A Forecast International study estimates the production value of remote sensing satellites will reach $27.2 billion by 2024 due to an increasing demand for Earth imagery products in both government and commercial sectors.
Manufacturers are projected to build more than 200 satellites equipped with remote sensing technology over the next decade, the research firm said Friday.
Study author William Ostrove forecast the average annual launch rate for commercial and civil Earth imagery satellites will increase by 13 missions in 2019.
Government agencies use satellite images to support their weather forecasting, resource utilization monitoring and scientific research activities, the report said.
The report also estimates Airbus Defence and Space, Ball Aerospace & Technologies, Lockheed Martin, Thales Alenia Space and Mitsubishi Electric will collectively post $14.3 billion in remote sensing satellite technology sales by 2024 and account for approximately 52.7 percent market share.