At 11.4% CAGR, Remote Sensing Satellites Market Size will reach 29.8 billion USD by 2027

A comprehensive research study on Remote Sensing Satellites market added on Market Study Report provides insights into the market size and growth trends of this industry over the forecast timeline. The study evaluates key aspects of Remote Sensing Satellites market in terms of the demand landscape, driving factors and growth strategies adopted by market players.

Global Remote Sensing Satellites Market to reach USD 29.8 billion by 2027. Global Remote Sensing Satellites Market is valued at approximately USD 13.8 billion in 2020 and is anticipated to grow with a healthy growth rate of more than 11.4 % over the forecast period 2021-2027.

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Major market player included in this report are:

  • DigitalGlobe
  • Esri
  • General Dynamics Mission Systems, Inc.
  • Hexagon AB
  • Lockheed Martin Corporation
  • Orbital Insight
  • Planet Labs Inc.
  • Beijing Xingpaiweiye Sports Goods Co. Ltd
  • Geo Sense
  • Satellite Imaging Corporation

Remote sensing technology is used to collect data and analyze the physical features of the earth’s surface. It relies on reflected and emitted light from planes and satellites rather than physical touch with the surface under investigation. The growing number of earth observation programmes undertaken by various space organizations is driving the market.

For example, the Indian Space Research Organization (ISRO) currently has thirteen earth observation satellites in orbit and aims to launch 10 more between 2020 and 2021. Following the emergence of the COVID-19 pandemic, many countries implemented tight quarantine measures. As a result, remote sensing technology has been adopted to monitor and control the spread of viruses as well as document environmental changes.

For example, in June 2020, NASA, JAXA, and the European Space Agency (ESA) collaborated to develop a new earth observation dashboard that monitors changes in the environment and human lifestyle as a result of the COVID-19 virus. The dashboard combines many satellite records to make climate, agriculture, and economic activity changes easy to track. The growing use of smart city initiatives is paving the path for market expansion.

Zoning and urban planning, infrastructure modelling, and security and law enforcement planning are all aided by the technology. To increase their market share, prominent industry players are pursuing inorganic development techniques such as acquisitions and mergers. For example, UrtheCast announced the purchase of Geosys Technology Holding LLC for USD 20 million in January 2019. The former company hopes to strengthen its market position in geo-analytics solutions for agriculture as a result of this purchase.

Market participants are also concentrating on obtaining contracts from scientific and defense agencies for a variety of projects in order to increase their market share. General Dynamics Information Technology, Inc., for example, reported in February 2019 that it had secured contracts from the National Geospatial-Intelligence Agency (NGA), an agency  of the U.S. defense department for providing earth observation technologies.

However, lack of awareness and interoperability issues may impede market growth over the forecast period of 2021-2027. The regional analysis of the Global Remote Sensing Satellites Market is considered for the key regions such as Asia Pacific, North America, Europe, Latin America, and Rest of the World (ROW).

North America is the leading region across the world in terms of market share due to presence of key market players such as General Dynamics Mission Systems, Inc., Lockheed Martin Corporation, Esri and Raytheon Technologies Corporation in the region. Whereas Asia Pacific is also anticipated to exhibit the highest growth rate over the forecast period 2021-2027, due to  increasing adoption of earth observation for infrastructure development applications such as mining, oil reserves etc. across the region.

The objective of the study is to define market sizes of different segments & countries in recent years and to forecast the values to the coming eight years. The report is designed to incorporate both qualitative and quantitative aspects of the industry within each of the regions and countries involved in the study.

Furthermore, the report also caters the detailed information about the crucial aspects such as driving factors & challenges which will define the future growth of the market. Additionally, the report shall also incorporate available opportunities in micro markets for stakeholders to invest along with the detailed analysis of competitive landscape and product offerings of key players.

The detailed segments and sub-segment of the market are explained below:

By Technology:

Active Remote Sensing

Passive Remote Sensing

By Application:

Agriculture & Living Resources

Military & Intelligence

Disaster Management

Infrastructure

Weather

Others

By Platform:

Satellite

Aerial Systems

Furthermore, years considered for the study are as follows:

Historical year – 2017, 2018-19

Base year – 2019-2020

Forecast period – 2021 to 2027.

Target Audience of the Global Remote Sensing Satellites Market in Market Study:

Key Consulting Companies & Advisors

Large, medium-sized, and small enterprises

Venture capitalists

Value-Added Resellers (VARs)

Third-party knowledge providers

Investment bankers

Investors

Full Report Summary At: https://www.marketstudyreport.com/reports/global-remote-sensing-satellites-market-size-research?utm_source=marketwatch.com&utm_medium=AG

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