The global satellite imaging market size was valued at USD 3.27 billion in 2022. The market 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.

Satellite imaging technology is used in forestry, agriculture, geology, and disaster management. This technique uses satellite imagery to measure and monitor natural and earthly human activities. For high-resolution images, AI-powered and rule-based systems are highly used in satellite imaging to push growth.

Fortune Business Insights provides this information in its report titled "Satellite Imaging Market, 2023-2030."

Informational Source:

https://www.fortunebusinessinsights.com/satellite-imaging-market-103372

Report Coverage:

The report offers:

• Major growth drivers, restraining factors, opportunities, and potential challenges for the market.

• Comprehensive insights into regional developments.

• List of major industry players.

• Key strategies adopted by the market players.

• Recent industry developments include product launches, partnerships, mergers, and acquisitions.

List of Key Players Mentioned in the Report:

• Airbus (Germany)

• BlackSky (U.S.)

• DigitalGlobe Inc. (U.S.)

• European Space Imaging (Germany)

• GeoEye, Inc. (U.S.)

• Google Inc. (U.S.)

• ImageSate International N.V (U.S.)

• L3Harris Technologies, Inc. (U.S.)

• Maxar Technologies Inc. (U.S.)

• Planet Labs PBC (U.S.)

Segments:

Growing Demand for Earth Observation Satellite Images to Fuel Satellite Imagine Market Growth

On the basis of application, the market is segmented into navigation & mapping, defense & intelligence, geospatial data acquisition, surveillance & security, and others.

The geospatial data acquisition segment has the largest market share in the application segment. Various economic phenomena include environmental impact, farming practices, infrastructure, and urbanization.

Growing Use of Satellite Images from Defense and Intelligence Sectors to Boost Market Growth

The market is divided into defense, government, commercial, and others based on end-user.

The commercial segment holds the largest market share. The rising use of commercial satellite images and these images for other commercial purposes are expected to drive the market. These images provide geospatial mapping services and rising navigation according to real-time geo-data, providing exact locations that are expected to grow the market during the forecast period. The market is expected to boost growth by increasing demand for satellite images from the Department of Intelligence and Security. 

The global market is divided into North America, Europe, Asia Pacific, and the rest of the world.

Drivers and Restraints:

Growing Usage of Satellite Images for Defense to Drive the Market Growth

Very high-resolution satellite imaging helps identify, detect assets or targets, and recognize them. Satellite images allow defense forces to remember the exact terrain information to prepare and understand the situation for their mission and plan accordingly. Pleiades Neo, a military satellite by Airbus, created reliable and quick Digital Elevation Models (DEMs) and 3D models of urban and remote areas.

Regional Insights:

North America to Capture Maximum Market Share Owing to Growing Demand

North America is anticipated to grow as it holds the largest satellite imaging market share due to the region's extensive adoption of commercial satellite images during the forecast period. Rapid regional development and availability of modern infrastructure are expected to carry out space programs.

Europe is expected to grow slightly due to the increasing end-use applications of satellite imagery. Many countries, such as France, Spain, Russia, Germany, and the U.K., are estimated to elevate Europe's market growth.

APAC is expected to show slight growth in the market. The market's growth is recognized in Australia, India, Japan, and others with high investments. China is expected to witness significant market growth. The future positive impact on the market is expected to be made by increasing government involvement in national security concerns.

Competitive Landscape:

Market Players Focus on New Product Launcher to Strengthen Market Position

Leading companies in the market are competing to increase their market share by providing solutions that are specific to particular sectors. These players strategically work with and take over local rivals to gain a solid regional footing. These companies prioritize developing innovative products and effective marketing strategies to capture a larger market share. It is projected that the growing volume of international trade will present lucrative opportunities for market players.

Key Industry Development:

October 2022: BlackSky received a one-year follow-on contract for USD 10 million for a global client of the Ministry of Defense. The company's name was not announced, but the company was helping the client with high-resolution real-time images.