A conversation about the commercialization of space most often begins with a discussion of the upstream sector — the creation of spacecraft and their launch into orbit. This part of the work is in plain sight, it is understandable and looks spectacular. And it is not for nothing that most of the modern startups of the Newspace movement are engaged in the creation of launch vehicles of various classes, the production of satellites and CubeSats, and launching them into orbit. It’s simple, clear, and effective.
In modern conditions, information resources are one of the key factors in the effectiveness of socio-economic systems at the macro and micro levels. Economic entities and public administration structures need up-to-date, reliable, and complete information in order to adapt to rapidly changing environmental conditions. Information is regarded as an important production resource and has a market value. Among the information resources most in-demand in the economy are data on the Earth’s surface and water bodies obtained from satellite pictures. These data make it possible to control the state of various natural systems and infrastructure facilities, thereby increasing the efficiency of managing many economic processes.
Recently, satellite imagery data has become especially demanded since it can significantly reduce material costs, increase the efficiency of obtaining and processing information, and enhance the reliability and accuracy of data. Information obtained from space can be relatively easily documented and protected. More so, modern space tech enables high-resolution satellite images that offer the best possible detalization, hence better accuracy, and precision when analyzing. In this regard, it is space remote sensing data that is of particular value and demand in many sectors of the economy and areas of state regulation, such as agriculture, forestry, environmental supervision, military defense, and more.
Satellite Imagery Market
According to the report by Research And Markets, the Global Commercial Satellite Imaging Market will keep growing, estimated to reach $5.42 billion by 2026. An important role in such development of the commercial remote sensing market is played by the demand for satellite imagery data from the government agencies of various countries. Over the past two decades, public investment in the development of this sector has increased significantly.
The structure of the market for information products and services obtained with the help of remote sensing technologies consists of the following parts:
- Satellite imagery
- Processed/analyzed satellite data
- Information services
The main drivers of remote sensing market development are:
- The growth of the world’s population (growth in the need for resources and the need for infrastructure development)
- The need to ensure the safety of people and property
- Ecological issues
- Natural disasters.
Key Market Trends
When several companies managed to achieve a resolution of about 30 centimeters per pixel, it became clear that this is the standard that all commercial players will come to in the upcoming years. Customers increasingly want to get a detailed view of the Earth’s surface.
The main factors in the formation of a competitive offer are:
- Full data and coverage of the required territory
- The lower price of satellite images
- The speed of delivery of images and the possibility of obtaining the most relevant information from them
- The ability to work with big and small requests, flexibility, and ease of obtaining information.
For the future years, the following trends in the development of the satellite imagery market can be predicted:
- Growth in the radar data segment
- Growth in the number of radar and optoelectronic satellites of high and ultra-high resolution
- Rejection of multifunctional spacecraft due to their high cost
- Increase in the number of constellations of small satellites
- Decommissioning of satellites capable of producing photographic images
- Formation of orbital constellations of remote sensing satellites
Services and software for satellite imagery processing also play a huge role in the commercial remote sensing market. For instance, the company called EOS Data Analytics offers different software solutions based on advanced satellite imagery analytics with AI algorithms. The company caters to 22 industries, including agriculture, forestry, and military defense. More so, EOSDA plans to launch its own satellite constellation by 2025. It will consist of 7 satellites focused on agriculture monitoring, allowing for increasing the precision and effectiveness of the company’s products.
The market trends for the future years will also include the rise of military and defense applications of commercial satellite imaging and the increase in applications of satellite imaging services such as disaster mapping, urban planning, geospatial mapping, and energy management. Therefore, new commercial satellites and software solutions will keep appearing to satisfy the growing demand for satellite imagery and its analytics for different verticals.
