The Satellite Imaging Market is projected to reach $6.8 billion by 2030, at a CAGR of 12.7% during the forecast period 2023–2030. The growth of this market is driven by the growing demand for geospatial information and the increasing use of satellite imaging in agriculture and forestry. Additionally, the integration of artificial intelligence (AI) and advanced analytics in satellite imaging is expected to create market growth opportunities. However, data privacy concerns, high operational costs, and initial investment restrain the growth of this market. Atmospheric interferences are major challenges for the players operating in this market. Increasing use of high-resolution satellite constellations is a prominent trend in the satellite imaging market.
Increasing Use of Satellite Imaging In Agriculture and Forestry is Expected to Drive Market Growth
The integration of satellite imaging into agricultural and forestry practices boosts productivity and fosters more sustainable and environmentally conscious approaches in these industries. Satellite imagery in agriculture provides valuable information about crop health and growth, which can help farmers identify potential issues early, such as nutrient deficiencies or crop diseases, and take corrective action. It facilitates precision agriculture at scale, even in regions with frequent cloud cover, by enabling targeted interventions, leading to improved yields and resource management. Satellite imagery also helps track weather patterns over large areas, allowing farmers to make better decisions about planting and harvesting and aiding them in preparing for weather-related risks, such as floods or droughts.
In forestry, satellite imaging helps forest managers and timber operators optimize management practices to ensure productivity without compromising environmental stewardship or compliance with land use regulations. Satellite imaging enables the ability to see through the dense smoke of wildfires to locate flames and hot spots. It helps identify wildlife hotspots and map species' movements and connectivity of their changing territories across borders. Also, it assists in tracking and identifying illegal deforestation, assessing forest health, tracking changes in land cover, and enhancing forest management practices. Several companies operating in the market are focusing on optimizing supply chains and logistics based on real-time crop conditions and aiming for sustainable forest management practices.
Some of the developments in satellite imaging for agriculture and forestry are as follows:
- In January 2023, EOS Data Analytics, Inc. (U.S.) launched EOS SAT-1, the initial satellite of EOS SAT, the first agri-focused satellite constellation into a low Earth orbit by SpaceX’s Falcon 9 rocket from the Cape Canaveral Space Force Station in Florida. EOS SAT will support the implementation of sustainable agriculture methods and environmental monitoring of forestlands by providing high-quality data for analysis. It will also assist agribusinesses in monitoring crop growth and detecting heat, cold, water stress, weed spread, pest attacks, and other issues threatening crops.
- In 2021, ConstellR GmbH (Germany) partnered with SPACEBEL (Belgium) to combine their thermal infrared and hyperspectral imagery expertise to deliver high-value Earth Observation data to provide data-driven insights to enable a wide range of sustainable agricultural applications.
- In April 2020, Pachama Inc. partnered with Planet Labs PBC (U.S.) to validate and monitor forest conservation and reforestation carbon projects around the world. The partnership will allow Pachama to make estimations about biomass and the amount of carbon captured by forests, as well as provide timely alerts of disturbances, including fires, illegal harvesting, and deforestation, by using Planet’s daily global satellite imagery.
All such 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 overall satellite imaging market.
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Key Findings in the Satellite Imaging Market Study:
In 2023, the Solutions Segment is Expected to Dominate the Satellite imaging Market
Based on offering, the global satellite imaging market is broadly segmented into solutions and services. In 2023, the solutions segment is expected to account for the largest share of the global satellite imaging market. The large market share of this segment is attributed to increasing demand for tailored solutions with real-time monitoring capabilities, growing demand for high-resolution imagery and improved data accuracy, integration of AI for image analysis, and extracting meaningful insights.
However, the services segment is projected to register the highest CAGR during the forecast period due to growing demand for efficient data interpretation/processing and analysis services, an increasing need for tailored services addressing industry-specific needs, and a growing shift towards subscription models for continuous access to satellite data.
In 2023, the Surveillance & Reconnaissance Segment is Expected to Dominate the Satellite imaging Market
Based on application, the global satellite imaging market is broadly segmented into agricultural planning, infrastructure planning & monitoring, surveillance & reconnaissance, weather forecasting, navigation, environmental conservation & research, disaster response & aid planning, forestry monitoring & management, and other applications. In 2023, the surveillance & reconnaissance segment is expected to account for the largest share of the global satellite imaging market. The large market share of this segment is attributed to the growing need for surveillance of critical infrastructure, including power plants, airports, and communication hubs, increasing need for constant surveillance to ensure the safety and security of a nation's borders and territories against illegal activities, growing need for crisis management and response during natural disasters or emergencies, and rising global tensions and conflicts.
However, the disaster response & aid planning segment is projected to register the highest CAGR during the forecast period due increasing frequency and intensity of natural disasters, including hurricanes, earthquakes, floods, and wildfires, the growing need for efficient emergency response and humanitarian aid distribution, increasing need to identifying evacuation routes and safe zones, and growing need to monitor and respond to changes in climate patterns and real-time monitor of ongoing disasters.
