According to the latest research report titled, “Remote Sensing Satellite Market Report (2023 – 2028)” by Mordor Intelligence, the market is estimated at USD 39.11 billion in 2023 and growing at a CAGR of 11.92% during the forecast period.
Between 2017 and 2022, approximately 90% of the remote sensing satellites launched were placed in low Earth orbit (LEO) for various applications, including Earth observation and scientific research. LEO is preferred due to its proximity to the Earth, enabling the transmission of high-resolution images without latency. As a result, the demand for satellites in LEO is expected to rise during the forecast period. During the same period, out of the 56 satellites launched in medium Earth orbit (MEO), 46 were specifically designed for navigation and global positioning purposes. Additionally, among the 147 satellites deployed in geostationary Earth orbit (GEO), 105 were used for communication applications.
Report Summary
Which are the Top Companies in the Remote Sensing Satellite Market?
The Remote Sensing Satellites Market is concentrated around the top five companies, holding 85.94% of the market share. China Aerospace Science and Technology Corporation (CASC) is the market leader with a market share of 38.72 %, in 2022. The company provides a wide variety of launch vehicles to attract customers around the world through its competitive pricing strategy.
Prominent players in the remote sensing satellite market are:
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Key Highlights from the Remote Sensing Satellite Market Report
1. Investment opportunities in satellite manufacturing are driving the market
2. Asia-Pacific is expected to witness highest growth during the forecast period
The global market for remote sensing satellites is expected to expand rapidly in the upcoming years due to the growing demand for ultra-fast internet, communication, and data transmission in various industries.
The APAC market growth projections are on the rise due to the growing demand for satellite communication services and satellite navigation systems in China, India, and Japan. Asia-Pacific accounts for 59% of total remote sensing satellites manufactured in 2017-2022. Asia-Pacific demand is driven mainly by China, Japan, and India, which produce the highest number of small satellites each year. In 2017-2022 various regional players launched over 190 nano and microsatellites into orbit. China is investing heavily in space-based capabilities and has launched the most nano and microsatellites in Asia-Pacific.
In line with the increase in space-related activities in the Asia-Pacific region, in 2022, Japan’s draft budget registered a rise in its space budget, which amounted to over USD 1.4 billion. It included the development of the H3 rocket, Engineering Test Satellite-9, and the nation’s Information Gathering Satellite (IGS) program. Similarly, the proposed budget for India’s space programs for FY22 was USD 1.83 billion.
What are the Latest Developments in the Remote Sensing Satellite Market?
Mordor Intelligence Report on the Remote Sensing Satellite Market segments the market based on product type, application, and geography:
In a nutshell, the Mordor Intelligence Market Research Report provides in-depth market insight to industry players, investors, researchers, consultants, and business strategists, looking for comprehensive details on the remote sensing satellite industry. Get a glance at the Remote Sensing Satellite Market Report (2023 – 2028).
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