SYNTHETIC APERTURE RADAR IN SPACE SECTOR MARKET ANALYSIS

Synthetic Aperture Radar In Space Sector MarketSize and Trends

Figure 2: Global Synthetic Aperture Radar in Space Sector Market Value (US$ Mn) Analysis and Forecast, 2017 - 2030

Global synthetic aperture radar in space sector market was valued at US$ 1,372.5 Mn in 2021 and is expected to reach US$ 4,017.6 Mn by 2030, growing at a CAGR of 9.9% between 2022 and 2030.

Major players operating in the global synthetic aperture radar in space sector market include Airbus SE, Lockheed Martin Corporation, Israel Aerospace Industries, Thales Group, Northrop Grumman Corporation, MDA Information Systems, Raytheon Company, Harris Corporation, and BAE Systems.

Increasing Demand for Technology in enhancing Situational Awareness is key factor driving growth of the market. Adoption for advanced technologies in space sector is fueling situational awareness, owing to factors such as government initiatives toward disaster management, increasing need for cyber security, public safety, and smart infrastructure management. For instance, in December 2005, Indian government took initiative towards disaster management by enacting the Disaster Management Act, 2005, which envisioned the creation of the National Disaster Management Authority (NDMA). The objective of this act is to build a safe and disaster resilient country by developing a holistic, proactive, multi-disaster oriented and technology driven strategy through a culture of prevention, mitigation, preparedness, and response.