Market Overview:
Remote Sensing Satellite Market Size is expected to reach USD 37.69 billion by 2032, registering a CAGR of 11.20% during 2023-2032.
Remote Sensing Satellites are used for capturing data related to the physical characteristics of the Earth’s surface using reflected and emitted radiation. Special cameras onboard the satellites capture the sensed images. There are multiple uses of remote sensing satellites such as mapping large forest fires, tracking the growth of cities, tracking clouds for weather prediction, mapping topography of regions and more.
According to the remote sensing satellite market forecast industry is growing due to increasing investments in earth observation programs. Remote sensing data is being increasingly used across sectors such as defence, agriculture, energy, urban planning, disaster management and more which is also driving the growth of this market. Moreover, the increasing launch of remote sensing satellites by various space agencies for advanced earth observation programs boosts the market growth.
Covid-19 pandemic disrupted production lines of remote sensing satellites delayed launch schedules, and decreased investment in this sector. All these factors slowed down the growth of this market. The high capital-intensive nature of remote sensing satellites is another factor that acts as a growth dampener for this market.
Market Segmentation:
Based on application, the global Remote Sensing Satellite Market is divided into earth observation, disaster management, navigation, meteorology, and mapping. The disaster management segment is projected to register the highest growth in the forecast period and reach USD 838.8 million in 2026. Increasing incidences of natural disasters and the development of advanced remote sensing tools to detect and ascertain natural disasters are the main reasons for the projected high growth of this segment.
Based on end-user, the global Remote Sensing Satellite Market is divided into defence and commercial. The defence segment held the largest market share in 2020 and is expected to grow at the fastest rate in the forecast period. This is because advanced military powers are increasingly investing in space-based intelligence, surveillance, and reconnaissance technology to control their forces and monitor and track enemy forces. Many upcoming military remote sensing satellites launches are expected to boost this segment.
Key Players:
The remote sensing satellite market major players Key Players are Antrix Corporation (India), Geo Sense (Malaysia), DigitalGlobe (US), Satellite Imaging Corporation (US), Mallon Technology (UK),EKOFASTBA (Spain), Remote Sensing Solutions (Germany)
Regional Analysis:
The global Remote Sensing Satellite Market is divided into North America, Europe, Asia Pacific, South America and the Middle East and Africa based on geography.
North America holds the largest share in the Remote Sensing Satellite Market. The USA alone accounted for USD 1.1 billion in the year 2021. The presence of the most prominent players in the industry and high capital investment are the main reasons for this region’s dominance.
Asia Pacific is projected to register the highest CAGR in the forecast period. This is because increasing geopolitical tensions in the region prompt countries to deploy remote sensing satellites to monitor national borders. Increasing focus on efficient disaster management is also pushing the growth in this region.
Industry News
- In November 2020, India launched the EOS-01 satellite equipped with synthetic aperture radar for day and night and all-weather observations.
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