PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1401811
PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1401811
Remote Sensing Technology Market size was valued at USD 18,000 Million in 2022, expanding at a CAGR of 12.1% from 2023 to 2030.
The detection and monitoring of the physical attributes of a specific area by measuring the radiation it reflects and emits from a distance is known as remote sensing. The technology of remote sensing has made significant advancements in terms of radiometric, spatial, and spectral resolution. By utilizing sophisticated sensors mounted on satellites or aircraft, remote sensing technology has greatly enhanced mineral exploration by gathering data from vast and inaccessible regions. Over the past few decades, remote sensing has been extensively employed in mineral exploration, providing cost-effective data and a comprehensive view of the terrain. As remote sensing technology continues to progress, it plays a vital role in comprehending and managing the Earth's resources and environment.
Remote Sensing Technology Market- Market Dynamics
The market growth is anticipated to be driven by the expansion of earth observation projects carried out by various space agencies, the implementation of these projects for agricultural development, and the monitoring of climate change.
Various space agencies worldwide, such as NASA, ESA (European Space Agency), and others, consistently launch satellites dedicated to observing Earth. These initiatives have the objective of collecting data on the planet's surface, atmosphere, and oceans for scientific research, environmental monitoring, and resource management. Space economy statistics offer assessments of the space industry's contribution to the United States' gross production and GDP in both current-dollar and chained-dollar terms, along with estimates of private service and compensation. The recently updated and revised statistics reveal that in 2021, the U.S. space economy accounted for USD211.6 billion of gross output, USD129.9 billion (0.6 percent) of GDP, and USD51.1 billion of private industry compensation. Additionally, remote sensing technology plays a vital role in precision agriculture by providing real-time information on crop health, soil moisture, and environmental conditions. Remote sensing tools, including satellites and airborne sensors, also contribute to monitoring changes in the Earth's climate. Furthermore, the increasing investments and initiatives by space agencies and private entities to expand earth observation projects create opportunities for the remote sensing technology market. However, the significant barrier to overcome is the high cost associated with launching and maintaining satellites for remote sensing purposes.
Remote Sensing Technology Market- Key Insights
As per the analysis shared by our research analyst, the global Remote Sensing Technology market is estimated to grow annually at a CAGR of around 12.1% over the forecast period (2023-2030)
Based on Technology segmentation, Passive Remote Sensing was predicted to show maximum market share in the year 2022
Based on Platform segmentation, Aerial Systems was the leading type in 2022
Based on application segmentation, Military & Intelligence was the leading type in 2022
On the basis of region, North America was the leading revenue generator in 2022
The Global Remote Sensing Technology Market is segmented on the basis of Technology, Platform Application and Region.
The market is divided into three categories based on Technology: Active Remote Sensing and Passive Remote Sensing. Passive Remote Sensing segment dominates the market. Passive remote sensing is employed for the purpose of monitoring alterations in land cover, vegetation health, and water quality. This technique entails the identification of naturally emitted or reflected electromagnetic radiation from the Earth's surface, atmosphere, or objects.
The market is divided into two categories based on Platform: Satellite and Aerial Systems. Aerial Systems segment dominates the market. Aerial systems, which are equipped with remote sensing sensors, provide a flexible and effective method for gathering high-resolution spatial data. These systems find applications in diverse fields such as agriculture, environmental monitoring, disaster response, infrastructure inspection, and surveillance.
The market is divided into two categories based on application: Agriculture & Living Resources, Military & Intelligence, Disaster Management, Infrastructure, Weather and Others. Military & Intelligence segment dominates the market. Remote sensing technology plays a crucial role in military and intelligence operations as it enables the collection of valuable information, enhances situational awareness, and facilitates decision-making processes. Satellite imaging is extensively utilized by military and intelligence agencies for reconnaissance, surveillance, and monitoring purposes.
Remote Sensing Technology Market- Geographical Insights
Geographically, this market is spread across various regions including North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. These regions are further divided based on the countries involved in business activities. The growth of the market is expected to be dominated by North America, primarily due to the increasing adoption of earth observation applications for infrastructure development. North America is witnessing significant urbanization and ongoing infrastructure projects, making it a key contributor to the market's expansion. Remote sensing technologies play a vital role in urban planning, construction monitoring, and managing critical infrastructure assets, thereby driving the market's growth. The global demand for infrastructure, across all sectors, is projected to exceed USD53 trillion between 2010 and 2030. To ensure the success of U.S. industries in international procurements, the U.S. Department of Commerce, through its International Trade Administration (ITA), will actively support their participation. Europe holds the second-largest market for Remote Sensing Technology, owing to the potential of remote sensing in enhancing the resilience of agricultural production systems.
The primary focus of the competitive analysis centered on the use of remote sensing data acquired from aircraft to determine the precise location, size, and types of individual trees. In recent years, remote sensing technologies, particularly hyperspectral remote sensing technology, have emerged as a significant and valuable source of data for environmental applications. There is a potential for new entrants and startups to enter the market, bringing in innovative technologies and business models. Additionally, there are continuous advancements in sensing technologies, including higher-resolution imaging, improved spectral capabilities, and enhanced data analytics. As an example, on October 28, 2021, Honeywell announced the introduction of its Real-Time Health Monitoring System (RTHMS), a smart edge-to-cloud communication platform that enables remote and real-time monitoring of patients, bridging the gap between caregivers and patients. This offering combines hardware and software to enhance care delivery, improve healthcare worker productivity, and enable efficient processes.
Thales Alenia Space, a joint venture between Thales (67%) and Leonardo (33%), has recently declared a strategic partnership with Microsoft. This collaboration aims to investigate the potential for enhancing capabilities in Space Edge Computing (SEC), Artificial Intelligence Space Observation tools (DeeperVision), and Digital Ground Segment. Thales Alenia Space intends to provide cutting-edge connectivity, analytics, and computing in space through the implementation of Space Edge Computing (SEC) in conjunction with Microsoft.
The scope of this report covers the market by its major segments, which include as follows: