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
Related Research and Links
List of Key Players in the Commercial Satellite Imaging Market
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Mordor Intelligence has segmented the Commercial Satellite Imaging Market based on application, end-user vertical, and geography:
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