Global Satellite Remote Sensing Market to Reach $4.6 Billion by 2026
The global market for Satellite Remote Sensing estimated at US$2.6 Billion in the year 2020, is projected to reach a revised size of US$4.6 Billion by 2026, growing at a CAGR of 10.3% over the analysis period.
The global market for remote sensing technology is set for phenomenal gains as a result of rising investments in earth observation programs and plethora of applications. Remote sensing technology holds a paramount role in capturing data related to the Earth`s surface as well as analyzes physical characteristics and parameters of the Earth. The technology uses emitted and reflected light from satellites and aircraft without involving physical contact with observed surface.
The global market is augmented by increasing count of ambitious earth observation programs announced by various space agencies across countries. The Indian Space Research Organization (ISRO) boasts 13 earth observation satellites, and is eying on the launch of ten new satellites over 2020-2021.
The remote sensing technology market is further propelled by increasing number of smart city projects that use the approach for urban planning, zoning, security & law enforcement, and infrastructure modeling. Increasing focus of various countries on smart cities and associated infrastructure is poised to drive the market over the coming years.
The market also received a major push from the COVID-19 outbreak that coerced several governments to implement stringent lockdown measures to curb spread of the virus. The crisis prompted various agencies to use remote sensing technology for monitoring spread of the COVID-19 virus and observe environmental changes.
Recently, NASA along with European Space Agency (ESA) and Japan Aerospace Exploration Agency came together for creating an earth observation dashboard intended to observe the impact of COVID-19 on human lifestyles and the environment.
Military & Intelligence, one of the segments analyzed in the report, is projected to record a 9.5% CAGR and reach US$1.8 Billion by the end of the analysis period. After a thorough analysis of the business implications of the pandemic and its induced economic crisis, growth in the Agriculture & Living Resources segment is readjusted to a revised 10.9% CAGR for the next 7-year period.
The U.S. Market is Estimated at $1.1 Billion in 2021, While China is Forecast to Reach $643.3 Million by 2026
The Satellite Remote Sensing market in the U.S. is estimated at US$1.1 Billion in the year 2021. China, the world`s second largest economy, is forecast to reach a projected market size of US$643.3 Million by the year 2026 trailing a CAGR of 12.7% over the analysis period. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 9% and 9.7% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 9.6% CAGR.
Globally, the number of satellites in operation is expected to expand significantly driven by various government initiatives and proposed launch of constellation of lightweight satellites by various companies, mainly startups.
An ongoing trend in the global satellite remote sensing services sector is growing proliferation of micro satellites or small satellites, which can potentially deliver access to high-quality imagery at much cheaper prices and in a more convenient manner than the existing conventional satellites.
Due to their small size and low weight, micro satellites can perform more number of round trips in their respective orbits in a day and generate relevant data, multiple times in a day, quite contrast to conventional satellites, which are heavy and slow-moving. The momentum in the micro satellites space is being driven by start-up companies such as Planet Labs, and UrtheCast, which have already received market approval for their respective micro satellites.
Disaster Management Segment to Reach $838.8 Million by 2026
Satellite remote sensing seamlessly generates critical intelligence for disaster management support, humanitarian aid and crisis management.
Equipped with advanced tools for generating precise and accurate data for detecting and ascertaining natural disasters such as earthquakes, landslides, volcanic eruptions, floods, cyclones, drought, and forest fires among others, satellite imagery helps disaster response and rescue teams to immediately react and respond to the situation.
Key Topics Covered:
I. METHODOLOGY
II. EXECUTIVE SUMMARY
1. MARKET OVERVIEW
Impact of Covid-19 and a Looming Global Recession: Featuring a Predominantly Mixed Outlook, Satellite Remote Sensing Manages Better Show than Most Other Industries
Satellite Connectivity Becomes Vital During Pandemic
Remote Sensing Technology Market Inches Ahead to Attain Crescendo
Satellite Remote Sensing: A Conceptual Overview
Types of Sensors for Satellite Remote Sensing
Spatial Resolution in Satellite Imagery
Applications
A Prelude to Satellite Remote Sensing
Growing Emphasis on Earth Observation to Drive Demand for Satellite Remote Sensing Services
Military & Intelligence Segment to Amass Major Gains in Satellite Remote Sensing Market
Emergence of Small Satellites to Redefine Market Dynamics
Select Conventional Satellites Vs. Micro Satellites: A Comparative Analysis
Startups Take Keen Interest in Satellite Constellations
Advances Setting Pace for Remote Sensing & Earth Observation Programs
Technology Advancements Fuel Market Growth
Select Innovations
Advanced Satellites to Perform Daily Revisits
Positive Momentum in Satellite Services Sector Lends Platform for Market Growth
Market Outlook
Competitive Landscape
Market Leaders Sense Brewing Competition from New Breed of Micro Satellite Companies
Stiff Competition from Airborne Platforms Continue to Trouble Satellite Imagery Vendors
Market Witnesses Surge in M&A Activity
Recent Market Activity
Select Global Brands
2. FOCUS ON SELECT PLAYERS (Total 57 Featured)
Airbus Defence and Space
Ball Aerospace & Technologies Corp.
Boeing Company
DigitalGlobe
Esri
ImageSat International N.V.
Maxar Technologies Ltd.
Mitsubishi Electric Group
Planet Labs, Inc.
Satellite Imaging Corporation (SIC)
Thales Group
UrtheCast
3. MARKET TRENDS & DRIVERS
Machine Learning Opens New Frontiers in Satellite Imagery Analysis
Satellite Imagery Data Presents Intriguing Gameplay for AI Applications
Innovations in Sensor Technology Paving Way for Commercialization of Space Technology
Developments in GIS Technologies Widen Image
Satellite Remote Sensing Momentum Enables Pathways to Understand Earth System
High Resolution Satellite Imaging Enables in-depth Tapping of Data
Big Data Results in Demand for Advanced Software Solutions
Private Sector Investments on Satellite Imagery Continue to Rise
Government Agencies Rely Satellite Remote Sensing for Various Purposes
Military & Intelligence: Key Application Segment
Oil & Gas Entities Rely on Satellite Remote Sensing for New Site Exploration & Infrastructure Monitoring
Utilities & Gas Distribution Firms Prioritize Satellite Imagery for Pipeline Corridor Planning
Satellite Remote Sensing Makes Steady Progress in the Mining Sector
Gold: A Widely Explored Mineral with Satellite Imagery
Rising Focus on Insurance GIS in the Insurance Sector Bodes Well for Market Growth
Growing Opportunities in Agriculture & Living Resources Vertical
Satellite Platforms Come to Fore in Precision Farming
Remote Sensing Holds Center-Stage Stance in Forest Monitoring & Management
