Remote Sensing Technology Market

Remote Sensing Technology Market Size, Share, Growth (2023-2028)

Remote Sensing Technology Market is expected to grow at a CAGR of 11.6% over the forecast period (2023-2028). 

Remote Sensing Technology Market Overview:

Remote sensing technology is used to determine the characteristics of objects that can be identified, measured, or analyzed without direct contact. Military forces contribution to remote sensing technology includes radar scanning, thermal imagery, infrared photography, and satellites. Infrared photography technology completely depends on the infrared light portion of the electromagnetic spectrum for its study. Infrared photography measures the reflection of infrared radiation. The amount of radiation emitted by the source is indicated by Thermal imaging.

Remote Sensing Technology Market Drivers and Restraints

The growing adoption of precision farming is expected to enhance the growth of the global remote sensing technology market over the forecast period. The remote sensing technology is adopted to determine the soil moisture content, identify crop conditions, and estimate crop production. Using the remote sensing technology, the health of crops is determined, reducing fertilizer usage, which reduces additional costs incurred by farmers. In addition, the demand for remote sensing technology is accelerated due to the COVID-19 pandemic outbreak as remote sensing technology is being adopted to monitor and curb the spread of the virus. The technology also helps to determine mobility patterns, keep track of population concentration, and document environmental changes.The growing adoption of remote sensing technology among different industry verticals is expected to drive the growth of the global remote sensing technology market over the forecast period. However, the data interpretation complexity is expected to be the major restraint that hampers the growth of the market over the forecast period. 

Recent Developments

• Hexagon AB has announced the launch of its Power Portfolio in October 2019. This includes the latest version of Geographic Information System (GIS), remote sensing, and cartography products. The new versions help the users address big data management issues by making use of the machine learning capabilities.

• Sensetime, an Artificial intelligence (AI) unicorn, will be setting up a research center in the United Arab Emirates, with a strategy for hiring employees to focus on artificial intelligence in the Middle East and Africa, and Europe. The research center will develop artificial intelligence (AI) for remote sensing, healthcare,, and education industries. The company’s major aim is to support governments using artificial intelligence (AI) and the regional industries.

REMOTE SENSING TECHNOLOGY MARKET REPORT COVERAGE:

Remote Sensing Technology Market Segmentation

The segmentation of the Global Remote sensing technology market is done according to the technology adopted and the application of remote sensing. This is as follows:

By Technology:

the global remote sensing technology market is divided into Passive Remote Sensing and Active Remote Sensing. The passive remote sensing segment is anticipated to grow at the fastest rate over the study period. This can be attributed to the steady increase in the passive remote sensing technology’s adoption in earth observation satellites.

By Application:

the global remote sensing technology market is divided into Landscape Assessment, Water Quality, Air Quality, Geology and Mineral Exploration, disaster management, Floodplain Mapping, military and intelligence, Healthcare, Oceanography, Agriculture, and Others.

The military and intelligence segment held the largest market share in the recent past and is expected to continue its dominance over the forecast period. The growing adoption of technology by developed economies so as to monitor and prevent destructive and criminal activities has been the driving factor for the growth of this segment in the global remote sensing technology market. Further, developing economies like Russia and China have been focusing on the use of satellite images for defense applications. These factors are expected to fuel the demand for the global remote sensing technology market over the forecast period. Moreover, growing advancement in remote sensing technology led to its expansion in land assessment techniques.

However, the disaster management segment is anticipated to grow at the fastest rate over the projected interval period. The adopted technology provides vital information related to natural disasters like volcano eruptions, storms, and cyclones. The thoroughly updated data availability has been helping authorities make better decisions related to evacuations and the actions to be taken after the disaster. 

Remote Sensing Technology Market Regional Analysis

• North America

• Europe

• Asia-Pacific

• Latin America

• Middle East & Africa

The North-America leads the global remote sensing technology market and is expected to continue its dominance over the forecast period due to technological advancements, highly equipped and powerful defence force prevailing in this region. Moreover, the Asia-Pacific region is also expected to witness significant growth over the forecast period. This can be attributed to the huge investments by various governments to enhance and strengthen defence technologies.

Key Players

1. General Dynamics Corp. (U.S.)

2. Honeywell Technology Solutions Inc. (U.S.)

3. Northrop Grumman Corporation (U.S.)

4. Thales Group (France)

5. Raytheon Corporation (U.S.)

6. Lockheed Martin Corporation (U.S.)

7. ITT Corp. (U.S.)

8. Lumasense Technologies, Inc. (U.S.)

9. Leica Geosystems Holdings AG (Switzerland)