In 2019, the global and southeast Asia satellite remote sensing market accounted for a market value of around USD 7000 million in 2019 and is expected to grow at a CAGR of 6.2% over the forecast period i.e. 2020-2028.
Developments in remote sensing technology, computing methods, data communications and computational models, are some of the factors that are projected to create tremendous growth opportunities for the global and southeast Asia remote sensing satellite market. Also, satellite remote sensing is used for various purposes such as effective bio-diversity management programs, natural resource monitoring, weather forecast & monitoring and others.
Various development & testing projects such as construction of a visible wavelength camera to detect convective storm dynamics from remote sensing satellites in order to sense lightning strikes, are anticipated to drive the market growth. The growing demand for remote sensing satellites for Earth observation is anticipated to drive the growth of the overall market during the forecast period.
The Earth observation based on remote sensing satellite provides value added solutions to the organizations regarding data and asset management. Additionally, the enhancement of various equipment for image processing and geographical information is providing better performance, which in turn is driving the adoption of remote sensing satellites for Earth observation across the globe.
The global and southeast Asia satellite remote sensing market is segmented by component, application, end users, and by region. Based on component, the global and southeast Asia remote sensing market is divided into hardware, software and services. Among these segments, the hardware segment accounted for around 48% of the market share in 2019 and estimated to reach around USD 3400 million by 2020.
The growth of this segment is mainly on account of increasing demand in numerous end use industries for satellite remote sensing, such as defense, government departments, the building and construction sectors, forestry and agriculture, and many others. The technology utilized for various purposes such as navigation, observation and gathering of information needs the hardware components in connection with the whole system to perform the operations. Growing innovation and advances in space-based technology have spurred the demand for different end-use sectors, contributing to the development of the global and southeast Asia satellite remote sensing market.
The global and southeast Asia satellite remote sensing market in North America accounted for around USD 2,900 million in 2019 and is anticipated to record significant CAGR over the forecast period owing to the growing acceptance of advanced satellite remote sensing technologies in the market. The increasing growth of the educational and research structure has led to the vital enhancement of the core earth observation technology, which, with the assistance of satellite remote sensing technology, gathers all the important information, data collection, ground reception, processing of applications, in-orbit processing, advanced research and other parameters.
Some of the affluent industry leaders in the global and southeast Asia satellite remote sensing market are Airbus S.A.S, Ball Corporation, Boeing, SpaceX, Planet Labs Inc, Thales Group, Lockheed Martin Corporation, DigitalGlobe and others.