The global market for commercial satellite imaging is forecast to reach more than $5 billion by 2019, according to a new report by Transparency Market Research. The market research firm has also released a separate report predicting a rise in the surface vision and inspection market, due to an increased need of improved manufacturing production capacity.
Transparency Market Research states that Cognex dominates the global surface vision and inspection industry, which accounted for 14.5 per cent of the market share in 2012, according to the report.
In terms of commercial satellite imaging, the market growth is driven by increased demand for applications such as oil and gas (energy) sector management and natural resource management. Insurance, real estate and city planning, and fleet management are emerging as potential commercial applications for satellite imagery market, says Transparency Market Research.
The market research company states that GeoEye and DigitalGlobe represented approximately 65.1 per cent of commercial satellite imagery market in 2012. New participants are expected to face stiff competition from existing players, and will have to focus on service differentiation and quality, so as to sustain growth in the long run, according to the report. Other players in the market include ImageSat International, BlackBridge (RapidEye), and Skybox Imaging.
