The Satellite Imaging Market to Reach $8.6 Billion by 2031--Exclusive Report by Meticulous Research®
REDDING, Calif., Oct. 3, 2024 /PRNewswire/ -- According to a new market research report titled 'Satellite Imaging Market by Offering, Application (Surveillance & Reconnaissance, Navigation, Environmental Conservation, Disaster Response), Sector (Government, Energy & Mining, Environment & Climate, Insurance)--Global Forecast to 2031.
The satellite imaging market is projected to reach $8.6 billion by 2031, at a CAGR of 13.8% from 2024 to 2031
Download FREE PDF Brochure Of Satellite Imaging Market -
https://www.meticulousresearch.com/download-sample-report/cp_id=5741
The growing demand for geospatial information, increased use of satellite data for defense and security, expanding applications of satellite imaging in agriculture and forestry, rising adoption in urban planning, and heightened utilization in airport mapping are key factors driving the growth of the satellite imaging market. However, the stringent regulatory frameworks are restraining the growth of this market.
Furthermore, the growing use of satellite imaging for environmental monitoring and the increasing adoption of satellite imagery in wildlife conservation & ecology applications are expected to generate growth opportunities for the players operating in the market. However, data security concerns and atmospheric interference are major challenges impacting market growth.
INCREASING USE OF SATELLITE IMAGING IN AGRICULTURE & FORESTRY SUPPORTING MARKET GROWTH
The integration of satellite imaging into agricultural and forestry practices enhances productivity and promotes more sustainable and environmentally conscious approaches within these sectors. In agriculture, satellite imagery offers critical insights into crop health and growth, enabling farmers to identify potential issues early, such as nutrient deficiencies or crop diseases, and take corrective actions. This technology supports precision agriculture at scale, even in regions with frequent cloud cover, by facilitating targeted interventions that lead to improved yields and resource management. Additionally, satellite imagery aids in tracking weather patterns across large areas, empowering farmers to make informed decisions about planting and harvesting while better preparing for weather-related risks such as floods or droughts.
In forestry, satellite imaging enables forest managers and timber operators to optimize management practices, ensuring productivity while maintaining environmental stewardship and compliance with land use regulations. This technology allows for visibility through dense smoke from wildfires to locate flames and hot spots. It also helps identify wildlife hotspots and map species movements, enhancing the understanding of connectivity within their changing territories across borders. Additionally, satellite imaging assists in tracking and identifying illegal deforestation, assessing forest health, monitoring changes in land cover, and improving overall forest management practices.
Some of the key recent developments in this space are as follows:
-- In July 2024, Axelspace Corporation (Japan) partnered with the Maldives
Space Research Organization (MSRO) to deliver satellite imagery covering
the entire Maldives, which comprises 1,192 islands across 871
kilometers. The imagery, sourced from GRUS satellites equipped with
red-edge spectral bands, will facilitate detailed observation and
analysis of vegetation health. This initiative aims to assist the MSRO
in supporting the current government's efforts to enhance food security
by improving the monitoring of farmland, crop health, and biodiversity.
-- In January 2024, EOS Data Analytics, Inc. (U.S.) successfully launched
EOS SAT-1, the first satellite in the EOS SAT constellation focused on
agriculture, into low Earth orbit using SpaceX's Falcon 9 rocket from
Cape Canaveral Space Force Station in Florida. This constellation will
support the implementation of sustainable agricultural practices and
environmental monitoring of forestlands by providing high-quality data
for analysis. Additionally, it will assist agribusinesses in monitoring
crop growth and detecting issues such as heat stress, cold stress, water
stress, weed spread, pest attacks, and other threats to crops.
These factors, along with the increasing use of satellite imaging to identify trends, plan resource allocation effectively, and mitigate risks associated with environmental changes, are supporting the growth of the satellite imaging market.
Satellite Imaging Market Analysis: Key Findings
By Offering: In 2024, the solutions segment is expected to account for the largest share of 60.8% of the satellite imaging market. However, the services segment is poised to register the highest CAGR of 13.1% during the forecast period from 2024 to 2031.
By Application: In 2024, the surveillance & reconnaissance segment is expected to account for the largest share of 30.0% of the satellite imaging market. However, the disaster response & aid planning segment is poised to register the highest CAGR of 16.6% during the forecast period from 2024 to 2031.
By Sector: In 2024, the government & defense segment is expected to account for the largest share of 41.2% of the satellite imaging market. However, the environment & climate segment is poised to register the highest CAGR of 15.1% during the forecast period from 2024 to 2031.
Explore the Key Market Segments Driving Growth (Download Free Sample) -https://www.meticulousresearch.com/request-sample-report/cp_id=5741
Geographic Analysis:
By geography, the satellite imaging market is segmented into North America, Asia-Pacific, Europe, Latin America, and the Middle East & Africa. In 2024, North America is expected to account for the largest share of 42.6% of the satellite imaging market. This market is projected to reach $3,517.0 million by 2031.
