PUBLISHER: The Business Research Company | PRODUCT CODE: 1425773
PUBLISHER: The Business Research Company | PRODUCT CODE: 1425773
Remote Sensing Services Global Market Report 2024 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on remote sensing services market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for remote sensing services? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The remote sensing services market global report from the Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
Remote sensing involves specialized cameras that capture images from a distance, aiding researchers in gathering information about the Earth. This technique utilizes remotely sensed images to discern various aspects of the planet. Remote sensing services are instrumental in detecting and monitoring the physical attributes of an area by analyzing its reflected and emitted radiation without direct contact.
Within the remote sensing services market, the primary categories encompass aerial photography and remote sensing, along with data acquisition and analytics. Aerial photography and remote sensing play a crucial role in archaeological prospection, offering the potential to identify site locations, track landscape alterations over time, and even unveil subsurface features through topsoil analysis or stereoscopic examination. Diverse sectors benefit from remote sensing platforms, including defense, media and entertainment, homeland security agencies, energy and power, scientific research, weather forecasting, agriculture, and others. Additionally, various resolution segments, such as spatial, spectral, temporal, and radiometric, contribute to the comprehensive utilization of remote sensing technologies.
The remote sensing services market research report is one of a series of new reports from The Business Research Company that provides remote sensing services market statistics, including remote sensing services industry global market size, regional shares, competitors with a remote sensing services market share, detailed remote sensing services market segments, market trends and opportunities, and any further data you may need to thrive in the remote sensing services industry. This remote sensing services market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.
The remote sensing services market size has grown rapidly in recent years. It will grow from $24.97 billion in 2023 to $28.7 billion in 2024 at a compound annual growth rate (CAGR) of 15.0%. The growth observed in the historical period can be linked to several contributing factors. Notably, increased government investments played a significant role, particularly in initiatives focused on environmental monitoring and climate studies. The adoption of precision agriculture techniques also contributed significantly to this growth, alongside various infrastructure development projects. Furthermore, efficient management of natural resources emerged as a crucial driver in fostering growth during this historical phase.
The remote sensing services market size is expected to see rapid growth in the next few years. It will grow to $51.91 billion in 2028 at a compound annual growth rate (CAGR) of 16.0%. Anticipated growth in the forecast period is expected to stem from several key factors. Notably, the emphasis on global climate change monitoring will be a significant contributor to this growth trajectory. Additionally, health monitoring in agriculture, facilitated by technological advancements, is poised to play a pivotal role. The integration of high-resolution hyperspectral imaging into various applications is projected to be another driver. Furthermore, crisis management and humanitarian aid initiatives leveraging remote sensing services are anticipated to fuel growth. A surge in renewable energy site assessment activities is also expected to contribute significantly to the sector's expansion.
The anticipated expansion of the cloud computing market is poised to significantly drive the remote sensing services sector. Cloud computing encompasses a spectrum of computing services like servers, storage, databases, and software. Its deployment enables accelerated technology transfer within remote sensing, facilitating enhanced application sharing and fostering direct connectivity between remote sensing experts and end-users. For instance, in January 2023, Google LLC reported a substantial increase in public cloud usage, with 76% engagement in 2022 compared to 56% in 2021. Moreover, Findstack's findings in 2021 revealed that 81% of enterprises have either implemented or outlined a multi-cloud strategy. This growth in cloud computing is anticipated to power the remote sensing services market.
The burgeoning mining activities globally are projected to be a significant catalyst in propelling the remote sensing services market. Mining activities entail extracting valuable minerals or ores from the Earth's crust, for which remote sensing services are instrumental. These services aid in identifying potential mineral deposits by detecting geological features and anomalies indicative of valuable mineral presence. Notably, in February 2023, Glacier Media Group's report highlighted a substantial increase in the production of non-fuel mineral products in US mines, reaching $98.2 billion in 2022-an increase of $3.6 billion from the revised 2021 total of $94.6 billion. This surge in mining activities is thus propelling the growth of the remote sensing services market.
Technological advancements stand out as a prominent trend within the remote sensing services domain. Key industry players are actively innovating to fortify their market standing by introducing novel technological solutions. In February 2022, a case in point is Thales Alenia Space's launch of COSMOS-SkyMed, an advanced imaging radar remote sensing satellite for the Italian Space Agency. This satellite harnesses SAR (synthetic aperture radar) sensors and delivers comprehensive functionalities like agriculture mapping, disaster monitoring, and environmental observations, irrespective of environmental conditions.
Prominent companies in the remote sensing services sector are unveiling cutting-edge solutions aimed at sustaining their market position. These solutions leverage state-of-the-art technologies to capture, analyze, and derive valuable insights from geospatial data. For instance, in June 2022, Azista BST Aerospace introduced the Azista BST Aerospace First Runner (AFR), a remote sensing satellite featuring a modular bus platform hosting a wide-swath optical remote sensing payload. Equipped with panchromatic and multispectral imaging capabilities, the AFR satellite is designed for agriculture mapping, disaster monitoring, and environmental observations, even in challenging lighting conditions or cloud cover. Its high-resolution imaging capabilities enable the discernment of surface features smaller than a yard across when zoomed in on specific targets.
In December 2021, Delhivery Ltd., an India-based logistics company acquired Transition Robotics Inc. for an undisclosed amount. With this acquisition, Delhivery would move forward with a new technology of drone services by which it can deliver parcels as soon as possible. Transition Robotics Inc. is a US-based aerial photography, remote sensing, inspection, and survey company.
Major companies operating in the remote sensing services market report are Antrix Corporation Limited, CyberSWIFT Infotech Pvt. Ltd., DigitalGlobe Inc., Ekofastba SL, Geo Sense Sdn. Bhd., Lockheed Martin Corporation, Mallon Technology Ltd., Remote Sensing Solutions GmbH, Satellite Imaging Corporation, Spectir LLC, Terra Remote Sensing Inc., The Airborne Sensing Corporation, The Sanborn Map Company, Ball Corporation, General Dynamics Mission Systems Inc., Hexagon AB, Space Exploration Technologies Corporation, Stantec Inc., The Boeing Company, Airbus Defence and Space Ltd., BlackSky Global LLC, Blue Marble Geographics Inc., Earth-I Ltd., Ecometrica Ltd., EOMAP GmbH & Co.KG, Environmental Systems Research Institute Inc., European Space Imaging GmbH, GeoOptics Inc., Geosys Enterprise Solutions Private Limited, L3Harris Geospatial Solutions Inc., ICEYE Ltd., ImageSat International Ltd., Intermap Technologies Corp.
North America was the largest region in the remote sensing services market in 2023. The regions covered in the remote sensing services market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
The countries covered in the remote sensing services market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
The remote sensing services market includes revenues earned by entities by providing agricultural mapping services, slope aspect analysis, land cover classification, coastal ecosystem management, forestry mapping. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.