The global market for commercial satellite imaging is experiencing significant growth due to the increasing expansion of the global space ecosystem and the growing penetration of location-based services. Commercial satellite imaging involves capturing images of the Earth through satellites, which are used for various commercial applications such as weather forecasting, disaster management, security and surveillance, and urban planning, among others.
According to The Space Foundation estimates, the global space economy was valued at USD 428 billion in 2019 and grew to USD 447 billion in 2020, witnessing a 4.4% increase. Commercial space activity also saw a significant rise, increasing from USD 336.89 billion in 2019 to around USD 357 billion in 2020. This growth in the space industry is contributing to the increasing demand for commercial satellite imaging.
Leading market players are taking strategic initiatives to further boost the growth of the commercial satellite imaging market. For example, Norway’s Ministry of Climate and Environment entered into a contract with three satellite monitoring companies, including Kongsberg Satellite Services (KSAT), Planet, and Airbus, to provide free access to high-resolution satellite imagery of the tropics. The contract, valued at USD 43.5 million, was awarded under Norway’s International Climate and Forests Initiative.
In addition, the National Reconnaissance Office (NRO) in the USA awarded a billion-dollar contract to acquire commercial satellite imagery to three space technology companies: Colloredo, Maxar Technologies, Planet Labs, and BlackSky Technology.
The report also includes an analysis of major market players, including Blacksky Global LLC, European Space Imaging, Galileo Group, Inc, Harris Corporation, Imagesat International N.V, Maxar Technologies Inc, Planet Labs Inc, Spaceknow, Telespazio France, and Urthecast Corp.
Overall, the commercial satellite imaging market is set to experience substantial growth in the coming years. The increasing demand for location-based services and the strategic initiatives from key market players are driving the market forward.