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REDDING, Calif., Oct. 3, 2024 /PRNewswire/ -- According to a new market research report titled 'Satellite Imaging Market by Offering, Application (Surveillance & Reconnaissance, Navigation, Environmental Conservation, Disaster Response), Sector (Government, Energy & Mining, Environment & Climate, Insurance)—Global Forecast to 2031.
The satellite imaging market is projected to reach $8.6 billion by 2031, at a CAGR of 13.8% from 2024 to 2031
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The growing demand for geospatial information, increased use of satellite data for defense and security, expanding applications of satellite imaging in agriculture and forestry, rising adoption in urban planning, and heightened utilization in airport mapping are key factors driving the growth of the satellite imaging market. However, the stringent regulatory frameworks are restraining the growth of this market.
Furthermore, the growing use of satellite imaging for environmental monitoring and the increasing adoption of satellite imagery in wildlife conservation & ecology applications are expected to generate growth opportunities for the players operating in the market. However, data security concerns and atmospheric interference are major challenges impacting market growth.
INCREASING USE OF SATELLITE IMAGING IN AGRICULTURE & FORESTRY SUPPORTING MARKET GROWTH
The integration of satellite imaging into agricultural and forestry practices enhances productivity and promotes more sustainable and environmentally conscious approaches within these sectors. In agriculture, satellite imagery offers critical insights into crop health and growth, enabling farmers to identify potential issues early, such as nutrient deficiencies or crop diseases, and take corrective actions. This technology supports precision agriculture at scale, even in regions with frequent cloud cover, by facilitating targeted interventions that lead to improved yields and resource management. Additionally, satellite imagery aids in tracking weather patterns across large areas, empowering farmers to make informed decisions about planting and harvesting while better preparing for weather-related risks such as floods or droughts.
In forestry, satellite imaging enables forest managers and timber operators to optimize management practices, ensuring productivity while maintaining environmental stewardship and compliance with land use regulations. This technology allows for visibility through dense smoke from wildfires to locate flames and hot spots. It also helps identify wildlife hotspots and map species movements, enhancing the understanding of connectivity within their changing territories across borders. Additionally, satellite imaging assists in tracking and identifying illegal deforestation, assessing forest health, monitoring changes in land cover, and improving overall forest management practices.
Some of the key recent developments in this space are as follows:
- In July 2024, Axelspace Corporation (Japan) partnered with the Maldives Space Research Organization (MSRO) to deliver satellite imagery covering the entire Maldives, which comprises 1,192 islands across 871 kilometers. The imagery, sourced from GRUS satellites equipped with red-edge spectral bands, will facilitate detailed observation and analysis of vegetation health. This initiative aims to assist the MSRO in supporting the current government's efforts to enhance food security by improving the monitoring of farmland, crop health, and biodiversity.
- In January 2024, EOS Data Analytics, Inc. (U.S.) successfully launched EOS SAT-1, the first satellite in the EOS SAT constellation focused on agriculture, into low Earth orbit using SpaceX's Falcon 9 rocket from Cape Canaveral Space Force Station in Florida. This constellation will support the implementation of sustainable agricultural practices and environmental monitoring of forestlands by providing high-quality data for analysis. Additionally, it will assist agribusinesses in monitoring crop growth and detecting issues such as heat stress, cold stress, water stress, weed spread, pest attacks, and other threats to crops.
These factors, along with the increasing use of satellite imaging to identify trends, plan resource allocation effectively, and mitigate risks associated with environmental changes, are supporting the growth of the satellite imaging market.
Satellite Imaging Market Analysis: Key Findings
By Offering: In 2024, the solutions segment is expected to account for the largest share of 60.8% of the satellite imaging market. However, the services segment is poised to register the highest CAGR of 13.1% during the forecast period from 2024 to 2031.
By Application: In 2024, the surveillance & reconnaissance segment is expected to account for the largest share of 30.0% of the satellite imaging market. However, the disaster response & aid planning segment is poised to register the highest CAGR of 16.6% during the forecast period from 2024 to 2031.
By Sector: In 2024, the government & defense segment is expected to account for the largest share of 41.2% of the satellite imaging market. However, the environment & climate segment is poised to register the highest CAGR of 15.1% during the forecast period from 2024 to 2031.
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Geographic Analysis:
By geography, the satellite imaging market is segmented into North America, Asia-Pacific, Europe, Latin America, and the Middle East & Africa. In 2024, North America is expected to account for the largest share of 42.6% of the satellite imaging market. This market is projected to reach $3,517.0 million by 2031.
The growth of this market is attributed to the high adoption of data-driven methods in business operations, increasing demand for high-resolution imagery services, rapid advancements in analytics, AI, and machine learning, the presence of leading industry ...
