Commercial Satellite Imaging Market to Surpass Revenues of Over USD 7 Billion by 2027 – Exclusive Report by Mordor Intelligence

June 29 18:08 2022
Commercial Satellite Imaging Market to Surpass Revenues of Over USD 7 Billion by 2027 - Exclusive Report by Mordor Intelligence
Mordor Intelligence
Commercial satellite imagery’s military and defense applications have been the major end-user verticals. Most countries’ defense and military budgets are predicted to increase to create security initiatives, which will boost the market’s growth. According to SIPRI, total global military spending increased by 0.7 percent in real terms in 2021, reaching USD 2.1 trillion. The US, China, India, the UK, and Russia were the top five spenders in 2021, accounting for 62 percent of total spending.

Commercial Satellite Imaging Market Overview

The commercial satellite imaging market was valued at USD 4.15 billion in 2022, and it is expected to reach USD 7.08 billion by 2027, witnessing a CAGR of 11.25% during the forecast period (2022-2027). The significance of satellite imaging has prompted governmental organizations to support its growth. Various governments have been supporting the firms in the market studied by investing in satellite imaging technologies. The Australian government invested in satellite technologies, and it spent USD 260 million on the development of satellite technology and the creation of jobs in Australia.

BlackSky, a geospatial intelligence company, announced that it secured USD 50 million loans from the Intelsat satellite powerhouse, primarily to boost its nascent earth observation constellation. The company also announced its plans to use this capital to build on its existing assets and alliances. The company primarily aims to incorporate access to Intelsat’s communications infrastructure to deliver its imaging and intelligence services across the world.

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Commercial Satellite Imaging Market – Geographical Overview

North America is expected to dominate the market studied during the forecast period due to the highest number of research and investments in the market studied, the presence of sophisticated infrastructure to undertake space programs, and the earliest and highest adoption of commercial satellite imaging across various industries in the region.

The market studied is anticipated to widen further in the region as a result of the federal government’s significant support for grants to academic institutions and industries to create highly advanced satellite imaging systems. The United States controls 2,944 of the 4,852 active artificial satellites circling the Earth as of January 1, 2022, according to the Union of Concerned Scientists, with China accounting for only 499.

SpaceX launched a radar-imaging satellite for Spain’s Hisdesat Servicios Estrategicos SA, as well as a broadband demonstration satellite. In addition, SpaceX is responsible for almost a quarter of all launches worldwide. In 2020, SpaceX was predicted to launch 21.8 percent of all rockets.

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Recent Developments in the Commercial Satellite Imaging Market

  • May 2022 – The National Reconnaissance Office has given 10-year contracts to BlackSky, Maxar Technologies, and Planet Labs to provide satellite imagery to US intelligence, defense, and civil organizations. These awards were the NRO’s “largest-ever commercial imagery contracting initiative,” according to the agency. These contracts represent a historic expansion of the NRO’s commercial imagery acquisition to satisfy growing client demand with increased capability.
  • May 2022- Microsoft said that it is collaborating with partners to discover commercial space applications. NASA is investigating a Microsoft program called Custom Vision to see whether it may help simplify the work of inspecting astronaut gloves for signs of damage during spacewalks, which is one of the numerous applications being examined for Hewlett Packard Enterprise’s Spaceborne Computer 2.

Related Research and Links

List of Key Players in the Commercial Satellite Imaging Market

  • DigitalGlobe Inc.
  • Galileo Group Inc.
  • Planet Labs Inc.
  • SpaceKnow Inc.
  • Skylab Analytics
  • L3Harris Corporation Inc.
  • BlackSky Global LLC
  • ImageSat International NV
  • European Space Imaging (EUSI) GmbH
  • UrtheCast Corp.

*List Not Exhaustive

Mordor Intelligence has segmented the Commercial Satellite Imaging Market based on application, end-user vertical, and geography:

  • Application (Market Size & Forecast based on Revenues (USD Billion), 2020-2027)
    • Geospatial Data Acquisition and Mapping
    • Natural Resource Management
    • Surveillance and Security
    • Conservation and Research
    • Construction and Development
    • Disaster Management
    • Defense and Intelligence
  • End-user Vertical (Market Size & Forecast based on Revenues (USD Billion), 2020-2027)
    • Government
    • Construction
    • Transportation and Logistics
    • Military and Defense
    • Energy
    • Forestry and Agriculture
    • Other End-user Verticals
  • Geography (Market Size & Forecast based on Revenues (USD Billion), 2020-2027)
    • North America
    • Europe
    • Asia Pacific
    • Latin America
    • Middle East and Africa

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