According to the research report, the overall opportunity in the global commercial satellite imaging market was US$2.5 bn in 2014. Over the period from 2015 to 2023, the market is expected to rise at a CAGR of 11.40% and reach a value of US$6.5 bn by the end of the forecast period. The energy, geospatial technology, natural resources management, construction and development, disaster response management, defense and intelligence, conservation and research, and media and entertainment sectors have surfaced as the key application areas for commercial satellite imaging solutions across the world, states the research report.
North America to Continue to Dominate
Geographically, Asia Pacific North America, the Middle East and Africa, Europe, and Latin America have emerged as the main regional markets for commercial satellite imaging across the world. North America, among these has taken the leading position and is projected to remain on the top in the near future. Asia Pacific is also expected to witness steady growth in its market for commercial satellite imaging over the next few years, states the research study.
Technological Advancements to Boost Market’s Growth
“Of late, the global market for commercial satellite imaging has been observing a tremendous rise,” says a TMR analyst. The emergence of a number of technologies and applications, such as Google Earth, is supporting the growth of this market, tremendously. The continual advancements in technologies is also adding to the rise of this market and is expected to drive the market in the forthcoming years too.
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On the flip side, the need for high capital investments in research activities for the advancements of commercial satellite imaging production techniques may act as a restriction to the growth of the global market for commercial satellite imaging in the near future. Nonetheless, the presence of untapped opportunities in emerging economies will normalize the impact of these deterrents in the years to come, states the research report.