Global Optical Satellite Market Growth Analysis 2024 – Forecast Market Size And Key Factors Driving Growth

Overview and Scope

An optical satellite, also known as an optical imaging satellite, is equipped with sensors that capture images of the Earth’s surface using visible light. It is predominantly employed for Earth observation purposes, enabling the monitoring of land-use alterations, the surveillance of natural disasters, and the evaluation of climate change effects.

Sizing and Forecast

The optical satellite market size has grown rapidly in recent years. It will grow from $1.99 billion in 2023 to $2.27 billion in 2024 at a compound annual growth rate (CAGR) of 14.1%. The growth in the historic period can be attributed to increasing demand for earth observation, government initiatives, defense and security applications, commercialization of space, global connectivity needs.

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Segmentation & Regional Insights

The optical satellite market covered in this report is segmented –

1) By Component: Imaging And Sensing Systems, Optical Communication Systems
2) By Size: Small, Medium, Large
3) By Application: Earth Observation, Communication
4) By End User: Commercial, Government, Defense

North America was the largest region in the optical satellite market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the optical satellite market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

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Major Driver Impacting Market Growth

The growing number of smartphone users is expected to propel the growth of the optical satellite market going forward. A smartphone user refers to an individual who owns and operates a smartphone, a mobile device that combines a computer’s functionality with a mobile phone’s convenience. Smartphone users use optical satellite data to enhance their experiences, address specific needs, and provide valuable information for navigation, exploration, emergency preparedness, environmental awareness, agriculture, urban planning, research, and education. For instance, in March 2023, according to a report published by Cybercrew, a UK-based company developing and providing cybersecurity solutions for businesses of all sizes, the percentage of UK households using smartphones reached 91.43% in 2021, which is projected to increase to 93.8% in 2026. Therefore, the growing number of smartphone users is driving the growth of the optical satellite market.

Key Industry Players

Major companies operating in the optical satellite market are Raytheon Technologies Corporation, Lockheed Martin Corporation, Mitsubishi Electric Corporation, Northrop Grumman Corporation, Honeywell International Inc., NEC Corporation , Boeing Company, Safran SA, Thales Group), L3 Harris Corporation, Ball Aerospace & Technologies Corp., Leonardo S.p.A., Maxar Technologies Holdings Inc., Starlink Inc., Orbital Sciences Corporation, OHB SE, Tesat-Space GmbH & Co. KG, Surrey Satellite Technology , Planet Labs Inc., Sitael S.p.A., Analytical Space Inc., ATLAS Space Operations Inc., Hisdesat Servicios Estrategicos S.A., Mynaric AG, Airbus Defence and Space Company

The optical satellite market report table of contents includes:
1. Executive Summary
2. Optical Satellite Communication Market Characteristics
3. Optical Satellite Communication Market Trends And Strategies
4. Optical Satellite Communication Market – Macro Economic Scenario
5. Global Optical Satellite Communication Market Size and Growth
..
32. Global Optical Satellite Communication Market Competitive Benchmarkng
33. Global Optical Satellite Communication Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Optical Satellite Communication Market
35. Optical Satellite Communication Market Future Outlook and Potential Analysis
36. Appendix

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