Research Nester published a report titled “Global and Southeast Asia Satellite Remote Sensing Market: Demand Analysis & Opportunity Outlook 2028” which delivers detailed overview of the global and southeast Asia satellite remote sensing market in terms of market segmentation by component, application, end-users and by region.
Further, for the in-depth analysis, the report encompasses the industry growth drivers, restraints, supply and demand risk, market attractiveness, BPS analysis and Porter’s five force model.
Driven by developments in remote sensing technology, computing methods, data communications and computational models, the global and southeast Asia satellite remote sensing market is estimated to witness significant growth in the coming years. 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. The market is segmented on the basis of components into hardware, software and services, out of which, the hardware segment accounted for 47.6% of the market share in 2019 on account of the demand for satellite remote sensing in various industries such as military organizations, government agencies, the building and construction industry, forestry and agriculture, and many others.
Based on region, the global and southeast Asia satellite remote sensing market is segmented into North America, Latin America, Europe, South East Asia (SEA), Asia Pacific (Except SEA) and Middle East & Africa, out of which, the market in North America is projected to witness the highest growth. 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 growth of the market in this region can be attributed to the growing acceptance of advanced satellite remote sensing technologies in the market. The increasing growth of the educational and research structure has also led to the critical enhancement of the core earth observation technology, which gathers all the important information, data collection, ground reception, device processing, in-orbit processing, advanced research and other parameters with the assistance of satellite remote sensing technology.
Growing Demand For Satellite Remote Sensing In Meteorological and Earth Observation Applications to Drive the Market Growth
During the forecasted period, the rising demand for satellite remote sensing in meteorology is expected to fuel the growth of the overall market. The remotely sensed data, including surface temperature, snow and ice cover, cloud cover, cloud motion vectors, and other radiation measurements, can be translated into meteorological measurements. Organizations across the globe require huge amount of data to generate more accurate insights of the Earth’s observation. This requirement of huge amount of data along with data analytics is driving the demand for the satellite remote sensing market, as the satellites can collect data over a broader scale.
However, lack of trained remote sensing experts across the globe and the accuracy assessment of the satellite’s remotely sensed data for application such as disaster monitoring, are estimated to act as barriers to the growth of the global and southeast Asia satellite remote sensing market during the forecast period.
This report also provides the existing competitive scenario of some of the key players of the global and southeast Asia satellite remote sensing market which includes company profiling of Airbus S.A.S (EPA: AIR), Ball Corporation (NYSE: BLL), Boeing (NYSE: BA), SpaceX, Planet Labs Inc, Thales Group (EPA: HO), Lockheed Martin Corporation (NYSE: LMT), DigitalGlobe and others. The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments. On the whole, the report depicts detailed overview of the global and southeast Asia satellite remote sensing market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.