Overview and Scope
A remote sensing satellite is an artificial satellite specifically designed to observe and gather information about Earth’s surface from space using various sensing instruments. These satellites have sensors that can detect and record electromagnetic radiation across different wavelengths, ranging from visible light to microwaves.
Sizing and Forecast
The remote sensing satellite market size has grown rapidly in recent years. It will grow from $11.66 billion in 2023 to $13.25 billion in 2024 at a compound annual growth rate (CAGR) of 13.6%. The growth in the historic period can be attributed to increased demand for earth observation data, growing need for environmental monitoring, military and defense applications, expansion of agriculture and forestry sectors, urban planning and infrastructure development, disaster management and emergency response.
The remote sensing satellite market size is expected to see rapid growth in the next few years. It will grow to $20.63 billion in 2028 at a compound annual growth rate (CAGR) of 11.7%. The growth in the forecast period can be attributed to rising adoption in climate change research, expansion of commercial satellite imagery services, emerging opportunities in maritime surveillance, demand for real-time monitoring solutions, space exploration missions and scientific research, regulatory support and international collaborations. Major trends in the forecast period include adoption of high-resolution imaging sensors, integration of synthetic aperture radar technology, growth in demand for satellite data analytics, integration with IoT and AI technologies, expansion of satellite imagery applications, adoption of satellite-as-a-service models.
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Segmentation & Regional Insights
The remote sensing satellite market covered in this report is segmented –
1) By Type: Satellite Communications (SATCOM), Space-Based Radars, Space-Based Electro-Optical And Infrared (EO/IR)
2) By Payload: Less Than 500 Kg, 500 Kg To 1,000 Kg, Above 1,000 Kg
3) By Application: Agricultural And Soil Studies, Natural Resources Monitoring And Conservation, Cartography, Geology And Mineral Resources Mapping, Meteorology And Oceanic Studies, Other Applications
4) By End Use: Civil, Military, Government, Others End Uses
North America was the largest region in the remote sensing satellite market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the remote sensing satellite market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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Major Driver Impacting Market Growth
Rising earth observation projects are expected to propel the remote sensing satellite market going forward. Earth observation projects refer to initiatives or programs involving various technologies, including satellites, aircraft, or ground-based sensors, to collect data and information about Earth’s surface, atmosphere, and oceans. Remote sensing satellites monitor and assess natural disasters such as hurricanes, floods, wildfires, earthquakes, and tsunamis. They provide real-time or near-real-time imagery and data to aid disaster response, evacuation planning, damage assessment, and recovery efforts. For instance, in January 2022, according to the European Space Policy Institute (ESPI), an Austria-based nonprofit association, the European Space Agency (ESA) received a 10.9% increase in its budget for 2022 compared to the previous year. The funding growth was particularly notable for Earth observation projects. The European Commission’s contribution to ESA increased by 17%, with a focus on the technical management of the Galileo and Copernicus programs. These programs experienced an 18.3% budget increase from $1.83 billion in 2021 to $2.16 billion in 2022. Therefore, rising earth observation projects are driving the growth of the remote sensing satellite market.
Key Industry Players
Major companies operating in the remote sensing satellite market are Raytheon Technologies Corporation, The Boeing Company, Lockheed Martin Corporation, Airbus SE, Northrop Grumman, Mitsubishi Electric Corporation, Thales Group, L3Harris Technologies Inc., BALL CORPORATION, Hexagon AB, General Dynamics Mission Systems Inc., Maxar Technologies Inc., Environmental Systems Research Institute Inc.(Esri), AABSyS IT Pvt. Ltd., Planet Labs Inc., Orbital Insight, BlackSky Global LLC, Satellite Imaging Corporation, Mallon Technology, Antrix Corporation, Geo Sense, Remote Sensing Solutions GmbH, ImageSat International N.V.
The remote sensing satellite market report table of contents includes:
1. Executive Summary
2. Remote Sensing Satellite Market Characteristics
3. Remote Sensing Satellite Market Trends And Strategies
4. Remote Sensing Satellite Market – Macro Economic Scenario
5. Global Remote Sensing Satellite Market Size and Growth
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32. Global Remote Sensing Satellite Market Competitive Benchmarking
33. Global Remote Sensing Satellite Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Remote Sensing Satellite Market
35. Remote Sensing Satellite Market Future Outlook and Potential Analysis
36. Appendix
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