Global Satellite Remote Sensing Market to Reach $4.6 Billion by 2026

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.

Amid the COVID-19 crisis, 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. 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. In the global Disaster Management segment, USA, Canada, Japan, China and Europe will drive the 11.7% CAGR estimated for this segment. These regional markets accounting for a combined market size of US$355.3 Million in the year 2020 will reach a projected size of US$773 Million by the close of the analysis period. China will remain among the fastest growing in this cluster of regional markets. Led by countries such as Australia, India, and South Korea, the market in Asia-Pacific is forecast to reach US$83.4 Million by the year 2026.