The new remote sensing satellite market research report from Technavio indicates negative growth in the short term as the business impact of COVID-19 spreads.
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Technavio has announced its latest market research report titled Global Remote Sensing Satellite Market 2020-2024 (Graphic: Business Wire)
Get detailed insights on the COVID-19 pandemic Crisis and Recovery analysis of the remote sensing satellite market.
“One of the primary growth drivers for this market is the growing adoption of SATCOM-based systems and equipment”, says a senior analyst for the Industrials industry at Technavio. As the markets recover, Technavio expects the remote sensing satellite market size to grow by USD 4.64 billion during the period 2020-2024.
Remote Sensing Satellite Market Segment Highlights for 2020
- The remote sensing satellite market is expected to post a year-over-year growth rate of 7.11%.
- Based on the application, the space-based RADAR segment led the market in 2019. The growth of the segment is due to the increasing investments from government agencies in the acquisition of intelligence imagery to address the evolving security concerns.
- The market growth in the segment will be significant during the forecast period.
- 36% of the growth will originate from the APAC region.
- The enhancement of the capabilities of combatants for both space and airborne imaging platforms are driving the market growth in APAC.
- China and Japan are the key markets for remote sensing satellites in APAC. Market growth in this region will be faster than the growth of the market in other regions.
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- The remote sensing satellite market size is expected to accelerate at a CAGR of almost 7% during the forecast period.
- The remote sensing satellite market is segmented by Type (Space-based radar, SATCOM, and Space-based EO/IR) and Geography (Europe, APAC, North America, MEA, and South America).
- The market is concentrated due to the presence of many/few established vendors holding significant market share.
- The research report offers information on several market vendors, including Airbus SE, Ball Corp., ImageSat International NV, Lockheed Martin Corp., Maxar Technologies Inc., Northrop Grumman Corp., Planet Labs Inc., Satellite Imaging Corp., Thales Group, and The Boeing Co.
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