Selbyville, Delaware, Dec. 08, 2020 (GLOBE NEWSWIRE) --
Global Market Insights, Inc. has recently added a new report on synthetic aperture radar market which estimates the global market valuation for SAR will cross US$ 8.5 billion by 2026. The market is expected to grow with the emergence of cloud platforms such as Amazon Web Services (AWS) that enable users to quickly and conveniently access SAR data and imagery. The introduction of web portals and analytical tools for SAR data processing further supports the market growth.
The SAR market has witnessed a temporary slowdown in 2020 due to the growing spread of the COVID-19 pandemic. Several SAR start-ups are experiencing delays in production time and launch due to the lack of investments from financially insecure venture capitalists. However, the market is expected to stabilize due to the growing usage of synthetic aperture radars for disaster management applications during the pandemic.
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The K/Ka/Ku band SAR segment is expected to display a moderate growth due to increasing SAR monitoring and surveillance in harsh climatic conditions. The K-band frequency is expected to showcase growth due to its wide use in diverse short-range applications. Enhanced capabilities to control the radiation patterns to obtain multi-mode imaging techniques are promoting its adoption in synthetic aperture radars.
Increasing government initiatives to protect the public from manmade & environmental hazards are expected to augment the research & commercial applications of SAR. Regional organizations are adopting SAR imagery to track oil spills to save people and ensure the safety of marine ecosystems. For instance, in March 2018, the Indonesian government utilized the SAR imagery of Sentinel-1 to detect the oil spill over Balikpapan Bay.
The Asia Pacific SAR market is projected to display high growth potential due to the rising demand for military competencies through technological advancements such as synthetic aperture radars. Rising government contracts and defense spending for the development of new satellite technologies will significantly escalate the regional market share.
Companies operating in the SAR market are investing in R&D to design and demonstrate new technologies in remote sensing. For instance, in November 2018, Lockheed Martin successfully demonstrated the integration of synthetic aperture radars into an unmanned 74K Aerostat for potential applications in the commercial sector.
Some major findings in the SAR market report include:
The growing demand for innovative technologies that provide situational awareness is anticipated to drive the industry size. Enhanced image processing capabilities of SAR with high spatial resolution are expected to augment the market growth.
The increasing focus of government authorities and defense agencies toward the development of space strategies & programs is proliferating SAR systems demand over the forecast timeframe. The transmitter segment is anticipated to increase the market share due to its ability to transmit signals and help in forming high-resolution imagery.
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The growing focus of the Middle East and Latin America on increasing their military & defense competencies will propel the regional market share. Key players operating in the SAR market include Capella Space, L3Harris Corporation, ICEYE, Leonardo S.p.A., Raytheon Company, BAE Systems, Lockheed Martin Corporation, and OHB Systems AG
Market players are focusing on the development of miniature SAR with advanced technologies to cater to the growing demand in several end-use applications. Companies are emphasizing on reducing the development cost of SAR to facilitate their commercialization.
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About Global Market Insights
Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision-making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.