Remote Sensing Satellite Market Trends 2024: Analysis and Growth Projections

The Business Research Company has recently revised its global market reports, now incorporating the most current data for 2024 along with projections extending up to 2033.

Remote Sensing Satellite Global Market Report 2024 by The Business Research Company offers comprehensive market insights, empowering businesses with a competitive edge. It includes detailed estimates for numerous segments and sub-segments, providing valuable strategic guidance.

The Market Size Is Expected To Reach $20.63 Bn In 2028 At A CAGR Of 11.7% :
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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Remote Sensing Satellite Market Major Segments
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

Key Driver - Earth Observation Projects Propel Remote Sensing Satellite 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.

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Prominent Trend - Advancements in Remote Sensing Satellite Technology Revolutionize Earth Observation

Major companies operating in the remote sensing satellite market are increasing their focus on developing innovative products, such as earth observation nanosatellites, to gain a competitive edge in the market. Earth observation nanosatellites are small-sized satellites designed for monitoring and collecting data about Earth's surface, atmosphere, and oceans. For instance, in June 2023, Azista BST Aerospace Pvt. Ltd., an India-based aerospace company, launched the ABA First Runner (AFR), a remote sensing satellite designed to capture panchromatic images with a 5-meter resolution and a 70-kilometer swath. Weighing 80 kg, it aims to supply remote sensing data to clients primarily in Southeast Asia and India, focusing on strategic and agricultural sectors. The acquired data will support agriculture, forestry, water management, mining, maritime operations, and defense applications. These technological upgrades enhance satellite performance, enabling more precise and comprehensive data collection, thus amplifying its utility across various industries and applications.

Remote Sensing Satellite Market 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.

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Largest And Fastest Growing Region In The Market
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.

The Table Of Content For The Market Report Include:
1. Executive Summary
2. Remote Sensing Satellite Market Report Structure
3. Remote Sensing Satellite Market Trends And Strategies
4. Remote Sensing Satellite Market - Macro Economic Scenario
5. Remote Sensing Satellite Market Size And Growth
…..
27. Remote Sensing Satellite Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix

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