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 

• Market Size (2023): USD 39.11 billion 
• Market Size (2029): USD 76.88 billion 
• CAGR (2023 – 2029): 11.92% 
• Study Period: (2017-2029) 
• Market Concentration: High 
• Largest Share by Orbit Class: LEO 
• Forecast Units: Value (USD billion)   
• Report Scope: Market Dynamics, Revenue Forecast & Segmentation, Competitive Landscape & Recent Developments, Market Growth, Future Opportunities, and Trends     

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: 

• Airbus SE 
• Ball Corporation 
• China Aerospace Science and Technology Corporation (CASC) 
• ESRI 
• GomSpaceApS 
• IHI Corporation 
• Indian Space Research Organisation (ISRO) 
• Japan Aerospace Exploration Agency (JAXA) 
• Lockheed Martin Corporation 
• Maxar Technologies Inc. 
• Northrop Grumman Corporation 
• Planet Labs Inc. 
• ROSCOSMOS 
• Spire Global, Inc. 
• Thales 

 

Other Reports that Might be of Your Interest 

• Nano and Microsatellite Market Report: The Nano and Microsatellite Market size is estimated at 2.66 billion USD in 2023 and is expected to reach 4.94 billion USD by 2029, growing at a CAGR of 10.85% during the forecast period (2023-2029). 
• Small Satellite Market Report: The Small Satellite Market size is estimated at 147.54 billion USD in 2023 and is expected to reach 260.56 billion USD by 2029, growing at a CAGR of 9.94% during the forecast period (2023-2029). 

 

Key Highlights from the Remote Sensing Satellite Market Report 

 

1. Investment opportunities in satellite manufacturing are driving the market 

• In North America, the government expenditure for space programs reached a record of approximately USD 103 billion in 2021.  
• The North American 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 (European Space Agency) 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.  

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?    

• In March 2023: The Japan Aerospace Exploration Agency (JAXA) scheduled the launch of the first H3 Launch Vehicle with the Advanced Land Observing Satellite “Daichi 3” (ALOS-3) onboard from the Tanegashima Space Center. 
• In February 2023: NASA and geographic information service provider Esri granted wider access to the space agency’s geospatial content for research and exploration purposes through the Space Act Agreement. 
• In January 2023: Airbus Defence and Space signed a contract with Poland to provide a geospatial intelligence system including the development, manufacture, launch, and delivery in orbit of two high-performance optical Earth observation satellites.  

Mordor Intelligence Report on the Remote Sensing Satellite Market segments the market based on product type, application, and geography: 

• By Satellite Mass (Market Size & Forecast based on Value (USD billion), 2023-2029)   
• 10-100kg 
• 100-500kg 
• 500-1000kg 
• Below 10 Kg 
• above 1000kg 
• By Orbit Class (Market Size & Forecast based on Value (USD bBillion), 2023-2029)   
• GEO 
• LEO 
• MEO 
• By Satellite Subsystem (Market Size & Forecast based on Value (USD bBillion), 2023-2029)   
• Propulsion Hardware and Propellant 
• Satellite Bus & Subsystems 
• Solar Array & Power Hardware 
• Structures, Harness & Mechanisms 
• By End User (Market Size & Forecast based on Value (USD billion), 2023-2029)   
• Commercial 
• Military & Government 
• Other 
• By Geography (Market Size & Forecast based on Value (USD billion), 2023-2029)   
• Asia-Pacific 
• Europe 
• North America 
• Rest of World 

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). 

About Mordor Intelligence 

Mordor Intelligence is a trusted partner for businesses seeking comprehensive and actionable market intelligence. Our global reach, expert team, and tailored solutions empower organizations and individuals to make informed decisions, navigate complex markets, and achieve their strategic goals.  

With a team of over 550 domain experts and on-ground specialists spanning 150+ countries, Mordor Intelligence uniquely understands the global business landscape. This expertise translates into comprehensive syndicated and custom research reports covering a wide spectrum of industries, including aerospace & defense, agriculture, animal nutrition and wellness, automation, automotive, chemicals & materials, consumer goods & services, electronics, energy & power, financial services, food & beverages, healthcare, hospitality & tourism, information & communications technology, investment opportunities, and logistics.   

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• Military Satellite Market Report: The Military Satellite Market size is estimated at 28.21 billion USD in 2023 and is expected to reach 53.85 billion USD by 2029, growing at a CAGR of 11.38% during the forecast period (2023-2029). 
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