Global satellite market valued at $516.1 million in 2022

The global satellite imaging for agriculture market was valued at $516.1 million in 2022, and it is expected to grow with a CAGR of 7.50% during the forecast period 2023-2028 to reach $785.3 million by 2028, according to Research and Markets.

The growth in the global satellite imaging for agriculture technology market is expected to be driven by the increasing need for efficient and sustainable agriculture practices.

Through the analysis of satellite imagery, farmers can assess soil characteristics, track crop health, and identify susceptibility to diseases, pests, and other risks. The integration of satellite imaging into precision agriculture practices has significantly enhanced sustainability and intelligence in the field.

Recognizing the potential of satellite imaging in agriculture, the United Nations Food and Agriculture Organization (FAO) acknowledges the need for improved management of global agricultural resources, especially in developing nations.

Industrial Impacts
Market for satellite imaging technology in agriculture is set to benefit significantly from the advancement of small satellite constellations. These constellations consist of multiple compact satellites working collaboratively to provide high-resolution and high-frequency satellite services, delivering crucial information for achieving profitable, efficient, and sustainable agricultural practices.

In comparison to traditional satellite systems, small satellite constellations offer notable advantages, including cost reduction, shorter revisit intervals, and enhanced image resolution. These factors have substantially improved farmers’ accessibility to satellite imagery, enabling its integration into sustainable farming methods and precision agriculture.

In the global market for satellite imaging in agriculture, companies are proactively employing knowledge-driven strategies and technological innovations to establish themselves as market leaders. By adopting effective business or corporate strategies, these companies aim to maintain their relevance in the market and identify opportunities for growth. They strive to gain a competitive edge by implementing efficient business or corporate strategies that contribute to long-term profitability and ensure their future success. Research and Markets