In 2023, the Government & Defense Segment is Expected to Dominate the Satellite imaging Market
Based on sector, the global satellite imaging market is broadly segmented into government & defense, environment & climate, energy & mining, transportation & logistics, agriculture, forestry & fisheries, finance & insurance, and other sectors. In 2023, the government & defense segment is expected to account for the largest share of the global satellite imaging market. The large market share of this segment is attributed to the increasing use of satellite imaging in defense applications, surveillance, and intelligence gathering; the increasing need to assess damage and plan responses during natural disasters or emergencies; the growing need for detection and prevention of illegal activities including smuggling; and the growing need to monitor activities within and around national borders for defense and security purposes.
However, the environment & climate segment is projected to register the highest CAGR during the forecast period due to the growing awareness of climate change and its impact, increasing need to monitor environmental changes, natural resources, including water resources, deforestation, and land use, and increasing use of satellite imaging in monitoring and enforcing environmental policies.
Asia Pacific to be the Fastest Growing Regional Market
Based on geography, the global satellite imaging market is segmented into North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. Asia-Pacific is projected to register the highest CAGR during the forecast period due to the increasing demand for satellite imaging for defense and security purposes, the growing need to identify vulnerable areas prone to natural disasters, and support disaster preparedness and response, rising advancements in autonomous vehicles and precision navigation in the region.
Key Players
The report includes a competitive landscape based on an extensive assessment of the key growth strategies adopted by the leading market participants in the satellite imaging market in the last three to four years. The key players profiled in the satellite imaging market report are Maxar Technologies Holdings Inc. (U.S.), Airbus SE (Netherlands), Lockheed Martin Corporation (U.S.), L3Harris Technologies, Inc. (U.S.), ICEYE (Finland), Satellogic (U.S.), BlackSky Technology Inc. (U.S.), EOS Data Analytics, Inc. (U.S.), Satellite Imaging Corporation (U.S.), Capella Space Corp. (U.S.), Telespazio UK Ltd (U.K.), Spire (U.S.), Orbital Insight, Inc. (U.S.), ImageSat International (Israel), Planet Labs PBC (U.S.), Thales (France), Arlula Pty Ltd (Australia), Trimble Inc. (U.S.), Remote Sensing Technology Center of Japan (RESTEC) (Japan), European Space Imaging GmbH (Germany), Shoghi Communications Limited (India), EarthDaily Analytics Corp. (Canada), Ball Corporation (U.S.), and SpaceKnow, Inc. (U.S.).
Report Summary:
Particulars
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Details
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Format
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PDF
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Page No
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240
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Forecast Period
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2023-2030
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Base Year
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2022
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CAGR
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12.7%
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Market Size (Value in 2030)
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USD 6.8 Billion
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Segments Covered
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By Offering, Application, and Sector
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Regions/Countries Covered
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North America (U.S., Canada), Europe (Germany, U.K., France, Italy, Spain, Rest of Europe), Asia-Pacific (Japan, China, India, South Korea, Rest of Asia-Pacific), Latin America, Middle East & Africa
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Key Companies
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Maxar Technologies Holdings Inc. (U.S.), Airbus SE (Netherlands), Lockheed Martin Corporation (U.S.), L3Harris Technologies, Inc. (U.S.), ICEYE (Finland), Satellogic (U.S.), BlackSky Technology Inc. (U.S.), Satellite Imaging Corporation (U.S.), Capella Space Corp. (U.S.), Telespazio UK Ltd (U.K.), Spire (U.S.), Orbital Insight, Inc. (U.S.), ImageSat International (Israel), Planet Labs PBC (U.S.), EOS Data Analytics, Inc. (U.S.), Thales (France), Arlula Pty Ltd (Australia), Remote Sensing Technology Center of Japan (RESTEC) (Japan), Trimble Inc. (U.S.), European Space Imaging GmbH (Germany), Shoghi Communications Limited (India), EarthDaily Analytics Corp. (Canada), Ball Corporation (U.S.), and SpaceKnow, Inc. (U.S.).
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Scope of the Report:
Satellite Imaging Market Assessment, by Offering
Satellite Imaging Market Assessment, by Applications
- Agricultural Planning
- Infrastructure Planning & Monitoring
- Surveillance & Reconnaissance
- Weather Forecasting
- Navigation
- Environmental Conservation & Research
- Disaster Response & Aid Planning
- Forestry Monitoring & Management
- Other Applications
Satellite Imaging Market Assessment, by Sector
- Government & Defense
- Environment & Climate
- Energy & Mining
- Transportation & Logistics
- Agriculture, Forestry and Fisheries
- Finance & Insurance
- Other Sectors
Satellite Imaging Market Assessment, by Geography
- North America
- Europe
- Germany
- U.K.
- France
- Italy
- Spain
- Rest of Europe (RoE)
- Asia-Pacific
- Japan
- China
- India
- South Korea
- Rest of Asia-Pacific (RoAPAC)
- Latin America
- Middle East & Africa
Key questions answered in the report: