The global remote sensing satellite market size was valued at USD 9.67 billion in 2022. The market is projected to grow from USD 14.11 billion in 2023 to USD 29.19 billion by 2030, exhibiting a CAGR of 10.9% during the forecast period.
Acquisition of data from a distance is known as remote sensing. Remote sensing satellites collect data about the Earth’s surface using different instruments and sensors from a considerable distance. These satellites have specialized sensors, including optical cameras, thermal sensors, LiDAR systems, multispectral and hyperspectral sensors, and others. Notable demand from the military sector and subsequent rise in adoption promise new growth opportunities for the market in the coming years.
Fortune Business Insights™ mentioned this in a report titled “Remote Sensing Satellite Market, 2023-2030.”
Information Source:
https://www.fortunebusinessinsights.com/remote-sensing-satellite-market-107838
List of Key Players Present in the Report:
- Space (U.S.)
- Airbus (France)
- Planet Labs PBC (U.S.)
- Umbra Lab Inc. (U.S.)
- Orbital Sidekick (U.S.)
- Pixxel (India)
- Satellite Imaging Corporation (U.S.)
- Lockheed Martin Corporation (U.S.)
- Northrop Grumman Corporation (U.S.)
- Boeing (U.S.)
- Thales Group (France)
- Indian Space Research Organization (India)
Segments:
LEO Segment to Dominate due to Rising Satellite Missions
By orbit, the market is divided into LEO, MEO, GEO, and others. The Lower Earth Orbit (LEO) segment dominates the market and is expected to grow fastest during the forecast period owing to increasing LEO satellite missions worldwide.
Rising Demand for Remote Sensing Satellites for Disaster Management to Drive Market Growth
By application, the market is classified into disaster management, weather forecasting, oceanography, ecology, and others. The disaster management segment is slated to dominate the market and have the highest CAGR over 2023-2030. High usage of remote sensing satellites in humanitarian operations drives the segmental growth.
Growing Military Investment by Various Nations is Propelling the Market Growth
By end user, the market is divided into civil, military, and government. The military segment is estimated to dominate the market over 2023-2030. The rising investment of various countries in military advancement is propelling the growth of the segment.
Rising Military Satellite Needs to Drive the Above 1,000 Kg Segment Growth
Based on payload, the market is segmented into less than 500 kg, 500 kg to 1,000 kg, and above 1,000 kg. The above 1,000 kg segment is estimated to have the largest market share during the forecast period. The rising need for military satellites by the Navy, army, and air force is driving the segment growth in the market.
Geographically, the market is studied across North America, Europe, Asia Pacific, the Middle East & Africa, and Latin America.
COVID-19 Impact:
Supply Chain Disruptions During the Pandemic Hampered Market Growth
The COVID-19 pandemic negatively impacted the remote sensing market growth as it caused supply chain disruptions and delays in satellite launches globally. During the pandemic, the space domain witnessed a significant loss due to a drop in the overall budget of government space agencies worldwide. Citing an instance, the Indian Space Research Organization (ISRO) experienced a drop of nearly 26% in budget allocation during FY 2020-2021 compared to the previous financial year. These factors slowed down market growth to some extent.
Report Coverage:
The report offers:
- Major growth drivers, restraining factors, opportunities, and potential challenges for the market.
- Comprehensive insights into regional developments.
- List of major industry players.
- Key strategies adopted by the market players.
- The latest industry developments include product launches, partnerships, mergers, and acquisitions.
Drivers & Restraints-
Increasing Demand for Remote Sensing in Military Applications Fosters Market Growth
Due to the growing territorial conflict, many countries are investing more in surveillance technologies to ensure security. The satellites have become an essential factor in determining the results of a war. The need for advanced Intelligence, Surveillance, and Reconnaissance (ISR) capabilities surges the demand for remote-sensing satellites in the military.
However, most LEO projects are multi-year and continue their trajectories for many years, which could impact the remote sensing satellite market growth slightly during the forecast period.
Regional Insights-
North America to Dominate Backed by Rising Military Satellite Demand
North America dominates the remote sensing satellite market share and was valued at USD 3.22 billion in 2022. High demand for satellites in the military sector is propelling the regional growth. Asia Pacific is poised to record the highest CAGR over 2023-2030 owing to the rising demand for remote sensing in India, South Korea, and China.
Competitive Landscape-
Key Players Eye Product and Service Partnerships to Deliver Enhanced Offerings
Major key players of remote sensing satellite are focusing on agreements and deals to share satellites and data to increase cost-effective customer services globally. Umbra Lab Inc. and Ursa Major Technologies Inc. partnered to develop Synthetic Aperture Radar (SAR) imagery to capture satellite images through bad weather, clouds, darkness, and other conditions. Growing partnerships among market players will help strengthen the market outlook over the forecast period.
Key Industry Development
February 2023 – Maxar Technologies signed an agreement Umbra Lab Inc. to get Umbra’s radar imaging constellation. The partnership will allow Maxar to task the satellites of Umbra and combine its synthetic radar data into its Earth intelligent services and products portfolio.
Ask for Customization:
About Author
