| Source: Fortune Business Insights
Pune INDIA
Pune, India, Aug. 07, 2023 (GLOBE NEWSWIRE) — The global remote sensing satellite market size was valued at USD 9.67 billion in 2022 and 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.
Remote sensing is the integration of data from a distance. Remote sensing satellites are used in the military, government, and civil sectors. The satellites provide enhanced situational awareness to the user, making them essential during missions with less on-ground surveillance and intelligence data. Growing demand in agriculture, weather forecasting, climate observation, and other areas will augur well for the market over the forthcoming years.
Fortune Business Insights™ mentioned this in a report titled “Remote Sensing Satellite Market, 2023-2030.”
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List of Key Players Profiled in the Remote Sensing Satellite Market Report:
Report Scope & Segmentation:
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Segments:
Easy Satellite Accessibility to Lead to LEO’s Dominance
Based on orbit, the market is segmented into LEO, MEO, GEO, and others. The Lower Earth Orbit (LEO) segment is expected to dominate the market during the forecast period and record the fastest growth owing to easy access to the LEO crew and servicing.
Disaster Management to Dominate due to High Remote Sensing Satellite Usage
By application, the market is divided into disaster management, weather forecasting, oceanography, ecology, and others. The disaster management segment is anticipated to dominate the market share and grow with the highest CAGR over 2023-2030 due to the rising usage of remote sensing satellites.
Rising Investments by Military to Lead to Military Segment’s Dominance
Based on end user, the market is divided into civil, military, and government. The military segment is estimated to dominate the market during the forecast period due to rising geopolitical tensions and territorial conflicts worldwide. The civil segment is estimated to record the fastest CAGR during the forecast period due to modernization of traditional industries.
Rising Military Investments to Drive the Above 1,000 Kg Segment
By 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 dominate the remote sensing satellite market share during 2023-2030 due to rising demand for satellites from the military sector worldwide.
Geographically, the market is studied across North America, Europe, Asia Pacific, the Middle East & Africa, and Latin America.
COVID-19 Impact:
Delayed Launches During Pandemic Affected the Market Growth
The COVID-19 pandemic negatively affected the global market due to delays in many satellite programs. For instance, the launch of India’s geospatial imaging satellite GISAT-1 was delayed due to increasing COVID-19 cases among workers in India. Similar situations were observed in other nations as well, which dented growth prospects for the market during the pandemic.
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Report Coverage:
The report offers:
Drivers & Restraints:
Expanding Scope of Remote Sensing in Agricultural Monitoring to Help the Market Grow
Remote sensing is extremely useful in the agricultural industry and modern remote sensing techniques are helping improve crop yield. The farmers use satellite data to increase crop development and crop yield. In October 2022, HDFC ERGO launched technology-enhanced crop yield insurance for farmers, which uses an index to provide local and farm-level coverage based on the satellites.
Despite robust growth opportunities in agriculture and other areas, the rising deployment of communications and Earth observation satellites in LEO may affect the market growth during the forecast period.
Regional Insights:
Rising Demand for Military Satellites to Drive the Market in North America
North America is expected to dominate the market share during the forecast period due to rising demand for military satellites. The regional market was valued at USD 3.22 billion in 2022.
Asia Pacific is estimated to have the fastest remote sensing satellite market growth during the forecast period. Key players focus on developing cutting-edge technologies, which can be integrated with satellites, further driving the market.
Competitive Landscape:
Partnerships and Agreements to Share Data and Satellites to Augment Market Growth
Major key players of remote sensing satellites 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.
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Detailed Table of Content:
TOC Continued…!
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Key Industry Development:
March 2023 – Six hyperspectral satellite imaging providers, including Orbital Sidekick, BlackSky, Xplore, Pixxel Planet, and HyperSat, received a five-year study contract from the U.S. National Reconnaissance Office (NRO). The agreement will help NRO expand its remote sensing capabilities.
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