Europe SAR in space sector market to witness phenomenal proceeds, with regional share forecast to surpass USD 2 billion by 2024
Publisher : Fractovia | Published Date : 2018-07-04Request Sample
Joint acquisition of DS-SAR by Singapore’s DSTA and ST Electronics is an exemplar precedence depicting penetration of synthetic aperture radar in space sector market. Recently announced at this year’s Global Space & Technology Convention, the initiative aptly underscores the agonizing attempts made by governmental as well as corporate organizations to unabashedly harness the power of synthetic aperture radar (SAR) in space sector industry.
Reportedly, this absolutely novel earth observation satellite, DS-SAR, would be incorporated with SAR payload that is capable of taking images even in extreme weather conditions. Through this venture, Singapore governmental agencies aim to exploit the potential of DS-SAR for its extensive advanced satellite imagery service requirements for military security and oil detection spills. On the other hand, the satellite would be deployed by ST Electronics for upgrading its commercial imagery services. The deal is touted as one of the major breakthroughs in SAR in space sector industry.
Synthetic Aperture Radar in Space Sector Market, By Frequency Band, 2017 & 2024 (USD Million)
Having already secured a commendable proportion of authority, Europe currently stands as one of the most profitable avenues for SAR in space sector industry. As per a market assessment report, with Germany, Russia, UK, and Finland at the forefront, the regional market is slated to cross USD 2 billion by 2024. The widespread proliferation of SAR in space sector market across the European belt is rather validated from the increasing number of ongoing projects related to space sector and the technology interventions in this vertical. In fact, the European manufacturers are emphasizing more on developing multi-satellite constellations for global coverage and continuous updates, which would invariably widen the profitability scope of synthetic aperture radar in space sector industry.
Not to mention, the government framework is also playing a pivotal role in shaping Europe SAR in space sector market trends. In a recent turn of events, Finnish microsatellite manufacturer ICEYE and the European Space Agency has scarcely announced the commencement of a partnership, with an aim to mutually explore ICEYE’s advanced SAR satellite technology in as many cases as possible. The deal not just encompasses various activities that are related to development of advanced microsatellite and X-band SAR instrument by ICEYE, but also identifying appropriate application arenas of the images collected by these microsatellite constellations.
The agreement is indicative of the groundbreaking innovations brought forth by European manufacturers, which are in turn proliferating the regional SAR in space sector market trends. Allegedly, the European Space Agency’s 2018 budget allocated around 52% of the overall capital on space exploration activities.
Speaking of the competitive portfolio, SAR in space sector industry is inclusive of renowned players like Airbus SE, Capella, Harris Corporation, BAE Systems, ICEYE, Lockheed Martin Corporation, Israel Aerospace sector Industries, MDA Information Systems, and Northrop Grumman Corporation. ICEYE, one of the major players in this space, further strengthened its competitive stance with the launch of its commercial satellite ICEYE-X1 on ISRO’s PSLV-C40 rocket. This is claimed to be world’s first SAR microsatellite that is under 100 kg to be deployed in space sector. The company also has a plan of developing a constellation of over 18 SAR enabled microsatellites that are likely to bring reliable high temporal-resolution imaging to the market. These technological improvisations are bound to leave profound impact on SAR in space sector industry trends. While high development cost and complexities in properly utilizing the obtained image are turning out to be challenging for the industry players, unprecedented advancements in satellite technology would undeniably upscale the commercialization potential of SAR in space sector industry. In terms of renumeration, the global SAR in space sector market share is slated to cross USD 4 billion by 2024.
