users with the highest quality satellite imagery foundation available.
Regional Analysis:
Presence of Prominent Companies to Aid Market in North America
North America is expected to dominate the market due to the increasing number of researches and investments in the market. The presence of prominent companies such as Google Inc., GeoEye, Inc., ImageSat International N.V., and others is expected to boost the growth in the region. The U.S. government is refurbishing its existing space regulations, and this is expected to increase commercial space activities in the region. The market in the Asia Pacific is expected to grow at a higher rate owing to developments in emerging economies such as China and India. China is expected to contribute to the market demand substantially. Europe is expected to expand radically during the forecast period owing to increasing commercialization in the European countries.
