According to MRFR, the Global Remote Sensing Satellite Market 2020 is estimated to grow at approximately 5% CAGR from 2020 to 2025.
Increasing investment in satellite connectivity and ISR payloads, and the increasing need for sophisticated optical imaging systems are the reasons responsible for the growth of the remote sensing satellite industry. Certain key factors expected to lead to the growth of the demand for remote sensing satellites are augmented investment in remote sensing satellites for ozone emissions and air quality assessment. In addition, the rise of new technologies such as Big Data Analytics, the Internet of Things (IoT), and cloud computing is expected to fuel demand for remote sensing. Some of the most important factors driving the development of the demand for remote sensing services is the growing usage of remote sensing services in defense and commercial applications. In addition, high-spatial-resolution images can allow users to differentiate between two objects like each other, which in turn is projected to fuel the market for spatial resolution imagery in commercial and defense applications.
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There are, however, some shortcomings in the satellite remote sensing industry, such as costs associated with a satellite launch, and the difficulties associated with its integration with several platforms.
The major players in the Global Remote Sensing Satellite Market are Ball Corporation (US), Airbus SAS (France), Boeing (US), Thales Group (France), Space Exploration Technologies Corporation (US), China Aerospace Science and Technology Corporation (China), Mitsubishi Electric Corporation (Tokyo), Lockheed Martin Corporation (US), Orbital ATK Inc. (US), and Planet Labs Inc. (US).
The Remote Sensing Satellite Market is segmented based on system, application, end-user, and regions.
Based on the system, the market has been segmented into SATCOM, radar, EO/IR, and others. Among these, the SATCOM is widely used and comprises of most significant market shares due to the growing need for earth observation satellites.
The application-based segment comprises meteorology, earth observation, mapping and navigation, telecommunication, and others.
Based on end-user, Global Remote Sensing Satellite Market has been bifurcated into defense and commercial. Of such, during the projected period, the commercial is expected to rise to the fastest CAGR. The rising utility of remote sensing satellites for agricultural applications could fuel the need for remote sensing satellites across the globe.
Global market, based on region, is analyzed in North America, Europe, Asia Pacific, Middle East & Africa, and South America.
Owing to ongoing advancements in the use of modern technologies, signal processing techniques and functional terminals the European region is expected to dominate the market in the future. The European satellite industry is seeing ongoing developments in the use of new wavelengths, methods for signal processing, and powerful terminals. It has provided the world more opportunities for the use of remote sensing satellites. Significant investments in numerous military and commercial satellite systems by countries such as France, Germany, Russia, Israel, and the UK would also lead to the expansion of the European economy.
Nonetheless, due to the high demand for remote sensing services in various applications, such as precision farming, 3D terrain model building, damage evaluation, pipeline tracking, geohazard modeling, resource extraction, and security and intelligence, the Asia Pacific area market is expected to expand at the fastest CAGR.
Thanks to growing investments in numerous military and commercial satellite projects, North America is second to the European market in demand for remote sensing satellites. The North American industry is powered primarily by a growing need for remote sensing services in diverse industries such as Oil & Gas, mineral exploration, energy, and power, which helps in the growth of the global remote sensing satellite market.
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