Dublin, April 05, 2024 (GLOBE NEWSWIRE) -- The "Global Optical Satellite Market: Analysis By Orbit Type, By End-Use, By Region Size and Trends with Impact of COVID-19 and Forecast up to 2029" report has been added to ResearchAndMarkets.com's offering.
The global optical satellites market was valued at US$2.53 billion in 2023. The market value is expected to reach US$5.20 billion by 2029. The market is expected to grow at a CAGR of approx. 13% during the forecasted period of 2024-2029.
Optical satellites, a class of satellites utilized for Earth observation, employ visible and near-infrared light to capture images of the Earth's surface. These images serve various purposes, including monitoring changes in vegetation, land utilization, and urban expansion over time.
The increasing demand for high-resolution imagery for various applications such as agriculture, urban planning, environmental monitoring, and defense has been a major contributor to the growth of the optical satellite market. Optical satellites offer the capability to capture detailed images with high spatial resolution, enabling precise analysis and decision-making.
Additionally, advancements in satellite technology, including improved imaging sensors, higher processing power, and enhanced data transmission capabilities, have expanded the capabilities of optical satellites, making them more attractive for commercial and government users alike. Furthermore, the growing accessibility of satellite data and services due to lower costs and improved data distribution channels has democratized the use of optical imagery, leading to an expanded user base across industries and regions.
North America held the major share in the market. the increasing need for advanced satellite capabilities for national security, space exploration, and commercial applications is driving investment in satellite manufacturing and technology development. For example, companies like SpaceX, based in the US, are launching large constellations of optical satellites. Moreover, the US government's substantial investment in space exploration and satellite technology, coupled with initiatives like NASA's Earth Observation Program and the National Geospatial-Intelligence Agency's (NGA) EnhancedView Program, has stimulated the development and deployment of optical satellites for various applications.
Market Segmentation Analysis:
By Orbit Type:
The report provides the bifurcation of the market into three segments based on the orbit type: Low Earth Orbit (LEO), Geostationary Orbit (GEO), and Medium Earth Orbit (MEO).
The LEO segment held the highest share in the market and is expected to be the fastest growing segment in the forecasted period. The demand for optical satellites in LEO has been increasing rapidly due to their ability to provide frequent revisits and real-time or near-real-time data. This capability is particularly valuable for applications requiring timely information, such as emergency response and surveillance. Additionally, advancements in satellite technology have led to the deployment of small satellite constellations in LEO, offering enhanced coverage and data availability at lower costs.
By End-Use:
The report further provides the segmentation based on the following end-use: Government & Defense, Urban Development & Infrastructure, Energy & Natural Resources, Agriculture, Environmental Monitoring & Climate Services, Forestry & Maritime, Disaster Management, and Others.
The government & defense segment held the highest share in the market, whereas the disaster management segment is expected to be the fastest growing segment in the forecasted period. In the government & defense sector, optical satellites are utilized for various purposes including reconnaissance, surveillance, border monitoring, and intelligence gathering. These satellites provide high-resolution imagery and real-time intelligence, enabling governments and defense agencies to monitor geopolitical developments, track military activities, and enhance national security.
As a result, this sector accounts for a significant portion of the overall demand for optical satellite technology, driving innovation and advancements in satellite imaging capabilities. On the other hand, the demand for optical satellites in disaster management segment is increasing due to the rising frequency and severity of natural disasters, including floods, earthquakes, hurricanes, and wildfires. As governments and humanitarian organizations prioritize disaster preparedness and response capabilities, the demand for optical satellite technology for disaster management and emergency response purposes is expected to rise.
By Region:
Germany is one of the leading space actors in Europe together with France in terms of contributions to the European Space Agency. According to OECD iLibrary, in 2022, Germany's institutional space budget reached US$1,839.5 million (£1,749.2 million), having grown 0.8% yearly since 2015 in real terms. Overall, the institutional space budget accounted for 0.045% of the German gross domestic product in 2022. The increasing institutional space budget positively impacts the optical satellite market by fostering innovation, research, and development of advanced satellite technologies.
Currently, India, within the Make in India initiative, is associated with a range of international bodies like the United Nations Office for Outer Space Affairs (UNOOSA), the United Nations Committee on Peaceful Uses of Outer Space (UN-COPUOS), International Astronautical Federation (IAF), International Academy of Astronautics (IAA) and Committee on Earth Observation Satellites (CEOS), among others.
This initiative has helped various organizations and universities operating within India to gain access to global education and knowledge base as the country has collaborated with international research, development, and education bodies like the Institute of Remote Sensing (IIRS) and United Nations (UN) affiliated Centre for Space Science and Technology Education in Asia and the Pacific (CSSTE-AP).
As of now, there are more than 1,100 beneficiaries across 52 countries affiliated with the initiative, providing a global knowledge database to Indian organizations. Hence, the Make in India campaign's emphasis on collaboration with global bodies in the space sector enables Indian organizations to access advanced technology and expertise, fostering innovation and competitiveness in the optical satellite market.
Competitive Landscape:
The global optical satellite market is characterized by intense competition among key players aiming to capitalize on the growing demand for high-resolution imaging and data collection services.
The market players employ various strategies to enhance their presence and market share, including strategic partnerships, collaborations, and agreements to expand their technological capabilities and geographic reach. For instance, at the end of 2022, Airbus signed a contract with Poland for the provision of two very high-resolution S950 optical satellites and access to Pleiades Neo imagery from 2023. Furthermore, the agreement encompasses the delivery of Very High Resolution (VHR) imagery from the Airbus Pleiades Neo constellation as early as 2023.
Additionally, investments in research and development to innovate new satellite technologies, such as higher-resolution imaging and advanced data analytics, are common strategies to stay ahead in the market. For instance, Israel Aerospace Industries' EROS-C3, an electro-optical satellite, was launched in December 2022, using a SpaceX Falcon 9 launch vehicle, from the Vandenberg Space Force Base in California, US. The EROS-C3 is one of the most advanced observation satellites in the world, thanks to pioneering technologies that enable very high-resolution images and for the first time using the multispectral camera. After launch, the satellite entered its planned orbit around the Earth and began transmitting data to the ground station.
The key manufacturers in the global optical satellite market are:
- Airbus SE
- Israel Aerospace Industries Ltd
- Thales Group (Thales Alenia Space)
- Maxar Technologies Inc.
Market Dynamics
Growth Drivers
- Growing Defense Spending
- Rise in Orbital Launches
- Growing Earth Observation Market
- Equity Investment in the Satellite Industry
- Favorable Government Initiatives
- Increasing Demand for Real Time and Accurate Geospatial Data
- Growing Focus on Environmental Monitoring and Disaster Management
- Increasing Deployment of Satellite Constellations
- Commercialization of Space Exploration Activities
Challenges
- Regulatory Hurdles
- Launch Availability and Costs
- Security Concerns
Market Trends
- Integration of Artificial Intelligence and Machine Learning
- Knowledge Transfer
- Increasing Investment in Space Start-ups
- Advancements in Satellite Miniaturization
- Advancement in Launch Vehicle Technology
- Integration of IoT with the Optical Satellite
- Advancements in Capabilities
For more information about this report visit https://www.researchandmarkets.com/r/bc5gaw
About ResearchAndMarkets.com
ResearchAndMarkets.com is the world's leading source for international market research reports and market data. We provide you with the latest data on international and regional markets, key industries, the top companies, new products and the latest trends.
