Remote Sensing Market Size, Share, Industry, Forecast and outlook (2024-2031)

Remote Sensing Market is Segmented By Technology (Active, Passive), By Platform (Satellite, Aerial Systems), By Application (Agriculture & Living Resources, Disaster Management, Infrastructure, Military & Intelligence, Weather, Others), and By Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa) – Share, Size, Outlook, and Opportunity Analysis, 2024-2031

Remote Sensing Market Size

The global remote sensing market reached US$ YY million in 2022 and is projected to witness lucrative growth by reaching up to US$ YY million by 2030. The market is growing at a CAGR of 15.2% during the forecast period (2024-2031).

Remote sensing is a process used to detect and monitor the physical characteristics of any area by measuring the reflected and emitted radiation at a particular distance, typically from a satellite or aircraft. Special cameras are designed to collect remotely sensed images, which help researchers "sense" things about the Earth.

The information obtained from remote sensing is used in various fields, including geography, agriculture, oceanography and environmental monitoring. The data is used to study the Earth's surface and atmosphere, to map and monitor land use and land cover changes, to detect and track natural disasters and for many other applications.

Remote Sensing Market Scope

Dynamics

The increase in demand for satellite-based imaging and mapping services is a major driver for the remote sensing market

With the increasing demand for accurate and real-time data, satellite-based imaging and mapping have become essential tools for various industries and applications. For instance, in the agriculture sector, remote sensing technology provides farmers with valuable information such as crop health, yield prediction and soil moisture levels. The information can help farmers make more informed decisions about crop management, leading to increased productivity and profitability.

Companies are investing in technology to boost the product’s share in the agriculture sector. For instance, in March 2022, Agribazaar launched a 'remote sensing crop model' to help farmers implement precision farming naturally. Around 10 lakh additional farmers will benefit from the service in the next 12 months.

The high cost of remote sensing equipment and services hurdles the market growth 

Remote sensing has gained immense popularity recently; however, the high cost of the devices and equipment hurdles market growth. For instance, The cost of a remote sensing satellite can range from tens of millions to hundreds of millions of dollars. For example, a small Earth observation satellite can cost anywhere from US$10 million to US$50 million, while a larger, more advanced satellite can cost several hundred million dollars. Furthermore, the cost of remote sensing software can also vary widely, from a few hundred dollars for basic desktop software to several thousand dollars for advanced cloud-based software platforms.

Segment Analysis

The global remote sensing market is segmented based on technology, platform, application and region.

Growing demand for cost-effectiveness, long-term monitoring and wide coverage remote sensing devices has increased the share of passive remote sensing

Passive remote sensing dominates the global market. Passive remote sensing refers to gathering information about an object or phenomenon by detecting the natural energy it emits or reflects. Unlike active remote sensing, which relies on the emission of energy from an external source to make observations, passive remote sensing relies solely on the natural energy emitted or reflected by the object being studied.

The major factor boosting the segmental growth of the product includes cost effectiveness, long-term monitoring, wide coverage and safety of passive remote sensing devices. Furthermore, passive remote sensing is non-intrusive, as it does not interfere with the studied object. Thus, it is ideal for studying sensitive environments, such as wildlife habitats or cultural heritage sites

Source: DataM Intelligence Analysis (2023)

Geographical Penetration

North America rules the market as a result of the presence of key players and top government remote sensing agencies in the region

North America held the largest market share of XX% in 2021. The share is attributable to key market players, including General Dynamics Mission Systems, Inc, Lockheed Martin Corporation, Esri and Raytheon Technologies Corporation. 

Furthermore, the region's use of remote sensing technology in precision farming applications will drive market expansion in the forecast period. Companies are also investing in the agriculture sector for remote sensing. For instance, in 2019, UrtheCast, Canada based company, acquired Geosys Technology Holding LLC for US$ 20 million. Through this acquisition, the company aims to enhance its market position in geo-analytics solutions for agriculture.

In addition, U.S. remote sensing market is one of the largest across the globe, with a high demand for satellite-based remote sensing data and services. The market is dominated by government agencies, including the National Oceanic and Atmospheric Administration (NOAA), NASA and the Department of Defense (DOD), which use remote sensing technology for various purposes such as earth observation, weather forecasting and military intelligence.

Source: DataM Intelligence Analysis (2023)

Competitive Landscape

The major global players include DigitalGlobe, Northrop Grumman Corporation, Esri, General Dynamics Mission Systems, Inc, Lumasense Technologies, Inc., Thales Group, Leica Geosystems Holdings AGHexagon AB, Lockheed Martin Corporation orbital Insight, Planet Labs Inc.

Key Developments

• On January 31, 2023, Cairo, the growing global Geo-data specialist, announced to the exhibition its innovative and patented remote sensing technology QuickVision. The new technology includes a smart camera and QR code-like patterns that assist in subsea structure installation and drilling operations at the 7th edition of the Egypt Petroleum Show.
• On December 5, 2022, Hexagon’s Safety, Infrastructure & Geospatial division and OSASI Technos Inc. came together to deliver next-generation disaster management and monitoring solutions. Governments can identify, predict and simulate approaching disasters due to wide-area remote monitoring systems with 3D visualization capabilities, improving their ability to prepare for and respond to emergencies. The news was made public at a signing ceremony held today as part of the Belgian Economic Mission to Japan.
• In 2021, A Remote Sensing and GIS Laboratory' was inaugurated at the Corporate Office of NHPC, India.

The global remote sensing market report would provide approximately 61 tables, 56 figures and 191 Pages.

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