The growth of this market is attributed to the high adoption of data-driven methods in business operations, increasing demand for high-resolution imagery services, rapid advancements in analytics, AI, and machine learning, the presence of leading industry players, and a growing demand for geospatial information.
North America stands as one of the most technologically advanced regions and a hub of innovation, boasting the highest installed base of satellite imaging across diverse industry verticals. Key factors driving market growth in this region include the availability of robust supporting infrastructure, advancements in satellite imaging technology, and rising demand for high-resolution imagery in the U.S. and Canada.
In addition, business enterprises in North America, including prominent technology companies such as Maxar Technologies Holdings Inc. (U.S.), Satellite Imaging Corporation (U.S.), EOS Data Analytics, Inc. (U.S.), EarthDaily Analytics Corp. (Canada), and Orbital Insight, Inc. (U.S.), are increasingly advocating for the integration of satellite imaging solutions and services. For example, in May 2022, Maxar Technologies Holdings Inc. announced that the National Oceanic and Atmospheric Administration (NOAA) had modified its remote sensing license to allow for non-Earth imaging (NEI) capabilities for both its current constellation and next-generation WorldView Legion satellites. This new license enables Maxar to collect and distribute images of space objects in Low Earth Orbit (LEO), ranging from 200 to 1,000 kilometers in altitude, to both government and commercial customers.
Moreover, enterprises are focusing on transforming their satellite imaging models by adopting advanced analytics, AI, and machine learning technologies. Integrating these innovations enhances operational efficiency, further propelling the growth of the satellite imaging market in North America.
Asia-Pacific: The Fastest-growing Regional Market
The satellite imaging market in Asia-Pacific is projected to register the highest CAGR of 15.0% during the forecast period. In 2024, China is expected to account for the major share of 58.8% of the market. The growth of the satellite imaging market is primarily driven by rapid advancements in satellite technology, increasing demand for imaging across various applications--including urban planning and infrastructure development--and the rising need for satellite mapping services in smart agriculture.
Asia-Pacific is projected to be the fastest-growing market for satellite imaging globally. Countries such as China, Japan, India, and South Korea are experiencing significant advancements in satellite technology and are making substantial investments in this sector. The growing demand for satellite imaging in applications such as urban planning, infrastructure development, agriculture, and disaster management is further propelling market growth in the APAC region.
Furthermore, satellite imaging plays a crucial role in Asia-Pacific's agriculture sector, offering valuable insights and tools to enhance productivity, sustainability, and resource management. In countries such as Indonesia and Malaysia, satellite imagery is used to monitor deforestation and its impacts on agricultural land. Satellite imagery is crucial for managing sustainable agricultural practices.
Market players are increasingly focusing on partnerships to develop advanced offerings, thereby supporting market growth. For example, in October 2023, ICEYE (Finland) partnered with Suhora Technologies Pvt. Ltd. (India), a prominent software and geospatial intelligence company. This collaboration marked one of the largest radar satellite imagery agreements in Asia, enabling Suhora to access ICEYE's high-quality satellite imagery of any location on the planet and provide users with enhanced monitoring and analytical geospatial solutions. Additionally, in August 2022, KT SAT (South Korea) signed a Memorandum of Understanding with Ursa Space Systems (U.S.) to deliver satellite imagery and geospatial insights for the Asia-Pacific region. Such developments are anticipated to further propel the growth of the satellite imaging market in Asia-Pacific.
Learn About the Top Companies Influencing Market Dynamics (Download Free Sample) - https://www.meticulousresearch.com/download-sample-report/cp_id=5741
Satellite Imaging Market: Competition Analysis
This report offers a competitive analysis based on an extensive assessment of the leading players' product portfolios, geographic presence, and key growth strategies adopted over the past three to four years. Major companies in the satellite imaging market have implemented various strategies to expand their product offerings and global footprints and augment their market shares. The key strategies followed by most companies in the satellite imaging market were product launches, expansions, mergers & acquisitions, agreements, collaborations, and partnerships. The key players operating in the satellite imaging market include Maxar Technologies Holdings Inc. (U.S.), Airbus SE (Netherlands), Lockheed Martin Corporation (U.S.), L3Harris Technologies, Inc. (U.S.), BlackSky Technology Inc. (U.S.), SpaceKnow, Inc. (U.S.), Satellite Imaging Corporation (U.S.), Capella Space Corp. (U.S.), EOS Data Analytics, Inc. (U.S.), Telespazio UK Ltd (U.K.), Arlula Pty Ltd (Australia), ICEYE (Finland), Remote Sensing Technology Center of Japan (RESTEC) (Japan), Shoghi Communications Ltd. (India), Planet Labs PBC (U.S.), European Space Imaging GmbH (Germany), EarthDaily Analytics Corp. (Canada), SatSure Analytics India Pvt Ltd (India), RMSI Pvt. Ltd. (India), Trimble Inc. (U.S.), Satellogic Inc. (U.S.), and Spire Global, Inc. (U.S.).
