Global Commercial Satellite Imaging Market Is Likely to Reach $5.25 Billion by 2026 at 11.2% CAGR: Says Allied Market Research
Rise in adoption of location-based service (LBS) and surge in application of satellite imagery in various sectors propel the growth of the global commercial satellite imaging market. The geospatial data acquisition and mapping segment accounted for one-fourth of the total market share in 2018. On the other hand, the region across Asia-Pacific would register the fastest CAGR of 11.8% by 2026.
Portland, OR, Oct. 16, 2019 (GLOBE NEWSWIRE) -- According to the report, the global commercial satellite imaging market was estimated at $2.24 billion in 2018 and is expected to reach $5.25 billion by 2026, growing at a CAGR of 11.2% from 2019–2026. The report offers a detailed analysis of the drivers & opportunities, top investment pockets, top winning strategies, market size & estimations, competitive scenario, and wavering market trends.
Increasing adoption of location-based service (LBS) and rising application of satellite imagery in various sectors fuel the growth of the global commercial satellite imaging market. On the other hand, high resolution of aerial imaging services and various disadvantages of satellite imaging restrain the growth to some extent. However, decreasing the prices of satellite imaging solutions and high-end technological advancements are expected to create lucrative opportunities in the near future.
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The government segment to dominate by 2026
Based on end-use, the government segment accounted for nearly one-fourth of the total market revenue in 2018 and is expected to dominate throughout the forecast period. The civil engineering and archaeology segment, on the other hand, is projected to showcase the fastest CAGR of 11.7% during the estimated period.
The geospatial data acquisition and mapping segment to rule the roost
Based on application, the geospatial data acquisition and mapping segment contributed to one-fourth of the total market share in 2018 and is anticipated to lead the trail during 2019–2026. Simultaneously, the surveillance & security segment would cite the fastest CAGR of 11.8% by 2026.
North America to retain its dominance in terms of revenue
Based on geography, North America garnered the lion’s share in 2018, holding two-fifths of the total market. Simultaneously, the Asia-Pacific region would showcase the fastest CAGR of 11.8% throughout the forecast period.
Frontrunners in the industry
The key players analyzed in the report include European Space Imaging, Galileo Group, Inc., BlackSky Global LLC, Telespazio France, Maxar Technologies Inc., Planet Labs Inc., UrtheCast Corp, Harris Corporation, ImageSat International N.V., and others. These players have incorporated different strategies including expansions, mergers & acquisitions, partnerships, joint ventures, collaborations, and others to brace their stand in the market.
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