Synthetic Aperture Radar Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)
The Global Synthetic Aperture Radar Market was valued at USD 3320.2 million in 2020, and it is expected to reach USD 6474.0 million by 2026, registering a CAGR of 11.6%, during the period of 2021-2026. The pandemic has led to the increased demand for satellite imagery, including studying the economic impact of the virus and conducting remote monitoring of facilities and infrastructure. The demand grew from the oil and gas industry; for instance, Ursa Space Systems, which offers satellite data and analytics, observed the impact of COVID-19 on global oil inventories, as the company provides weekly reports on 11,000 oil storage tanks, which are observed with SAR satellites.
Key HighlightsThe synthetic aperture radar market is moderately fragmented and consists of several international and regional vendors. Moreover, due to relatively moderate product differentiation, the companies are heavily investing in developing strategic decisions, in order to maintain a distinct competitive advantage, through collaborations and acquisitions. Some of the key developments in the market are:
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