LONDON--(BUSINESS WIRE)--Technavio market research analysts forecast the global commercial satellite imaging market to grow at a CAGR of more than 11% during the forecast period, according to their latest report.
The market study covers the present scenario and growth prospects of the global commercial satellite imaging market for 2017-2021. Also, the report discusses the key trends influencing market growth and the challenges faced by the key vendors and markets.
According to Avimanyu Basu, a lead analyst at Technavio for space research, “The data collected by satellites is used for diverse applications such as agriculture, management of water resources, urban development, mineral prospecting, environment protection, forestry, border and maritime security, drought and flood forecasting, ocean resources, and disaster management.”
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Technavio aerospace and defense analysts highlight the following three market drivers that are contributing to the growth of the global commercial satellite imaging market:
- Advances in satellite imaging technologies
- Use of satellite imaging in geological research
- Increasing demand for EO imaging systems
Advances in satellite imaging technologies
Images provided by satellites are interpreted to gather valuable data and information, which are used by government organizations for sectors such as defense, oil and natural gas, mining, meteorology, and agriculture. Innovative image-enhancing equipment, including high-resolution cameras and advanced remote-sensing technology, have enhanced the quality of satellite-based EO images. These images are used extensively in the defense, science, and R&D domains. The technology used to capture satellite images has been improving over the years, thereby raising the expectations of the end-users. For example, users have started demanding more clarity in the images captured by EO satellites so that they can use these images effectively for applications such as weather information collection and forecasting, farming, and forestry.
Use of satellite imaging in geological research
Apart from aiding in mineral exploration projects and the identification of roads, inhabited regions, and forests, satellite imaging has successfully unearthed several natural and manmade foundations. Such findings are useful for geological research.
With an increase in the demand for reliable telemetry infrastructure, the demand for satellite-based telemetry has also increased. Satellite telemetry is used for various civil, commercial, government, and military applications. For example, it is used by researchers to track the movement of targets (such as animal and birds) on Earth. Such tracking is done using orbiting satellites. The satellite receives radio signals from transmitters attached to the target. Satellite telemetry is also widely used for military and defense applications.
Increasing demand for EO imaging systems
Advanced remote-sensing technology and advanced image-enhancing equipment such as high-resolution cameras have led to an improvement in the quality of satellite-based Earth observation (EO) images.
“Such equipment provides all the users with a single internet access point to obtain EO data from both existing databases and the new up-to-date portals. This facilitates direct access to information for users from different domains,” says Avimanyu.
The users can be surveyors, farmers, miners, fishers, engineers, and others decision makers seeking EO data to meet their business objectives. EO data is also extensively shared and used by defense agencies, science institutions, research and development organizations, and private users. Thus, the satellite manufacturing and launch companies are expecting significant returns.
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Technavio is a leading global technology research and advisory company. The company develops over 2000 pieces of research every year, covering more than 500 technologies across 80 countries. Technavio has about 300 analysts globally who specialize in customized consulting and business research assignments across the latest leading edge technologies.
Technavio analysts employ primary as well as secondary research techniques to ascertain the size and vendor landscape in a range of markets. Analysts obtain information using a combination of bottom-up and top-down approaches, besides using in-house market modeling tools and proprietary databases. They corroborate this data with the data obtained from various market participants and stakeholders across the value chain, including vendors, service providers, distributors, re-sellers, and end-users.
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