Remote Sensing Satellite Market Prognosticated To Accrue With A Whooping CAGR by 2032

April, 2022 Market Research Future Published a Report on Remote Sensing Satellite Market 

Global Remote Sensing Satellite Market – Overview

The Remote Sensing Satellite Market will grow at a 11.20% by 2023-2032 The market is set to reach a higher valuation of USD 37.69 billion by 2032. The global remote sensing satellite market is growing with the rapid pace. According to a recent study report published by the Market Research Future, The global market of remote sensing satellite market will grow at a rapid pace over the forecast period. The market is forecasted to witness slow but steady growth by 2032, which will be a surplus growth at a moderate CAGR during the projected period (2023 -2032).  

The high demand for remote sensing satellite market is due to the growth in the satellite communication. This increases in the participation of countries in the field of remote sensing satellite market. Moreover, the revolution from aerial photography to multi-spectral satellite imaging that are helpful for the distinguishing and characterizing earth and atmosphere features. The rapid technology advancement along with the increased focus of OEMs on providing remote sensing system is expected to add to the growth of the market. However, cost associated with satellite launch and complexities attached to its integration with several platforms act as a barrier to the growth of remote sensing satellite market.

The remote sensing satellite market is completely dependent on the versatile applications related to mapping and monitoring earth’s surface. Thus, the increasing or decreasing demand for the remote sensing applications has an impact on the market. Moreover, the factor responsible for the growth of remote sensing satellite market is demand for growing investment on satellite communication and ISR payloads, and the growing need for advanced optical imaging systems. This is the primary factor that drives the growth of the global remote sensing satellite market and has gained prevalence in the recent times, with the usage of best in class technologies in space application. Thus, the growth of the remote sensing satellite market is expected to go hand in hand with the growth of investment in the satellite communication technologies.

Remote sensing satellite market is widely used in different sectors as per their application. For instance, in defense sector, the significant developments of satellite communication has bolster the market. The SATCOM is widely used and comprises of largest market share due to the growing need for earth observation satellites. It is widely used for monitoring of the Earth’s surface to obtain important data for mapping, mineral exploitation, land-use planning, resource management and other activities. Similarly, in agriculture sector, the growing utility of remote sensing satellites applications such as crop area and production estimation, soil mapping and farm advisories might have bolster the need for remote sensing satellites across the globe.

Industry/ Innovation/ Related News:

August, 2017 – SpaceX Falcon 9 launched a remote sensing satellite for the government of Taiwan. The spacecraft carried cameras capable of producing panchromatic images at a resolution of two meters and colour images at a resolution of four meters.

October, 2016 – Orbital ATK signed a contract with NASA to build next civilian land remote sensing satellite to provide valuable data for agriculture, emergency response and disaster relief.

September, 2015 – Thales Alenia Space had signed a contract with the French Space Agency, Centre National d’Etudes Spatiales, for feasibility study regarding the development of a high-resolution optical remote sensing satellite system.

 Global Remote Sensing Satellite Market – Segmentation

The global remote sensing satellite market is segmented in to 4 key dynamics for the convenience of the report and enhanced understanding;

Segmentation by System                   : Comprises SATCOM, Radar, EO/IR and Others

Segmentation by Application           : Comprises Earth Observation, Telecommunication, Meteorology, Mapping and Navigation and Others

Segmentation by End User   : Comprises Defense and Commercial

Segmentation by Regions                 : Comprises Geographical regions - North America, Europe, Asia-Pacific, Middle East & Africa and South America.

Key Players:

Airbus S.A.S (France), Ball Corporation (U.S.), Boeing (U.S.), Space Exploration Technologies Corporation (U.S.), Thales Group (French), China Aerospace Science and Technology Corporation (China), Lockheed Martin Corporation (U.S.), Mitsubishi Electric Corporation (Tokyo), Orbital ATK Inc. (U.S.) and Planet Labs Inc. (U.S.)    and others are some of the prominent players profiled in MRFR Analysis and are at the forefront of competition in the global Remote Sensing Satellite market

Global Remote Sensing Satellite Market:

Regional Analysis

European region is dominating the market of global remote sensing satellite market due to continuous advancements in the usage of new frequencies, signal transmission techniques, and effective terminals. North America market is referred to as the second-largest remote sensing satellite market due to factors such as growing investments in various military and commercial satellites programs have fuelled the demand for global remote sensing satellite market. The market in the North American is largely driven by increasing demand for remote sensing services in various sectors such as Oil & Gas, mineral exploration, energy and power, which helps in growth of global remote sensing satellite market.