Remote Sensing Satellite Global Market Report 2024

The remote sensing satellite market size has grown rapidly in recent years. It will grow from $11.66 billion in 2023 to $13.25 billion in 2024 at a compound annual growth rate (CAGR) of 13.6%. The growth observed in the historic period can be attributed to several factors, including the increased demand for earth observation data, a growing necessity for environmental monitoring, applications in military and defense, expansion of the agriculture and forestry sectors, urban planning and infrastructure development, as well as disaster management and emergency response initiatives.

The remote sensing satellite market size is expected to see rapid growth in the next few years. It will grow to $20.63 billion in 2028 at a compound annual growth rate (CAGR) of 11.7%. The anticipated growth in the forecast period can be attributed to several factors, including increased adoption in climate change research, expansion of commercial satellite imagery services, emerging opportunities in maritime surveillance, demand for real-time monitoring solutions, space exploration missions and scientific research, regulatory support, and international collaborations. Major trends expected in the forecast period include the adoption of high-resolution imaging sensors, integration of synthetic aperture radar technology, growth in demand for satellite data analytics, integration with IoT and AI technologies, expansion of satellite imagery applications, and the adoption of satellite-as-a-service models.

The remote sensing satellite market is expected to witness significant growth driven by the increasing number of earth observation projects. Earth observation projects involve various technologies, including satellites, aircraft, or ground-based sensors, to gather data about Earth's surface, atmosphere, and oceans. Remote sensing satellites play a crucial role in monitoring and assessing natural disasters such as hurricanes, floods, wildfires, earthquakes, and tsunamis, providing real-time or near-real-time imagery and data for disaster response, evacuation planning, damage assessment, and recovery efforts. For example, in January 2022, the European Space Agency (ESA) saw a 10.9% increase in its budget compared to the previous year, with a significant focus on funding for Earth observation projects such as the Galileo and Copernicus programs, which experienced an 18.3% budget increase from $1.83 billion in 2021 to $2.16 billion in 2022, indicating the driving force of rising earth observation projects on the remote sensing satellite market.

Leading companies in the remote sensing satellite market are intensifying their efforts to develop innovative products such as earth observation nanosatellites to enhance their competitiveness. Earth observation nanosatellites are small-sized satellites designed for monitoring and collecting data about Earth's surface, atmosphere, and oceans. For instance, in June 2023, Azista BST Aerospace Pvt. Ltd. launched the ABA First Runner (AFR), a remote sensing satellite aimed at capturing panchromatic images with a 5-meter resolution and a 70-kilometer swath. Weighing 80 kg, AFR targets clients primarily in Southeast Asia and India, focusing on strategic and agricultural sectors. The data collected supports various applications including agriculture, forestry, water management, mining, maritime operations, and defense.

In February 2023, Mohammed Bin Rashid Space Centre (MBRSC) partnered with Al Yah Satellite Communications Company (Yahsat) to commercialize remote sensing data and earth observation images for both commercial and government clients, integrating MBRSC's satellite fleet into Yahsat's solutions portfolio through its government arm, Yahsat Government Solutions (YGS). Al Yah Satellite Communications specializes in remote sensing satellite services and is based in the UAE.

Major companies operating in the remote sensing satellite market are Raytheon Technologies Corporation, The Boeing Company, Lockheed Martin Corporation, Airbus SE, Northrop Grumman, Mitsubishi Electric Corporation, Thales Group, L3Harris Technologies Inc., BALL CORPORATION, Hexagon AB, General Dynamics Mission Systems Inc., Maxar Technologies Inc., Environmental Systems Research Institute Inc.(Esri), AABSyS IT Pvt. Ltd, Planet Labs Inc., Orbital Insight, BlackSky Global LLC, Satellite Imaging Corporation, Mallon Technology, Antrix Corporation, Geo Sense, Remote Sensing Solutions GmbH, ImageSat International N.V.

North America was the largest region in the remote sensing satellite market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the remote sensing satellite market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the remote sensing satellite market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

A remote sensing satellite is a man-made satellite specifically engineered to observe and collect information pertaining to Earth's surface from outer space utilizing a variety of sensing instruments. These satellites are equipped with sensors capable of detecting and recording electromagnetic radiation across a range of wavelengths, spanning from visible light to microwaves.

The primary categories of remote sensing satellites include satellite communications (SATCOM), space-based radars, and space-based electro-optical and infrared (EO/IR) systems. Satellite communication (SATCOM) refers to the onboard communication systems facilitating data transmission between the satellite and ground stations. It encompasses various payload capacities, categorized as less than 500 kg, 500 kg to 1,000 kg, and above 1,000 kg, and is utilized across diverse applications such as agricultural and soil studies, natural resources monitoring and conservation, cartography, geology and mineral resources mapping, meteorology and oceanic studies, among others. These applications serve various end users, including civil, military, governmental, and other entities.

The remote sensing satellites market research report is one of a series of new reports that provides remote sensing satellites market statistics, including remote sensing satellites industry global market size, regional shares, competitors with a remote sensing satellites market share, detailed remote sensing satellites market segments, market trends and opportunities, and any further data you may need to thrive in the remote sensing satellites industry. This remote sensing satellites market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The remote sensing satellite market consists of sales of active remote sensing satellites, passive remote sensing satellites, lidar sensors and electromagnetic sensors. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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