Remote Sensing Satellite Market is Estimated to Surpass US$ 35.2 Billion by 2030 Registering a CAGR of 10.20% | Antrix Corporation (India), Geo Sense (Malaysia), Digital Globe (US)

Latest Market Research Report By MRFR On Remote Sensing Satellite Market Analysis With Business Value, Trend, Industry Growth Technology innovation in aviation with and Information, By System By Application End User and Forecast till 2030

Market overview:

Remote Sensing Satellite Market is expected to be worth USD 35.2 billion by 2030, with a CAGR of 11.20% percent from 2020 to 2030.

The growing investment in communication satellites, particularly in developed countries, and the increased use of remote sensing satellites in military applications for observation and communication, propels the remote sensing satellite market forward. Furthermore, further technological advancements in remote sensing satellites, such as next-generation satellites, are expected to create market opportunities for the remote sensing satellite market during the forecast period.

The remote sensing satellite market is driven by the wide range of applications provided by assimilated data to various end-user industries worldwide, particularly the energy, agriculture, and defense sectors. However, some factors include the satellite industry's inherent capital-intensive nature in general and the recent COVID-19-induced disruption in the satellite industry supply chain.

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Key Players:

Antrix Corporation (India), Geo Sense (Malaysia),Digital Globe (US), Satellite Imaging Corporation (US), Mallon Technology (UK), EKOFASTBA (Spain), Remote Sensing Solutions (Germany)

COVID-19 Analysis:

Though the COVID-19 pandemic sent shockwaves through specific industries, the satellite manufacturing industry was largely immune to the pandemic's effects. The government, public sector, and collaborations of prominent market players operating in various global regions contribute to the remote sensing satellite market share growth. The global market operations are expanding significantly due to increased investment in the R&D department. This enables market participants to concentrate on the accuracy of data curated by satellites, which can be effectively implemented across a wide range of companies and businesses. Furthermore, product development and launch, backed by mergers and acquisitions, are expected to produce excellent market attributes by the end of the year.

Market segmentation:

The global Remote Sensing Satellite Market is segmented by end-user and platform type.

By end-user type:
• Commercial sector
• Defense sector

By platform type:
• The ground
• Manned aircraft
• Satellites
• UAVs

Regional analysis:

The market has been divided into four regions: Europe, North America, Asia-Pacific, and the rest of the world (RoW).

The North American region dominated global market operations based on remote sensing satellite market trends that prevailed during the historic forecast period that ended in 2020. The same region is expected to grow as a dominant force, starting with the pandemic year of 2020 and continuing through the forecast period. The main focus of the prominent market players in this region is the large-scale development of remote sensing services and their availability to various audiences, such as agriculture, energy, scientific research, oil, power, gas, and the forest industry.

During the forecast period, Asia-Pacific is expected to grow at a significant CAGR of more than 12%. This is due to the growing use of earth observation for infrastructure development applications. China, Australia, Japan, and India are regarded as the region's most profitable markets for remote sensing technology providers. Government initiatives to develop urban infrastructure, such as India's Smart City Mission, are also expected to boost the regional market growth. The existing geopolitical schism in the Asia-Pacific region has compelled nations to rapidly adopt space-based C4ISR technologies powered by remote sensing satellites to detect and secure their national borders from potential incursions.

Recent developments:

In February 2022, John Deere and Kansas State University researchers will release the findings of a project that they believe will "fundamentally change" how farmers manage and market crops. The university is collaborating with John Deere to analyze data from remote sensors on and off combines, which will eventually help farmers improve grain protein in crops.

ICEYE, a synthetic aperture radar imaging startup, announced in February 2022 that it had raised USD136 million in the latest Series D funding round, bringing its total to USD304 million to date, one of the most well-capitalized space startups aside from SpaceX. The primary focus is remote sensing, or getting images of Earth from space and the technology that allows it to do so.

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