Have Specific Research Needs? Request a Customized Research Report -
https://www.meticulousresearch.com/request-customization/cp_id=5741
Satellite Imaging Industry Overview: Latest Developments from Key Industry Players
-- In May 2024, Maxar launched ClimateDesk, a platform designed to
transform enhanced climate data into actionable insights for customers,
thereby improving decision-making and facilitating long-term planning.
-- In May 2024, Maxar signed a contractual agreement with Lockheed Martin
Corporation (U.S.) to provide Maxar's geospatial products for the F-35
Full Mission Simulator (FMS) flight simulation and training system.
-- In February 2024, Capella partnered with TCarta (U.S.), a global leader
in hydrostatic products and services, to integrate high-resolution SAR
satellite imagery into TCarta's coastal monitoring and shoreline feature
extraction solutions. This collaboration enhances the capability to
consistently and reliably identify changes along coastlines, equipping
coastal managers with accurate and timely information to effectively
address the impacts of climate change.
-- In January 2024, Capella partnered with Floodbase (U.S.), a leading data
provider and reporting agent for parametric flood insurance, to
integrate high-resolution SAR satellite data into Floodbase's
comprehensive solution. This collaboration enhances the certification of
payout triggers for parametric insurance by accurately capturing the
extent of flooding with high resolution, regardless of cloud cover.
-- In May 2023, Advent International Corporation (U.S.) and British
Columbia Investment Management Corporation (BCI) (Canada) acquired Maxar
to enhance their capacity to deliver both long- and short-term
mission-critical technology and solutions to customers.
-- In May 2023, Capella partnered with LiveEO (Germany), a leading provider
of Earth observation analytics and solutions for monitoring high-value
infrastructure and energy assets. As the inaugural certified Capella
Analytics Partner, LiveEO will integrate Capella's all-weather, 24/7 SAR
imagery into its advanced analytics platform. This collaboration will
enhance the monitoring of assets such as railways, buildings, pipelines,
and other infrastructure, delivering timely insights for disaster
response and management.
-- In March 2023, L3Harris signed a contractual agreement with NASA valued
at USD 765 million to design and develop a high-resolution imager for
NOAA's Geostationary Extended Observations (GeoXO) satellite system. The
GeoXO Imager will provide advanced visible and infrared imagery,
enhancing precise observations and improving water vapor measurements.
This development is expected to significantly improve the accuracy and
timeliness of weather forecasting across the Western Hemisphere.
-- In January 2023, Satellogic collaborated with Tata Advanced Systems
Limited (India) to establish and develop local space technology
capabilities in India, with a focus on manufacturing satellites and
developing imagery for national defense and commercial applications.
-- In January 2023, Maxar signed a contractual agreement with the National
Geospatial-Intelligence Agency (NGA) to provide up to USD 35.8 million
in funding and deliver an advanced application programming interface
(API) for NGA's Foundation Program. This API will enable NGA to query,
discover, and download products from Maxar's extensive 125-petabyte
high-resolution commercial imagery archive.
-- In December 2022, ICEYE signed a multi-year framework contract with the
European Maritime Safety Agency (EMSA) to support their efforts in
managing various aspects of maritime operations with SAR data.
-- In May 2021, ICEYE collaborated with Neptune Flood (U.S.), the first
AI-driven flood insurance company to provide fast and easy flood
insurance. As part of the collaboration, ICEYE will provide Neptune
Flood with high-resolution flood hazard data in the immediate aftermath
of a flood event to enable monitoring of Neptune's insured geolocations
for micro changes in water depths around properties.
IMMEDIATE DELIVERY AVAILABLE | BUY THIS RESEARCH REPORT (Insights, Charts, Tables, Figures and More) -
https://www.meticulousresearch.com/view-pricing/1058
Scope of the Report:
Satellite Imaging Market Assessment--by Offering
-- Solutions
-- Services
Satellite Imaging Market Assessment--by Application
-- Surveillance & Reconnaissance
-- Environmental Conservation & Research
-- Infrastructure Planning & Monitoring
-- Agricultural Planning
-- Weather Forecasting
-- Disaster Response & Aid Planning
-- Forestry Monitoring & Management
-- Navigation
-- Other Applications
Satellite Imaging Market Assessment--by Sector
-- Government & Defense
-- Environment & Climate
-- Agriculture, Forestry and Fisheries
-- Energy & Mining
-- Finance & Insurance
-- Transportation & Logistics
-- Other Sectors
Satellite Imaging Market Assessment--by Geography
North America
-- U.S.
