Report Predicts Synthetic Aperture Radar (SAR) in Space Sector Market to surpass $4B by 2024 - Key Players Airbus, BAE Systems, Harris Corporation, Lockheed Martin, Thales, Raytheon, IAI - Israel Aerospace Industries, Northrop Grumman

Europe Synthetic Aperture Radar (SAR) in space sector market contributed the largest industry share in 2017 and is expected to surpass USD 2.3 billion by 2024. Multiple planned and ongoing missions in the region, including multi-constellation satellites and follow on missions in Russia, Germany, Finland and the UK will drive the industry growth. Moreover, according to ESA budget for 2018, 52% of the assigned budget capital was dedicated towards navigation, scientific program, earth observation, situational awareness, and technology support. These operations will require increased utilization of microwave-based radars, inadvertently propelling the regional growth.

Requirement for high resolution remote sensing and imaging solutions development for earth observation, biomass measurement, weather monitoring, ocean monitoring, and space exploration is expected to be the prominent factor fueling the SAR in space sector market. Requirement of optimum lighting conditions and absence of cloud cover for efficient operations of optical imaging solutions are expected to leverage the radar solutions demand over the forecast period.

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High costs associated with the designing, development, deployment, and high complexity in developing usable image from the reflected microwaves is expected to be the major factor hampering the overall business growth. Requirement of large space and heavy weight of the systems, in conjunction with the necessity of support systems is expected to restrain the growth of the SAR in space sector market share.

Company profiled in this report based on Business overview, Financial data, Product landscape, Strategic outlook & SWOT analysis:

 Airbus SE
 Capella
 BAE Systems
 Iceye
 Harris Corporation
 Lockheed Martin Corporation
 Israel Aerospace Industries
 Northrop Grumman Corporation
 MDA Information Systems
 Thales Group
 Raytheon Company

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R&D activities to reduce the size and weight of the overall systems is expected to remain the prime focus of the industry participants. For instance, in January 2018, Iceye deployed its first micro-SAR satellite in the orbit with the ability to generate two and three-dimensional images for different applications. Such technological innovations are expected to present strong growth platform for the SAR in space sector from 2018 to 2024.

Research & commercial application segment is projected to witness significant gains over the forecast limeline. High growth opportunity through its commercial applications for disaster management, natural resource exploration, meteorology, and navigation will strengthen the segment growth prospects.

Single frequency band is expected to continue its dominance in the global SAR in space sector market share. High utilization of single frequencies for appropriate missions, specifically for military surveillance and reconnaissance will drive the segment growth. In 2017, X band synthetic aperture radar dominated the single frequency band. This can be credited to its extensive applications in military surveillance, geographical mapping and reconnaissance.

In 2015, U.S. Department of Commerce (DoC) approved the license of XpressSAR Inc., to operate private and commercial synthetic aperture radars. It was the first 100% U.S. owned company approved to operate a constellation of four X band radars for commercial applications. Utilization of the imagery data for commercial applications is to be among the prominent trend gaining traction across the globe. Moreover, revenue generation opportunities presented by these solutions is expected to leverage the competitive scenario and SAR in space sector market growth.

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High emphasis on the deployment of multi-constellation satellite for regular information updates on the global level is expected to fuel the industry competition for commercial space. For instance, Capella Space has announced the plans for deploying constellation of 31 satellites by 2020 for hourly updates on the earth observation data.

Global SAR in space sector is consolidated in nature with limited presence of the participants contributing the significant share of the industry. This can be attributed to the high initial capital requirement, skilled workforce, and the heavy procedural government approvals required for the projects.

Some of the major players in the SAR in space sector market include Airbus SE, Capella, BAE Systems, Iceye, Harris Corporation, Lockheed Martin Corporation, Israel Aerospace Industries, Northrop Grumman Corporation, MDA Information Systems, Thales Group, Raytheon Company, and Uthercast.

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