Remote Sensing Satellites Market Trends

Statistics for the 2023 & 2024 Remote Sensing Satellites market trends, created by Mordor Intelligence™ Industry Reports. Remote Sensing Satellites trend report includes a market forecast to 2029 and historical overview. Get a sample of this industry trends analysis as a free report PDF download.

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Market Trends of remote sensing satellites Industry

Rising demand for satellite miniaturization across all regions is driving the market

  • The ability of small satellites to perform nearly all the functions of traditional satellites at a fraction of their cost has increased the viability of building, launching, and operating small satellite constellations. The demand from North America is primarily driven by the United States, which manufactures the largest number of small satellites each year. In North America, during 2017-2022, a total of 596 nanosatellites were placed into orbit by various regional players. NASA is also currently involved in several projects aimed at developing these satellites.
  • The demand from Europe is primarily driven by Germany, France, Russia, and the United Kingdom, which manufacture the largest number of small satellites each year. During 2017-2022, more than 50 nano and microsatellites were placed into orbit by various regional players. The miniaturization and commercialization of electronic components and systems have driven market participation, resulting in the emergence of new market players who aim to capitalize on and enhance the current market scenario. For instance, UK-based startup Open Cosmos partnered with ESA to provide commercial nanosatellite launch services to end users while ensuring competitive cost savings of around 90%.
  • The demand from Asia-Pacific is primarily driven by China, Japan, and India, which manufacture the largest number of small satellites annually. During 2017-2022, more than 190 nano and microsatellites were placed into orbit by various regional players. China is investing significant resources toward augmenting its space-based capabilities. The country has launched the most significant number of nano and microsatellites in Asia-Pacific to date.
Global Remote Sensing Satellites Market

Investment opportunities in satellite manufacturing is driving the market

  • In North America, global government expenditure for space programs reached a record of approximately USD 103 billion in 2021. The region is the epicenter of space innovation and research, with the presence of the world's biggest space agency, NASA. In 2022, the US government spent nearly USD 62 billion on its space programs, making it the highest spender on space programs in the world. In the United States, federal agencies receive funding from Congress every year worth USD 32.33 billion for their subsidiaries.
  • European countries are recognizing the importance of various investments in the space domain and are increasing their spending on innovative activities to remain competitive in the global space industry. In November 2022, ESA announced that it had proposed a 25% boost in space funding over the next three years designed to maintain Europe's lead in Earth observation, expand navigation services, and remain a partner in space exploration with the United States. The European Space Agency (ESA) is asking its 22 nations to back a budget of some EUR 18.5 billion for 2023-2025. Germany, France, and Italy are the major contributors.
  • 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. In 2022, the South Korean Ministry of Science and ICT announced a space budget of USD 619 million for manufacturing satellites, rockets, and other key space equipment.
Global Remote Sensing Satellites Market

OTHER KEY INDUSTRY TRENDS COVERED IN THE REPORT

  • Medium And Micro Satellites Poised To Generate Demand In The Market

Remote Sensing Satellite Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)