Commercial Satellite Imaging Global Market Report 2024

The commercial satellite imaging market size has grown rapidly in recent years. It will grow from $4.34 billion in 2023 to $4.83 billion in 2024 at a compound annual growth rate (CAGR) of 11.3%. The expansion observed in the historical period can be attributed to various factors including the utilization of defense and security applications, effective management of natural resources, extensive infrastructure development, improved disaster management strategies, and advancements in navigation and mapping technologies.

The commercial satellite imaging market size is expected to see rapid growth in the next few years. It will grow to $7.33 billion in 2028 at a compound annual growth rate (CAGR) of 11.0%. Anticipated growth in the upcoming period is expected due to the adoption of precision agriculture practices, the emphasis on climate monitoring initiatives, the development of urban planning and smart cities, the importance of humanitarian aid and disaster relief efforts, and the continual expansion of telecommunications infrastructure. Key trends projected for this period encompass the global demand for real-time imaging solutions, the integration of hyperspectral imaging technologies, the establishment of public-private partnerships to facilitate data sharing, the enhancement of data analytics platforms, and an increased focus on environmental monitoring and addressing climate change concerns.

The role of satellite imaging data in preempting cyber-attacks on government entities is pivotal, providing indispensable insights for network surveillance, geolocation, early threat detection, and subsequent response and mitigation strategies. Notably, SonicWall's 2022 Cyber Threat Report highlighted a remarkable surge in global ransomware incidents, witnessing a 105% escalation in 2021 compared to the preceding year. Notably, ransomware attacks targeting government agencies experienced an exponential surge of 1,885%, surpassing the cumulative increases observed in healthcare (755%), education (152%), and retail (21%). Moreover, there was a substantial 709% upswing in crypto-jacking attempts targeting government clients during 2021.

The escalating frequency of natural calamities is poised to drive an upsurge in the commercial satellite imaging sector. These catastrophic occurrences, stemming from natural Earth processes, result in widespread devastation, loss of life, and substantial disruption to daily routines. Commercial satellite imaging offers real-time, high-resolution visuals of impacted regions, enabling authorities to gauge the extent of damage caused by events such as hurricanes, earthquakes, floods, and wildfires. As an example, a January 2023 report by the National Centers for Environmental Information (NCEI), a US government agency, highlighted 18 weather-related disasters in 2022 in the United States alone, each causing at least $1 billion in economic impact. These disasters encompassed 2 tornado outbreaks, 3 tropical cyclones, and 9 severe weather or hail occurrences. Consequently, the surge in natural disasters is propelling growth within the commercial satellite imaging market.

Key players within the commercial satellite imaging sector are actively pursuing innovation by developing groundbreaking products, such as hyperspectral satellites, aiming to expand their customer base, drive sales, and boost revenue streams. Hyperspectral satellites represent a category of earth observation satellites equipped with sensors adept at capturing an extensive array of electromagnetic wavelengths, surpassing what's visible to the human eye. An illustrative case is Pixxel, an India-based entity specializing in constructing hyperspectral earth imaging satellites, which unveiled the Shakuntala commercial satellite in April 2022. What sets Pixxel's inaugural fully-fledged satellite, 'shakuntala,' apart is its incorporation of one of the most advanced hyperspectral commercial cameras ever launched into space. This extraordinary feature serves as a stepping stone for Pixxel, aligning closely with its vision of establishing a continuous health monitoring system for the planet. Weighing in at under 15 kg, Shakuntala (TD-2) boasts the impressive capability to capture orbital images across more than 150 color bands, encompassing both the visible and infrared spectra, all while achieving a remarkable resolution of 10 meters per pixel.

Key players within the commercial satellite imaging industry are increasingly opting for a strategic partnership approach to optimize the utilization of satellite imagery. Strategic partnerships entail a collaborative process where companies capitalize on each other's strengths and resources, fostering mutual benefits and shared success. A pertinent example is the partnership forged in April 2023 between Axelspace, a Japan-based space startup specializing in microsatellite technology, and New Space Intelligence, a Japan-based provider of satellite imagery analysis services. This collaboration aims to collectively enhance the utilization of satellite data, focusing on pioneering new applications and expanding services into global markets. The concerted efforts in emphasizing innovation and service extension underscore the pivotal role of this strategic partnership in significantly amplifying Axelspace's footprint within the realm of cutting-edge satellite image applications.

In December 2021, Planet Labs PBC, a US-centered satellite imagery data firm, completed the acquisition of VanderSat for an estimated $28 million. This strategic move positions Planet Labs PBC to fortify its presence within the agriculture market. VanderSat, based in the Netherlands, is recognized for its expertise in delivering global satellite data tailored specifically for agriculture products and services. This acquisition stands to bolster Planet Labs PBC's capabilities and offerings within the agricultural sector.

Major companies operating in the commercial satellite imaging market report are Airbus SE, L3Harris Technologies Inc., Trimble Navigation Limited, Maxar Technologies Inc., DigitalGlobe Inc., Environmental Systems Research Institute Inc. (Esri), Telespazio Spa, MDA Ltd., Planet Labs PBC, Radiant Solutions Inc., Spire Global Inc., Capella Space Inc., BlackSky Global LLC, GHGSat Inc., ImageSat International N.V. (iSi), UrtheCast Corp., Orbital Insight Inc., Descartes Labs Inc., Tomorrow.io Inc., Satellogic S.L.U., SpaceKnow Inc., Kleos Space S.A., European Space Imaging (EUSI) GmbH, Galileo Group Inc., Skylab Analytics, Astrocast Satellite IoT Network, ICEYE Finland Oy, Satshots LLC, Predicio Analytics Inc., AGROVOCAT S.A.S., Soarview Technologies Inc.

North America was the largest region in the commercial satellite imaging market in 2023. Asia-Pacific is expected to be the fastest-growing region in the global commercial satellite imaging market report during the forecast period. The regions covered in the commercial satellite imaging market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the commercial satellite imaging market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

Commercial satellite imaging primarily relies on two key technologies such as optical and radar. Optical technology involves utilizing visible light and other electromagnetic radiation forms to capture Earth's surface images. These images find diverse applications across geospatial data acquisition, mapping, natural resource management, surveillance, security, conservation, research, disaster management, defense, and intelligence. These applications serve various end-user sectors such as government, military, forestry, agriculture, energy, civil engineering, archaeology, transportation, logistics, and numerous other industries.

The commercial satellite imaging market research report is one of a series of new reports that provides commercial satellite imaging market statistics, including commercial satellite imaging industry global market size, regional shares, competitors with commercial satellite imaging market share, detailed commercial satellite imaging market segments, market trends and opportunities and any further data you may need to thrive in the commercial satellite imaging industry. This commercial satellite imaging market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.

The commercial satellite imaging market includes revenues earned by entities by providing visible, infrared, multispectral and hyperspectral commercial satellite imaging. The market value includes the value of related goods sold by the service provider or included within the service offering. The commercial satellite imaging market also includes sales of online mapping tools including drawing tools, image layering and bulk data mapping. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.