Italy Satellite Imagery Services Market Size

Italy Satellite Imagery Services Market Analysis

The Italy satellite imagery services market is valued at 81.0 million in the current year. It is expected to grow at a CAGR of 10.89% during the forecast period to become 135.9 million by the next five years. The Italy satellite imagery services market is driven by the increasing demand for satellite imagery services in disaster management, increasing support from the government to boost the space sector and the adoption of big data and analytics.

• The satellite imagery services market in Italy is in the developing stage and is expected to grow at a significant pace in the coming years owing to the growth in investments from the Italian government to boost the country's space economy coupled with increasing application of satellite imagery services in government as well as the private sector. Moreover, the increasing presence of major global and local market vendors is analyzed to proliferate the market growth in the coming years.
• Moreover, the government and the Italian space agency is making significant investment and policies to boost the country's space ecosystem, which is further acting as a driver for the growth of the satellite imagery services market in the country. For instance, the Italian space agency launched the "Italia Space Venture" Fund to support innovative entrepreneurial initiatives in space and aerospace sector, such as start-ups, university spin-offs, and innovative firms in the growth phase, and private venture capital funds dedicated to space.
• Further, the country is expected to increase the use of satellite imagery services in the coming years owing to the increasing growth in natural disasters such as floods, drought, and landslides. Satellite imagery services help government and disaster management officials assess the situation and quickly respond to the damages. Recently, the country witnessed floods, landslides, and draughts, which further necessitates using satellite imagery services for disaster management, energy sector exploration, environment changes, and management and monitoring of environmental changes.
• The use of high-resolution satellite images in various sectors for data-driven decisions and improved outcomes in multiple sectors, such as military and defense, agriculture, government, construction, etc., is further augmenting the growth of the satellite imagery services market in the country. The agriculture industry has been using satellite imaging techniques in agri-monitoring; the government in the country is using satellite imagery services to monitor various changes in land cover and extract meaningful insights to combat natural disasters properly. Such wide applications across sectors offer positive market growth in the coming years.
• The COVID-19 pandemic has significantly impacted satellite operations in the country with delayed launches of satellites, which impacted the satellite imagery services market in the country. Post-pandemic, the satellite imagery services market is witnessing significant growth owing to the boost to the space industry by the Italian government through the Italian government's National Plan for Recovery and Resilience and the increase in launches of satellites.