The global market for Satellite Remote Sensing Services is projected to reach US$7 billion by 2024, driven by the successful exploitation of satellite image data in a wide range of fields such as business, mining, disaster mitigation planning and recovery, weather forecasting and environmental protection, among others. Commercial satellite remote sensing services, which involve sales of satellite images to commercial establishments, are also benefiting from the increased emphasis on earth observation. Imaging the physical, biological, and chemical attributes of the Earth is growing in significance in a multitude of end-use scenarios, including land-use planning, forest development, national security and homeland defense, monitoring urban sprawl and urban planning, observing changes in agricultural land and assessing strain on natural resources such as water, among others. The market also stands poised to benefit from the proliferation of micro satellites offering earth observation services at lower cost. The United States represents the largest market worldwide. Asia-Pacific ranks as the fastest growing market with a CAGR of 20.4% over the analysis period driven by growing R&D investments in remote sensing research and increased interest in satellite remote sensing for assessment of atmospheric pollution and air quality in heavily polluted Southeast Asian countries such as China, Taiwan, India and South Korea.
Summary of Findings
- Growing Population and Increasing Pressure on Water Bodies in Developing Countries Drives the Emphasis on Satellite Remote Sensing for Responsible Water Management
- Unrivalled Benefits of Spatial, Spectral and Temporal Information Provided by Satellite Images Encourages Adoption of Satellite Based Earth Observation (EO) Technologies
- Increased Participation of Commercial Satellite Remote Sensing Service Providers in addition to Government Agencies Bodes Well for Long Term Growth and Competitiveness of the Market
- Developments in Digital Information Technologies Including Software to Process Remote Sensing Data Fuels the Expansion of Remote Sensing Applications
- Climatic Changes and Frequent Occurrence of Natural Calamities like Floods, Hurricanes, and Tsunami Drives the Emphasis on Satellite Remote Sensing for Rainfall and Flood Forecasting and for After Disaster Assessment, Emergency Preparedness and Disaster Relief
Timeline for Analysis
- Market Estimates and Forecasts for 2016-2024
- Historic Review 2011-2015
Geographic Markets Analyzed
- US, Canada, Japan, Europe (France, Germany, Italy, UK, Spain, and Rest of Europe), Asia-Pacific, Latin America, and Rest of World
- Airbus Defence and Space
- Ball Aerospace & Technologies Corp.
- Boeing Company
- ImageSat International N.V
- Maxar Technologies Ltd.
- Mitsubishi Electric Group
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