Market Overview
Advances in remote sensing systems, processing technologies, data communications and numerical models including data assimilation is anticipated to provide huge growth opportunities to the global and southeast Asian satellite remote sensing market. These advances help in providing enhanced climate, weather predictions and observations. The advances in new space-based measurement technologies are being demonstrated by various number of development & research programs. For instance, imaging Fourier transform spectrometers that provide hyper spectral imagery with unprecedented resolution are being developed. Additionally, LIDARS (light detection & ranging systems), that observe the aerosol motion from the frequency change of backscattered light produced by laser, are being developed for satellites to observe the tropospheric wind structure. Furthermore, in order to sense lightning strokes, a visible wavelength camera is under development to observe convective storm dynamics from the remote sensing satellites. These advances are anticipated to present various growth opportunities for the market. In 2019, the global and southeast Asia satellite remote sensing market accounted for a market value of USD 6921 million in 2019 and is expected to grow at a CAGR of 6.2% over the forecast period i.e. 2020-2028.
Regional Growth Highlights during 2019–2028
The satellite remote sensing market is segmented based on region into North America, Latin America, Europe, South East Asia (SEA), Asia Pacific (Except SEA) and Middle East & Africa. The market in North America held the highest share in 2019 and is estimated to hold this position throughout the forecast period. The remote sensing market in North America is anticipated to reach USD 4,640.2 million by 2028 by growing at a CAGR of 5.2% over the forecast period. The growing development in the educational and research structure has led to the vital improvement in the core technology for observing earth which collects all the important information, storage of the data, ground reception, processing of applications, in-orbit processing, applied research and other parameters with the help of satellite remote sensing technology. The satellite remote sensing market in Europe is anticipated to touch USD 2,824.5 million by 2028. Europe is currently one of the leading regions in the satellite remote sensing market backed by the growing demand for hardware and software component of satellite remote sensing across different end-use industries. South-east Asia accounted for USD 159.2 million in 2019 and is expected to grow by a CAGR of 7.0% during the forecast period. South-east Asia satellite remote sensing market is poised for growth as meteorology department and the defence industry are looking out for better-improved satellite remote sensing solutions.
The study further incorporates Y-O-Y Growth, demand & supply and forecast future opportunity in North America (United States, Canada), Latin America (Brazil, Mexico, Argentina, Rest of LATAM), Europe (U.K., Germany, France, Italy, Spain, Hungary, BENELUX [Belgium, Netherlands, Luxembourg], NORDIC [Norway, Denmark, Sweden, Finland], Poland, Russia, Rest of Europe), Asia-Pacific (China, India, Japan, South Korea, Malaysia, Indonesia, Taiwan, Hong Kong, Australia, New Zealand, Rest of Asia-Pacific), Middle East and Africa (Israel, GCC [Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman], North Africa, South Africa, Rest of Middle East and Africa).
Market Segmentation Synopsis
By Component
Based on component, the global and southeast Asia remote sensing market is segmented into hardware, software and services. Among these segments, the hardware segment accounted for 47.6% of the market share in 2019 and is estimated to reach USD 3450.8 million by the end of 2020. The growth of this segment is attributed to the increasing demand for satellite remote sensing in various sectors such as defence organizations, governmental agencies, building and construction sectors, forestry and agricultural sector and many others. The technology utilized for various purposes such as navigating, observation and gathering information requires the hardware component’s integration with the whole system to perform the operations. The rising innovation and advancement in the space-based technologies have boosted the demand for various end use sectors, thus leading to the growth of the global and southeast Asian satellite remote sensing market.
By Application
Based on application, the global and southeast Asia remote sensing market is segmented into meteorology, earth observations, mapping & navigation and others. Among these segments, the earth observation segment accounted for 46.5% of the market share in 2019 and is anticipated to grow at a significant CAGR over the forecast period. The growth of this segment is mainly on account of the end-use industries such as defence and military, governmental organizations, research institutes and others, who are utilizing remote sensing technology to observe the electromagnetic spectrums, resolution, orbits, data pathfinders, and other parameters of the earth to get a clear idea about the condition of the earth.
By End Users
Based on end users, the global and southeast Asia remote sensing market is segmented into defense organization, forestry & agriculture, government agencies, building & construction, and homeland security agencies. Among these segments, the defense organization segment is estimated to reach USD 3034.5 million by 2020. The growth of this segment is mainly on account of the growing economy of countries and the rising threat from neighbouring countries over national security issues, which has led to the implementation of satellite remote sensing technology by the defence organizations. These are used by military, air force and navy for communication and surveillance of the national territory.
Market Drivers & Challenges
Growth Indicators
Growing Demand For Satellite Remote Sensing In Meteorological Applications to Drive the Market’s Growth
The growing demand for satellite remote sensing in meteorological applications is estimated to drive the growth of the overall market during the forecast period. Satellite remote sensing has a great influence on the activities of World Meteorological Organization and provides various benefits to meteorological services across the globe. The remotely sensed data can be converted into meteorological measurements including surface temperature, snow and ice cover, cloud cover, cloud motion vectors, and several radiation measurements.
Increasing Demand for Satellite Remote Sensing In Earth Observation Applications 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 equipment for image processing and geographical information is providing better performance, in turn driving the adoption of remote sensing satellites for Earth observation across the globe.
Challenges
Accuracy Assessment and Lack Of Skilled Workforce
The accuracy assessment of the satellite’s remotely sensed data for application such as disaster monitoring, is a crucial factor affecting the growth of the market as each disaster event is unique and the characteristics of such events vary in terms of intensity, duration, onset and geographic extent. Significant work is required in the area of accuracy assessment to fully realize the contribution of satellite remote sensing for disaster monitoring. Also, the lack of trained remote sensing experts across the globe is anticipated to hinder the growth of satellite remote sensing market over the forecast period.
Impact Of COVID-19 On The Global Satellite Remote Sensing Market
On account of social distancing and health crisis, COVID-19 has brought an unpredictable impact over various end users such as government agencies, defense and security organization, travel & tourism, and construction and manufacturing, among others. These industries are facing challenges but have come up with solutions to minimize the effect on their businesses. Thus, the requirement of satellite remote sensing is moderately increasing globally.
Top Featured Companies Dominating the Market
Some of the prominent 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.
