Dublin, May 04, 2022 (GLOBE NEWSWIRE) -- The "Satellite Remote Sensing - Global Market Trajectory & Analytics" report has been added to ResearchAndMarkets.com's offering.
Global Satellite Remote Sensing Market to Reach $4.6 Billion by 2026
The global market for Satellite Remote Sensing estimated at US$2.6 Billion in the year 2020, is projected to reach a revised size of US$4.6 Billion by 2026, growing at a CAGR of 10.3% over the analysis period.
The global market for remote sensing technology is set for phenomenal gains as a result of rising investments in earth observation programs and plethora of applications. Remote sensing technology holds a paramount role in capturing data related to the Earth`s surface as well as analyzes physical characteristics and parameters of the Earth. The technology uses emitted and reflected light from satellites and aircraft without involving physical contact with observed surface.
The global market is augmented by increasing count of ambitious earth observation programs announced by various space agencies across countries. The Indian Space Research Organization (ISRO) boasts 13 earth observation satellites, and is eying on the launch of ten new satellites over 2020-2021.
The remote sensing technology market is further propelled by increasing number of smart city projects that use the approach for urban planning, zoning, security & law enforcement, and infrastructure modeling. Increasing focus of various countries on smart cities and associated infrastructure is poised to drive the market over the coming years.
The market also received a major push from the COVID-19 outbreak that coerced several governments to implement stringent lockdown measures to curb spread of the virus. The crisis prompted various agencies to use remote sensing technology for monitoring spread of the COVID-19 virus and observe environmental changes.
Recently, NASA along with European Space Agency (ESA) and Japan Aerospace Exploration Agency came together for creating an earth observation dashboard intended to observe the impact of COVID-19 on human lifestyles and the environment.
Military & Intelligence, one of the segments analyzed in the report, is projected to record a 9.5% CAGR and reach US$1.8 Billion by the end of the analysis period. After a thorough analysis of the business implications of the pandemic and its induced economic crisis, growth in the Agriculture & Living Resources segment is readjusted to a revised 10.9% CAGR for the next 7-year period.
The U.S. Market is Estimated at $1.1 Billion in 2021, While China is Forecast to Reach $643.3 Million by 2026
The Satellite Remote Sensing market in the U.S. is estimated at US$1.1 Billion in the year 2021. China, the world`s second largest economy, is forecast to reach a projected market size of US$643.3 Million by the year 2026 trailing a CAGR of 12.7% over the analysis period. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 9% and 9.7% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 9.6% CAGR.
Globally, the number of satellites in operation is expected to expand significantly driven by various government initiatives and proposed launch of constellation of lightweight satellites by various companies, mainly startups.
An ongoing trend in the global satellite remote sensing services sector is growing proliferation of micro satellites or small satellites, which can potentially deliver access to high-quality imagery at much cheaper prices and in a more convenient manner than the existing conventional satellites.
Due to their small size and low weight, micro satellites can perform more number of round trips in their respective orbits in a day and generate relevant data, multiple times in a day, quite contrast to conventional satellites, which are heavy and slow-moving. The momentum in the micro satellites space is being driven by start-up companies such as Planet Labs, and UrtheCast, which have already received market approval for their respective micro satellites.
Disaster Management Segment to Reach $838.8 Million by 2026
Satellite remote sensing seamlessly generates critical intelligence for disaster management support, humanitarian aid and crisis management.
Equipped with advanced tools for generating precise and accurate data for detecting and ascertaining natural disasters such as earthquakes, landslides, volcanic eruptions, floods, cyclones, drought, and forest fires among others, satellite imagery helps disaster response and rescue teams to immediately react and respond to the situation.
