Satellite Remote Sensing Market to Reach $4.6 Billion by 2026

The global satellite remote sensing market, which was estimated at $2.6 Billion in the year 2020, is projected to reach $4.6 Billion by 2026, growing at a CAGR of 10.3% over the analysis period.

According to a new report from ResearchandMarkets, 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 the observed surface.

The global satellite remote sensing market is augmented by an increasing number 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 an increase in 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 observing environmental changes.

Recently, NASA along with European Space Agency (ESA) and Japan Aerospace Exploration Agency came together to create 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 satellite remote sensing market in the U.S. is estimated at $1.1 Billion in the year 2021. China, the world's second largest economy, is forecast to reach a projected market size of $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.

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.

(Source: ResearchandMarkets news release. Image provided)