The global remote sensing technology market is projected to expand at a CAGR of 11% during the forecast period, 2021–2028. The growth of the market is attributed to increasing number of projects undertaken for earth observation activities by numerous space agencies.
Remote sensing technology enable identification and analysis of an object without any direct contact with it. The remote sensing technology uses light and infrared portion of electromagnetic spectrum. Remote sensing is the process of detecting and monitoring the physical characteristics of an area by measuring its reflected and emitted radiation at a distance. High-end cameras collect remotely sensed images, which help researchers to do a thorough analysis.
The technology is used in numerous fields such as land surveying, hydrology, ecology, meteorology, oceanography, glaciology, commercial, economic, planning, and humanitarian applications. Remote sensing technology has witnessed a healthy technology advancement in terms of radiometric, spatial and spectral resolution.
Market Trends, Drivers, Restraints, and Opportunities:
- Rising advancement in the remote sensing technology is driving the market growth.
- Increasing use of geographic information system (GIS) applications in environmental risk management is spurring the growth of the market.
- Integration of advanced active sensors is stimulating the market growth.
- Dearth of awareness and interoperability concerns can impede the growth of the market.
- Rising use of remote sensing data in a wide variety of defense and business applications is boosting the growth of the market
- The prevailing government compliances and regulatory issues is hampering the market growth
- High initial investment incurred in development of latest technology can restraint the growth of the market.
Scope of the Report
The report on the remote sensing technology market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.
Remote Sensing Technology Market - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast
Technologies (Active Remote Sensing and Passive Remote Sensing), Applications (Agriculture & Living Resources, Military & Intelligence, Disaster Management, Infrastructure, Weather, Others), and Platforms (Satellite and Aerial System)
Asia Pacific, North America, Latin America, Europe, and Middle East & Africa
Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast
Key Players Covered in the Report
DigitalGlobe, Esri, General Dynamics Mission Systems, Hexagon AB, Lockheed Martin Corporation, Orbital Insight, Planet Labs Inc., Honeywell International inc., ITT Inc., LumaSense Technologies Inc., Northrop Grumman Corporation., Raytheon Company, Thales Group, Descartes Labs, Inc., GEOSYS, Farmers Edge Inc., Astro Digital , Parrot Drones SAS., TerrAvion Inc., SlantRange, Inc., and Ceres Imaging, Inc.
Remote Sensing Technology Market Segment Insights:
Passive remote sensing segment to account a large market share
On the basis of technologies, the market is divided into active remote sensing and passive remote sensing. The passive remote sensing segment accounted for above 55% in 2020, in terms of revenue. Passive remote sensing technology provides high quality satellite images, which increases it preference for earth various observation applications. On the other hand, the active remote sensing segment is anticipated to expand at a CAGR of over 10% during forecast period. The active remote sensing technology overcomes the drawbacks of passive remote sensing, which is resulting in healthy growth rate of the segment.
Disaster management segment anticipated to exhibit a high CAGR
Based on applications, the market is divided into agriculture & living resources, military & intelligence, disaster management, infrastructure, weather, others. The military and intelligence segment held a significant market share of over 30% in 2020. Conversely, the disaster management segment is anticipated to register a CAGR of around 15% during forecast period. The availability of continuously updated data helps authorities make better decisions related to evacuations and actions to be taken post the disaster. This, in turn, is increasing the deployment of remote sensing technology during the disaster management.
Aerial system segment to account a large market share
In terms of platforms, the market is divided into satellite and aerial systems. In 2020, the aerial systems segment accounted for more than 60% in terms of revenue. Increasing usage of drones in surveying fields reduces the cost and helps researchers to gather data at a spectacular rate. The surface mapping provides high accuracy data of survey area that cannot be accessed through satellites. However, the satellite segment is projected to lead the remote sensing technology market during forecast period. Satellites provide data in spatial, temporal, and spectral resolutions to cater to various application requirements.
North America to account a significant market share
In terms of regions, the market is divided into Asia Pacific, North America, Latin America, Europe and Middle East & Africa. In 2020, North America held a market share of 30% in terms of revenue. The early adoption of remote sensing technology in precision farming applications is anticipated to fuel the market growth in the region during the forecast period. The market in Asia Pacific is projected to expand at a CAGR of around 10% during the forecast period.
The remote sensing technology market has been segmented on the basis of
- Active Remote Sensing
- Passive Remote Sensing
- Agriculture & Living Resources
- Military & Intelligence
- Disaster Management
- Asia Pacific
- North America
- Latin America
- Middle East & Africa
- General Dynamics Mission Systems
- Hexagon AB
- Lockheed Martin Corporation
- Orbital Insight
- Planet Labs Inc.
- Honeywell International inc.
- ITT Inc.
- LumaSense Technologies Inc.
- Northrop Grumman Corporation.
- Raytheon Company
- Thales Group
- Descartes Labs, Inc.
- Farmers Edge Inc.
- Astro Digital
- Parrot Drones SAS.
- TerrAvion Inc.
- Artificial Intelligence
- SlantRange, Inc.
- Ceres Imaging, Inc.
Major players of the market are DigitalGlobe, Esri, General Dynamics Mission Systems, Hexagon AB, Lockheed Martin Corporation, Orbital Insight, Planet Labs Inc., Honeywell International inc., ITT Inc., LumaSense Technologies Inc., Northrop Grumman Corporation., Raytheon Company, Thales Group, Descartes Labs, Inc., GEOSYS, Farmers Edge Inc., Astro Digital, Parrot Drones SAS., TerrAvion Inc., Artificial Intelligence, SlantRange, Inc., and Ceres Imaging, Inc.
Companies are engaging in partnership, collaboration, and mergers. Moreover, companies are focusing on expanding their product portfolio to expand their expand share.