Satellite Remote Sensing Services Market to Grow at a CAGR of 11.5% During 2021-2026

Satellite Remote Sensing Services Market
Growth in adoption of Unmanned Aerial System fueling the growth of Satellite Remote Sensing Services Market.

Satellite Remote Sensing Services Market Size is forecast to reach $7.5 billion by 2026, at a CAGR of 11.5% during 2021-2026. Satellite remote sensing service is a process of detecting and monitoring the reflected and emitted radiation with the use of aircraft-based sensor technologies and classify objects on the Earth. The introduction of remote sensing, big data analytics, the Internet of Things (IoT) along with cloud computing is projected to propel the growth of the market. The most preferred remote sensing platform is the unmanned aerial vehicle (UAV) used for large-scale mapping, damage assessment, and others. Recently, Airbus has been selected to design and build second-generation meteorological satellites where the satellite remote sensing services are finding their applications. Increasing applications of remote sensing for earth observation is leading to the growth of the market.

Satellite Remote Sensing Services MarketSegment Analysis – By Platform Type

UAVsegment held a significant market share of 15% in 2020, as they are increasingly adopZted in the defense sector. The technological developments in the UAVs have led to the availability oQZQQf feasible technical solutions for airframes, flight controls, and communication and base stations. Owing to these technological developments the UAVs are widely used in military applications. At the University of Tokyo, the Jouhou Systems Kougaku Laboratory unveiled DRAGON drones. The dragon drone is a big drone and it consists of a number of small drones which is even capable of changing their shape in the midair. Moreover, in the military camps, these small drones can communicate with handheld ground station (GCS) units for giving information about threats and enemies. Furthermore, the UAV takes HD photos and provides live video feeds about real-time activities in military bases. All these factors are anticipated to boost the market growth in the forecast period.

Satellite Remote Sensing Services Market Segment Analysis – By End User

The defense sector is expected to witness the highest CAGR of 8.5% during the forecast period as this technology is used to provide essential intelligence information. The defense industry demands ever-increasing functionality in space-based equipment such as satellites, probes, and military weaponry. Also, as high altitude and low earth orbit aircraft become increasingly reliant on sophisticated electronics, the demand for satellite remote sensing services significantly increases. Hence these factors are analyzed to drive the Satellite Remote SensingMarket Size in the forecast period 2021-2026.

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Satellite Remote Sensing Services Market Segment Analysis – By Geography

North America region is dominating the Satellite Remote Sensing Services Market growth. This region held a significant market share of 15% in 2020. The U.S. Aerospace and Defense (A&D) industry is one of the world’s leading innovators and producers of technologically advanced aircraft, space, and defense systems. With the growing developments, the government of this region has announced several fundings, initiatives for the development of these sectors. In September 2019, the government has announced to fund $21.5 billion to NASA for its research and development activities. As NASA plans to develop spacecraft beam in orbit and satellites, the satellite Remote Sensing services provides high-resolution satellite data and resolution.

Satellite Remote Sensing Services Market Drivers

Surge in Development of Defense Sector:The remarkable growth of the defense sector predominantly in the APAC region, in particular, has resulted in increasing UAVs adoption in recent years. In 2019, the government has announced to spend $738 billion in Defense sector by 2020 for various operations including modernization of equipment’s. Moreover, Defense spending in various countries is rapidly increasing due to increased threats from other countries. In the year 2018 Mexico had a defense budget of around $ 6,568 million in 2018, a 13.6% increase from 2017, and it is expected to increase in the forecast period. These factors have driven the growth of the market.

Growth in adoption of Unmanned Aerial System:

The adoption of unmanned aerial systems is mainly due to its size and speed along with uses in varying applications. In the latest CORONA VIRUS-19 outbreak these UAVs have proved to be best in use throughout the sanitizing process. In the healthcare and social assistance during the COVID-19 outbreak the drones are used for medicinal deliveries. The UAVs are used for a variety of applications like inspection, mapping, surveillance, aerial videos, and many other applications. These factors are making them more prominent in the commercial, industrial and military sectors where the satellite remote sensing services are finding their application. These factors are fueling the growth of the market are analyzed to drive the Satellite Remote Sensing Services industry outlook in the forecast period 2021-2026.

Satellite Remote Sensing Services Market Challenges

Design related challenges of the unmanned aerial systems resulting in the less adoption of satellite remote sensing services hampering the market growth:The prominent disadvantages related with the unmanned aerial systems are the limited flying time, limited speed and endurance. Long distance aerial mapping and surveillance are tough tasks by the use of multi rotor UAVs owing to the fact that most of the multi rotor UAVs provide only 20-30 minutes fly time. This is low demand for the products and is set to negatively impact the procurement of satellite remote sensing services market during the forecast period 2021-2026.

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Satellite Remote Sensing Services Market Landscape

Product launches, acquisitions, Partnerships and R&D activities are key strategies adopted by players in the Satellite Remote Sensing services market. Top players operative in Satellite Remote Sensing Services include:

Airbus Defense and Space

Esri

DigitalGlobe

Boeing Company

Ball Aerospace & Technologies Corp.

Planet Labs, Inc.

ThalesGroup

UrtheCast

Mitshubishi Electric Group

PlanetLabs, Inc. among others.

Acquisitions/Product Launches

In September2021, Hancom Group launched private satellite for Earths observation in South Korea weighing less than 100kg.

In January 2019, SpecTIR Hyperspectral & Remote Sensing solution partnered with Northstar Earth & Space, Inc. to provide global information platform to monitor Earth.

Key Takeaways

North America is one of the most significant regions for the Satellite Remote Sensing Services Market, mainly due to the growth of the Defense sector and R&D in the space sector where this technology is used to detect more complex orientation changes.

Unmanned Aerial Systems (UAV) is expected to witness the highest CAGR of 15% during the forecast period, owing to various factors such as increased use in the commercial and defense sector, rising government expenditures, and others in countries such as India, China, and so on.

MEMS gyroscope is strengthening its position through mergers & acquisitions and continuously investing in research and development (R&D) activities of the remote sensing technology along with a vision to come up with solutions to cater to the changing requirements of customers.

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