Commercial Satellite Imaging Market to Reach $6,809.9 Million by 2023: P&S Market Research

NEW YORK, June 27, 2017 (GLOBE NEWSWIRE) — According to a new research report titled “Global Commercial Satellite Imaging Market Size, Share, Development, Growth and Demand Forecast to 2023 – Industry Insights by Application (Geospatial Data Acquisition & Mapping, Defence & Intelligence, Energy, Disaster Management, Natural Resource Management, Construction & Development, Surveillance & Security, Conservation & Research, and Media & Entertainment), and by End-User (Commercial Enterprise, Government, Defence, Forestry & Agriculture, Civil Engineering Industry, Energy, and Insurance)” published by P&S Market Research, the global commercial satellite imaging market is projected to reach $6,809.9 million by 2023, growing at a CAGR of 11.2% during 2017 – 2023.

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As per the research, the global commercial satellite imaging market is likely to witness double digit growth during the forecast period. The commercial satellite imaging market offers geospatial data and information in the form of real-time images. These images captured through satellite imagery systems are utilized for several purposes, including natural resource management, surveillance of terror prone border areas, mapping of vast constructional projects and for environment monitoring and management. Surging adoption of location-based services (LBS) by various end-users, including commercial enterprise, government, defense, civil engineering, forestry & agriculture, insurance and energy, is likely to spearhead the growth of the global commercial satellite imaging market.

Geospatial data acquisition & mapping has been the largest application segment in the commercial satellite imaging market globally, accounting for a major share of the revenues in 2016. The market for disaster management is expected to grow at the highest pace during the forecast period.

Commercial enterprises have been using Earth imagery services for optimizing business processes through location based services. The major end-users for commercial satellite imaging in commercial enterprises include media & entertainment, conservation and research, tourism, and biomedical. The emerging car rental market is one of the major end-users of commercial satellite imaging.

Geographically, North America has been the largest market for commercial satellite imaging and Asia-Pacific had been the fastest growing regional market. North America is expected to account for over 40% of the global commercial satellite imaging market in 2023. By country, the U.S. stands as the largest market globally, whereas the commercial satellite imaging market in India has been growing at highest pace.

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The research states that the global commercial satellite imaging market is moderately competitive, with players developing advance Earth imagery and data analytics solutions. Some of the key players operating in the global commercial satellite imaging market are DigitalGlobe, Inc., Galileo Group, Inc., Spaceknow, Inc., Environmental Systems Research Institute, and Airbus Defence and Space.

The global commercial satellite imaging market is heading towards consolidation, as most of the major vendors in the global commercial satellite imaging market are actively focused on enhancing their offerings to meet the ongoing demand for advance satellite imagery solutions through global strategic developments.

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