Key Topics Covered:
I. METHODOLOGY
II. EXECUTIVE SUMMARY
1. MARKET OVERVIEW
- Impact of Covid-19 and a Looming Global Recession: Featuring a Predominantly Mixed Outlook, Satellite Remote Sensing Manages Better Show than Most Other Industries
- Satellite Connectivity Becomes Vital During Pandemic
- Remote Sensing Technology Market Inches Ahead to Attain Crescendo
- Satellite Remote Sensing: A Conceptual Overview
- Types of Sensors for Satellite Remote Sensing
- Spatial Resolution in Satellite Imagery
- Applications
- A Prelude to Satellite Remote Sensing
- Growing Emphasis on Earth Observation to Drive Demand for Satellite Remote Sensing Services
- Military & Intelligence Segment to Amass Major Gains in Satellite Remote Sensing Market
- Emergence of Small Satellites to Redefine Market Dynamics
- Select Conventional Satellites Vs. Micro Satellites: A Comparative Analysis
- Startups Take Keen Interest in Satellite Constellations
- Advances Setting Pace for Remote Sensing & Earth Observation Programs
- Technology Advancements Fuel Market Growth
- Select Innovations
- Advanced Satellites to Perform Daily Revisits
- Positive Momentum in Satellite Services Sector Lends Platform for Market Growth
- Market Outlook
- Competitive Landscape
- Market Leaders Sense Brewing Competition from New Breed of Micro Satellite Companies
- Stiff Competition from Airborne Platforms Continue to Trouble Satellite Imagery Vendors
- Market Witnesses Surge in M&A Activity
- Recent Market Activity
- Select Global Brands
2. FOCUS ON SELECT PLAYERS (Total 57 Featured)
- Airbus Defence and Space
- Ball Aerospace & Technologies Corp.
- Boeing Company
- DigitalGlobe
- Esri
- ImageSat International N.V.
- Maxar Technologies Ltd.
- Mitsubishi Electric Group
- Planet Labs, Inc.
- Satellite Imaging Corporation (SIC)
- Thales Group
- UrtheCast
3. MARKET TRENDS & DRIVERS
- Machine Learning Opens New Frontiers in Satellite Imagery Analysis
- Satellite Imagery Data Presents Intriguing Gameplay for AI Applications
- Innovations in Sensor Technology Paving Way for Commercialization of Space Technology
- Developments in GIS Technologies Widen Image
- Satellite Remote Sensing Momentum Enables Pathways to Understand Earth System
- High Resolution Satellite Imaging Enables in-depth Tapping of Data
- Big Data Results in Demand for Advanced Software Solutions
- Private Sector Investments on Satellite Imagery Continue to Rise
- Government Agencies Rely Satellite Remote Sensing for Various Purposes
- Military & Intelligence: Key Application Segment
- Oil & Gas Entities Rely on Satellite Remote Sensing for New Site Exploration & Infrastructure Monitoring
- Utilities & Gas Distribution Firms Prioritize Satellite Imagery for Pipeline Corridor Planning
- Satellite Remote Sensing Makes Steady Progress in the Mining Sector
- Gold: A Widely Explored Mineral with Satellite Imagery
- Rising Focus on Insurance GIS in the Insurance Sector Bodes Well for Market Growth
- Growing Opportunities in Agriculture & Living Resources Vertical
- Satellite Platforms Come to Fore in Precision Farming
- Remote Sensing Holds Center-Stage Stance in Forest Monitoring & Management
- Weather Monitoring & Forecasting: High-Growth Vertical
- Satellite Platforms for Weather Monitoring & Forecasting: An Overview
- Satellites Extend their Proficiency in Monitoring Synoptic Weather Systems
- Satellites Easily Predict & Forecast Tropical Cyclones
- Growing Adoption in Disaster Management Applications
- Satellite Remote Sensing Gains Precedence in Marine Applications
- Satellite Remote Sensing for Effective Biodiversity Management Programs
- Natural Resources Monitoring Made Convenient with Satellite Imagery
- Advancements in Remote Sensing Technologies for Biodiversity Monitoring
- Satellite Remote Sensing to Help Evade Famine Impact
- Volcanic Zone Identification with Satellite Remote Sensing
- Satellite Remote Sensing Grabs Attention to Monitor & Map Alien Invasive Plants
4. GLOBAL MARKET PERSPECTIVE
III. REGIONAL MARKET ANALYSIS
IV. COMPETITION
For more information about this report visit https://www.researchandmarkets.com/r/10t431
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