Growing demand for Earth observation satellites will boost market in coming years: reportNews
March 03, 2023
DUBLIN, Ireland. The remote sensing satellites market is worth $2.59 billion and continuing to grow due to rising demand for Earth observation, according to a new report.
The report, from Research and Markets, states that the market will grow at a compound annual growth rate of 4.7% over the next five years, and companies that are expected to lead the way include Boeing, Thales Group, Lockheed Martin, and Northrop Grumman.
"The regional conflicts, rapid deployment, and flexible response impose a heavy burden on military commanders, their staff, and supporting system to keep abreast with the situation on the ground about enemy activities," the report states. "Spatial data is crucial for informed decision-making in the defense sector, and it assists in diverse strategic activities such as battlefield simulation, mission briefing, and communications planning, logistics management, and command control.
"Geographic Information Systems (GIS) also allows military land and facilities managers to reduce base operation and maintenance costs, improve mission effectiveness, provide rapid modeling capabilities for analyzing alternative strategies, improve communication, and store institutional knowledge," the report adds.