Nigeria’s NigComSat beams .7b satellite market stakes

Nigeria’s NigComSat beams $4.7b satellite market stakes

Nigeria’s NigComSat beams $4.7b satellite market stakes

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The Nigerian Communications Satellite (NIGCOMSAT) Limited may gain from the global commercial satellite imaging stakes expected to reach $4.7 billion by 2025.

This is highlight of a new report on the Global Commercial Satellite Imaging Market released by KBV Research that projects that the market niche will reach $4.7 billion by 2025, rising at a market growth of 11.3% CAGR during the forecast period.

Nigeria’s NIGCOMSAT stands positioned to gain from the market niche as increasing dependence on location-based services (LBS), one of several service offerings by the Nigerian government-owned communications satellite service, is expected to drive the growth of the global market for commercial satellite imagery.

According to the report which places Nigeria within radar of this market opportunity, a key growth driver is the growing tech trend where location-based services play a major role in the use of smart devices by providing real-time geographic data.

Nigeria’s NigComSat beams .7b satellite market stakes
Abimbola Alale, MD of NIGCOMSAT. Nigeria’s NIGCOMSAT stands positioned to gain from the market niche as increasing dependence on location-based services (LBS), one of several service offerings by the Nigerian government-owned communications satellite service, is expected to drive the growth of the global market for commercial satellite imagery, according to the forecast

According to the report which places Nigeria within radar of this market opportunity, a key growth driver is the growing tech trend where location-based services play a major role in the use of smart devices by providing real-time geographic data.

“Satellite imaging works with the help of imagery satellites to capture images of the Earth or other planets. Using these images for commercial purposes is known as commercial satellite imaging that includes a variety of applications such as environmental monitoring & management, border area surveillance, energy resource security, and construction project mapping. Commercial satellite imaging is useful across different sectors, including transportation, defense, construction, and others that acts as a key driver of the satellite imagery market”, according to the report.

Satellite imaging applications are navigation, mapping, GIS, geomarketing and advertising, emergency and security applications, business applications, sport, augmented reality/games, mHealth, tracking and social networking. All these applications are designed to meet the various requirements and conditions of use. The surge in context-aware applications is predicted to further enhance market growth during the forecast period and the increasing number of devices shipments with location-based services”, according to the forecast.

Nigeria’s NigComSat beams .7b satellite market stakes
Technology Times file photo shows a user on a mobile device. The report says that location-based services play a major role in the use of smart devices by providing real-time geographic data and will further drive growth of commercial satellite imaging market.

Based on Application, the market is segmented into Geospatial Data Acquisition & Mapping, Energy & Natural Resource Management, Defense & Intelligence, Disaster Management, Surveillance & Security, Urban Planning & Development and Others.

Based on End User, the market is segmented into Government & Defense, Forestry & Agriculture, Civil Engineering & Archaeology, Energy, Transportation & Logistics and Others. Based on Regions, the market is segmented into North America, Europe, Asia Pacific, and Latin America, Middle East & Africa.

Nigeria’s NigComSat beams .7b satellite market stakes

North America has represented the largest market share of commercial satellite imaging on the world market, due to the increase in adoption by government and military authorities of satellite imaging services. For purposes of map creation, military recognition, urban planning, disaster management, among others, Government and military organisations primarily use satellite images. In addition, the region government is making major investments in promoting the introduction of commercial satellites to promote regional overall growth.

The Government and Defense market dominated the Global Commercial Satellite Imaging Market by End User 2018, growing at a CAGR of 10.1 % during the forecast period. Increased security concerns resulted in a prominent buyer of geospatial intelligence & mapping services in the defense sector. These services are used for battlefront analysis, border surveillance, drafting of strategies and analysis of situations.

The Forestry & Agriculture market is expected to witness a CAGR of 10.1% during (2019 – 2025). Additionally, The Civil Engineering & Archaeology market is expected to witness highest CAGR of 12% during (2019 – 2025).

Nigeria’s NigComSat beams .7b satellite market stakes

Commercial satellite imaging is also applicable across diverse sectors, including construction, defense, transportation and others as a key driver of the global commercial satellite imaging market. The Geospatial Data Acquisition & Mapping market dominated the Global Commercial Satellite Imaging Market by Application 2018, growing at a CAGR of 9.6 % during the forecast period.

The Energy & Natural Resource Management market would grow with a significant CAGR of 10.4% during (2019 – 2025). The Defense & Intelligence market is expected to prominent aCAGR of 12.8% during (2019 – 2025). Additionally, The Disaster Management market witnessing potential growth and grows highest CAGR of 13.1% during (2019 – 2025).

The North America market dominated the Global Commercial Satellite Imaging Market by Region 2018, growing at a CAGR of 10 % during the forecast period, owing to the rising adoption by government and military authorities of satellite imaging services.

The Europe market is expected to witness a CAGR of 10.4% during (2019 – 2025). Additionally, The Asia Pacific market is expected to witness a CAGR of 13.3% during (2019 – 2025).

For purposes of map creation, military recognition, urban planning, disaster management, among others, Government and military organisations primarily use satellite images.

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