(MENAFN- America News Hour) Research Nester has released a report titled “Global and Southeast Asia Satellite Remote Sensing Market: Demand Analysis & Opportunity Outlook 2028” which also includes some of the prominent market analyzing parameters such as industry growth drivers, restraints, supply and demand risk, market attractiveness, year-on-year (Y-O-Y) growth comparisons, market share comparisons, BPS analysis, SWOT analysis and Porter's five force model.
The global and southeast Asia satellite remote sensing market has shown significant growth in the past years on account of development in remote sensing technology, data communication and computational models. Backed by these factors, the global and southeast Asia satellite remote sensing market is estimated to witness significant
growth over the coming years.
Additionally, the data gained by remote sensing satellites from observing Earth, stimulates the development of research institutions, application sector and global industries, that have a profound influence on the study of the Earth. In 2019,the global and southeast Asia satellite remote sensing market accounted for a market value of USD 6921 million in 2019and is expected to grow at a CAGR of 6.2% over the forecast period i.e. 2020-2028.
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Regionally, 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. Among the market in these regions, the market in North America is projected to witness the highest growth and is anticipated to reach USD 4,640.2 million by 2028, at a CAGR of 5.2% over the forecast period. The growing developments in this region coupled with rising investment in space technology across the countries of North America have led to implementation and launch of satellites integrated with remote sensing technology. These are being used in various industry verticals such as governmental agencies, defense agencies, special operational organizations, research institutes and others.
The global and south east Asia satellite remote sensing market is segmented on the basis of application into meteorology, earth observations, mapping and navigation and others. Among these segments, the earth observation segment accounted for 46.5% of the market share in 2019 and anticipated to grow at a significant CAGR over the forecast period. The growing development and improvement in the research work is a major factor to drive the earth observation segment's growth over the forecast period. The application of satellite remote sensing in mapping and navigation segment is being driven by the developments in the modern mapping technology. It helps to provide precise and high-resolution results and serve as the major component to promote and improve the geographical research.
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Rising Demand For Satellite Remote Sensing In Meteorological and Earth Observation Applications to Drive the Market Growth
The increasing demand for satellite remote sensing in meteorology is expected to drive the growth of the overall market during the forecast period. The satellite remote sensing is extensively used for integrated planning and resource management for national development across the globe. The data obtained from satellite remote sensing is further used to protect the global environment, achieve sustainable development and reduce disaster losses.
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), Digital Globe and others.
The profiling enfolds key information of the companies which comprises of business overview, products and services, key financials and recent news and developments. Conclusively, the report titled “Global and Southeast Asia Satellite Remote Sensing Market –Demand Analysis & Opportunity Outlook 2028” , analyses the overall satellite remote sensing industry to help new entrants to understand the details of the market. In addition to that, this report also guides existing players looking for expansion and major investors looking for investment in the global and southeast Asia satellite remote sensing market in the near future.
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