The report analyses the Commercial Satellite Imaging market’s dynamics, which helps in determining the Commercial Satellite Imaging market’s valuation. This analyzes growth drivers, roadblocks, opportunities, and threats. The value of various market segments and sub-segments heavily depends on these variables in the research. The research approach makes use of methodologies like Porter’s Five Forces model to assure accuracy. This aids in seeing potential hazards and avoiding bad financial decisions.
Global Commercial Satellite Imaging Market is valued approximately USD $ million in 2021 and is anticipated to grow with a healthy growth rate of more than $ over the forecast period 2022-2028. The Commercial Satellite Imaging refers to capturing the images of earth through satellites and these images are further utilized for various commercial purposes such as location-based services, weather forecasting, acquisition & mapping, disaster management, energy & natural resource management, urban planning & development, and security & surveillance applications. The rising expansion of global space ecosystem and increasing penetration of location-based services as well as Strategic initiatives from leading market players are factors that are accelerating the global market demand.
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According to data from the U.S. Bureau of Economic Analysis and the U.S. Census Bureau, the goods and services deficit increased by $1.9 billion from $68.7 billion in January 2023 to $70.5 billion in February. The increase in the goods and services deficit in February was due to a $2.7 billion increase in the goods deficit to $93.0 billion and a $0.8 billion increase in the services surplus to $22.4 billion. Compared to the same period in 2022, the goods and services deficit has dropped this year by $35.5 billion, or 20.3%. $49.5 billion or 10.8% more was exported. 2.2% or $14.0 billion more was spent on imports.
For instance, according to The Space Foundation estimates – in 2019, the global space economy estimated at USD 428 billion, and it further increased to USD 447 billion in 2020, witnessing an increase of around 4.4%. Moreover, Commercial space activity raised 6.6% (from around USD 336.89 billion in 2019) to around USD 357 billion in 2020.
Furthermore, strategic initiatives from leading market players including public private partnerships would influence the growth of Commercial Satellite Imaging Market. For instance, in September 2020, Norway’s Ministry of Climate and Environment entered in a new contract with three satellite monitoring companies named Kongsberg Satellite Services (KSAT), Planet and Airbus. The USD 43.5 million contract awarded under Norway’s International Climate and Forests Initiative (NICFI) to enable free access to high-resolution satellite imagery of the tropics.
In addition, in May 2022, The National Reconnaissance Office (NRO), USA awarded an undisclosed billion-dollar contract to acquire commercial satellite imagery to three space technology companies named Colloredo, US based Maxar Technologies, California based Planet Labs and Virginia based BlackSky Technology. Also, growing utilization in government and defense services and increasing number of investments towards space infrastructure are anticipated to act as a catalyzing factor for the market demand during the forecast period. However, stringent government regulation pertaining to commercialization of satellite imaginary coupled with risk associated with national security impede the growth of the market over the forecast period of 2022-2028.
The key regions considered for the global Commercial Satellite Imaging Market study include Asia Pacific, North America, Europe, Latin America, and the Rest of the World. North America is the leading region across the world in terms of market share owing to the growing investment activities and presence of well-established satellite infrastructure in the region.
Whereas, Asia Pacific is anticipated to exhibit a significant growth rate over the forecast period 2022-2028. Factors such as the thriving growth of space industry and increasing penetration of location-based services in the region, would create lucrative growth prospects for the global Commercial Satellite Imaging Market across the Asia Pacific region.
Major market players included in this report are:
Blacksky Global LLC
European Space Imaging
Galileo Group, Inc
Harris Corporation
Imagesat International N.V
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Maxar Technologies Inc
Planet Labs Inc
Spaceknow
Telespazio France
Urthecast Corp
The objective of the study is to define market sizes of different segments & countries in recent years and to forecast the values to the coming eight years. The report is designed to incorporate both qualitative and quantitative aspects of the industry within each of the regions and countries involved in the study. Furthermore, the report also caters the detailed information about the crucial aspects such as driving factors & challenges which will define the future growth of the market. Additionally, the report shall also incorporate available opportunities in micro markets for stakeholders to invest along with the detailed analysis of competitive landscape and product offerings of key players. The detailed segments and sub-segment of the market are explained below:
By Application
Geospatial data acquisition and mapping
Urban planning and development
Disaster Management
Energy and natural resource management
Surveillance & Security
Defense & Intelligence
By End User
Government
Military & defense
Forestry & Agriculture
Energy
Civil Engineering and Archaeology
Transportation and Logistics
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By Region:
North America
U.S.
Canada
Europe
UK
Germany
France
Spain
Italy
ROE
Asia Pacific
China
India
Japan
Australia
South Korea
RoAPAC
Latin America
Brazil
Mexico
Rest of the World
The Five Forces analysis examines the following factors:
- Bargaining power of buyers
- Bargaining power of suppliers
- Threat of new entrants
- Threat of substitutes
- Threat of rivalry
The PESTLE analysis takes into account the following dimensions:
- Political factors: This includes political policies, stability, and factors related to trade, fiscal policies, and taxation policies.
- Economic factors: This involves analyzing interest rates, employment or unemployment rates, raw material costs, and foreign exchange rates.
- Social factors: These encompass changing family demographics, education levels, cultural trends, shifts in attitudes, and changes in lifestyles.
- Technological factors: This examines changes in digital or mobile technology, automation, and research and development in the relevant industry.
- Legal factors: This entails analyzing employment legislation, consumer law, health and safety regulations, as well as international trade regulations and restrictions.
- Environmental factors: This dimension considers aspects such as climate change, recycling procedures, carbon footprint, waste disposal, and sustainability practices.
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