-- Canada
Asia-Pacific
-- China
-- Japan
-- India
-- South Korea
Rest of Asia-Pacific
Europe
-- U.K.
-- Germany
-- France
-- Italy
-- Spain
-- Rest of Europe
Latin America
Middle East & Africa
Browse More Related Reports -
Thermal Imaging Market - Thermal Imaging Market is expected to reach $7.8 billion by 2031, at a CAGR of 7.2% from 2024 to 2031
Dental Imaging Market - Explore the growth of the Dental Imaging Market, projected to hit $5.12 billion by 2031, with the CAGR of 4.9% from 2024
3D Sensing and Imaging Market - 3D Sensing and Imaging Market is expected to reach $115.3 billion by 2030, at a CAGR of 24.2% during the forecast period of 2023-2030
Magnetic Resonance Imaging Systems Market - Magnetic Resonance Imaging Systems Market, projected to reach $10.35 billion by 2030. Discover MRI designs, field strengths, and applications
Multimodal Imaging Market - Multimodal Imaging Market is expected to grow at a CAGR of 5.3% from 2018 to reach $1.6 billion by 2024
Satellite IoT Market - Satellite IoT Market is projected to reach $2.48 billion by 2031, at a CAGR of 18.2% from 2024 to 2031
Industrial X-Ray Inspection System Market - The Industrial X-Ray Inspection System Market is projected to reach $1.33 billion by 2031, at a CAGR of 10.7% during 2024-2031
Location-based Services Market - Location-based Services Market is projected to reach $327.6 billion by 2031, at a CAGR of 15.9% During 2024-2031
Satellite Imaging Market Research Summary
Particulars
Details
---
Number of
Pages 177
Format
PDF
Forecast
Period
2024-2031
Base Year 2023
CAGR (Value) 13.8 %
Market Size
(Value)
USD 8.6 Billion by 2031
Segments
Covered
By Offering
Solutions
Services
By Application
Surveillance & Reconnaissance
Environmental Conservation & Research
Infrastructure Planning &
Monitoring
Agricultural Planning
Weather Forecasting
Disaster Response & Aid Planning
Forestry Monitoring & Management
Navigation
Other Applications
By Sector
Government & Defense
Environment & Climate
Agriculture, Forestry and Fisheries
Energy & Mining
Finance & Insurance
Transportation & Logistics
Other Sectors
Countries North America (U.S., Canada), Europe (Germany, U.K., Italy, Spain, Rest of Europe), Asia-Pacific (China, Japan, India,
Covered South Korea, Rest of Asia-Pacific), Latin America Middle East & Africa
Maxar Technologies Holdings Inc. (U.S.), Airbus SE (Netherlands), Lockheed Martin Corporation (U.S.), L3Harris
Technologies, Inc. (U.S.), BlackSky Technology Inc. (U.S.), SpaceKnow, Inc. (U.S.), Satellite Imaging Corporation
(U.S.), Capella Space Corp. (U.S.), EOS Data Analytics, Inc. (U.S.), Telespazio UK Ltd (U.K.), Arlula Pty Ltd
(Australia), ICEYE (Finland), Remote Sensing Technology Center of Japan (RESTEC) (Japan), Shoghi Communications Ltd.
(India), Planet Labs PBC (U.S.), European Space Imaging GmbH (Germany), EarthDaily Analytics Corp. (Canada), SatSure
Analytics India Pvt Ltd (India), RMSI Pvt. Ltd. (India), Trimble Inc. (U.S.), Satellogic Inc. (U.S.), and Spire Global,
Key Companies Inc. (U.S.).
Contact:
Mr. Khushal Bombe
Meticulous Market Research Pvt.Ltd.
1267 Willis St, Ste 200 Redding,
California, 96001, U.S.
USA: +1-646-781-8004
Europe: +44-203-868-8738
APAC: +91 744-7780008
Email- sales@meticulousresearch.com
Visit Our Website: https://www.meticulousresearch.com/
Connect with us on LinkedIn- https://www.linkedin.com/company/meticulous-research
Meticulousblog.org | Top Market Research Reports Blog - https://meticulousblog.org/
Content Source: https://www.meticulousresearch.com/pressrelease/976/satellite-imaging-market
Logo - https://mma.prnewswire.com/media/1757980/Meticulous_Research_Logo_1.jpg
View original content to download multimedia:https://www.prnewswire.com/news-releases/the-satellite-imaging-market-to-reach-8-6-billion-by-2031exclusive-report-by-meticulous-research-302266989.html
SOURCE Meticulous Market Research Pvt. Ltd.
