Market Trends of India Satellite Imagery Services Industry
Government Initiatives to Foster the Growth of Satellite Imagery Services in India
- The Indian government launched several key initiatives emphasizing technology and satellite imagery to drive development across various sectors. One such initiative is Digital India, which aims to transform India into a digitally empowered society and knowledge economy. Under this program, satellite imagery services are leveraged for effective governance, infrastructure planning, and monitoring.
- The Smart Cities Mission is another significant initiative focusing on developing 100 smart cities nationwide. Satellite imagery services play a crucial role in urban planning, infrastructure development, and monitoring of these smart cities.
- In addition, satellite imaging services are used for project monitoring, site selection, and feasibility assessments as part of the Pradhan Mantri Gram Sadak Yojana (PMGSY) program, which aims to connect rural regions with all-weather roads. These programs, along with others like Atal Mission for Rejuvenation and Urban Transformation (AMRUT), the Swachh Bharat Abhiyan (Clean India Mission), etc., would have significantly promoted considerable developments in technology and information-driven decisions in governance, infrastructure, and urban planning, which in turn supports the growth of satellite imagery services in India.
- Further, the Department of Space (DoS), which continues to be the core element of the nation's space program and carries out several significant initiatives, received INR 125.44 billion (USD 1.53 billion) from the Union Budget for 2023-2024 (FY 23). The 2023-24 Union Budget reduced the Department of Space's spending by 8%, bringing it from the previous Budget forecast of INR 137 billion (USD 1.67 billion) to INR 125.44 billion (USD 1.53 billion).
- However, this is 19% more than the updated forecast from the last fiscal year. The reported data highlights that, despite a minor decrease from the initial prediction, the Department of Space still has a sizable budget allocation. The increased budgetary allotment over the prior fiscal year demonstrates that space-related activities and programs continue to get support.
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Forestry and Agriculture End-user to Hold Significant Market Share
- In India, satellite imagery services have become essential tools for precision agriculture, crop monitoring, and forest management. In agriculture, satellite imagery services may provide essential data for assessing crop health, monitoring vegetation indices, and optimizing resource allocation. As a result, farmers could make informed decisions regarding fertilization, and pest management, improving agricultural productivity and sustainability.
- Further, in the forestry sector, satellite imagery services could aid in identifying deforestation, monitoring forest cover, and assessing the health and biodiversity of forested areas. These services may support forest management practices, thereby enabling the prior detection of forest fires and contributing to the conservation and preservation of forest ecosystems.
- The adoption of satellite imagery services in India's forestry and agriculture sectors is driven by the need for accurate and timely information, increased efficiency, and sustainable practices. The availability of high-resolution satellite imagery and advanced analytics tools further enhances the value and application of satellite imagery services in these sectors.
- Further, according to the Agricultural and Processed Food Products Export Development Authority (APEDA), India's total organic area increased from roughly five million hectares in fiscal year 2012 to nearly 10.17 million hectares in fiscal year 2023. By leveraging satellite imagery services, the agriculture sector can benefit from valuable insights and data to support organic farming practices.
