The Synthetic Aperture Radar Market size is estimated at USD 5.21 billion in 2024, and is expected to reach USD 8.80 billion by 2029, growing at a CAGR of 11.07% during the forecast period (2024-2029).
The pandemic has led to increased demand for satellite imagery, including the economic impact of the virus and conducting remote monitoring of facilities and infrastructure. Further, the market is witnessing increased demand 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 using SAR satellites.
The 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 to maintain a distinct competitive advantage through collaborations and acquisitions.
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