Remote Sensing Technology Market to reach $16.35 Billion growing at approximately 11.5% CAGR by 2030
Market Overview
The remote sensing technology market Size is proliferating across the globe. The market growth attributes to the increasing applications of remote sensing technology in some of the burgeoning industries, including agriculture, automotive, and defense. Besides, the rising adoption of remote sensing technology in biomedical, wearables, and healthcare sectors drives the growth of the market.
Remote sensing technologies have garnered massive prominence in applications such as landscape assessment, air quality, water quality, floodplain mapping & emergency management, geology & mineral exploration, and others. This, as a result, escalates the market growth, increasing the demand for remote sensing technologies. According to Market Research Future (MRFR), the global remote sensing technology market is poised to reach $16.35 Billion growing at approximately 11.5% CAGR throughout the review period 2021-2030
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Additionally, considerable investments in research & development of remote sensing technology and increasing product development and launches boost market growth. Moreover, advantages that remote sensing technology offers to military forces such as infrared photography, thermal imagery, radar scanning, and satellites push the market growth. Conversely, complexities in the development and lack of customization are significant factors estimated to obstruct the growth of the market.
Major Players
Players leading the global remote sensing technology market include Northrop Grumman Corporation (US), General Dynamics Corp. (US), Raytheon Corporation (US), Honeywell Technology Solutions Inc. (US), Lockheed Martin Corporation (US), ITT Corp. (US), Lumasense Technologies, Inc. (US), Thales Group (France), and Leica Geosystems Holdings AG (Switzerland), among others.
Segmentation
The report is segmented into three dynamics;
By Technology: Active Remote Sensing, Passive Remote Sensing, and others.
By Application: Landscape Assessment, Air Quality, Water Quality, Floodplain Mapping & Emergency Management, Healthcare, Geology & Mineral Exploration, Oceanography, Agriculture, and others.
By Regions: Americas, Europe, Asia Pacific, and the Rest-of-the-World.
Competitive Analysis
Highly competitive, the remote sensing technology market appears fragmented due to the presence of several well-established players. Industry players incorporate strategies such as mergers & acquisitions, collaborations, expansion, and product/ technology launch to gain a larger competitive share.
Regional Analysis
North America dominates the global Remote Sensing Technology Market. The largest market share attributes to the rising adoption of demand for remote sensing technology in a number of applications. Besides, substantial advancements in remote sensing technology and expansion inland assessment techniques drive the growth of the regional market.
Also, rising demand for sensing technologies from the defense sector to make military forces highly equipped and powerful substantiates the regional market growth. Besides, stringent government regulations to implement safety technologies and a steady rise in vehicle production & sales push the regional market growth. The US market dominates the remote sensing technology market in the region.
Europe stands second in the global remote sensing technology market. The vast advancements drive the market in sensing technology, improvements in healthcare standards, and improved technical infrastructure. Moreover, the extensive uptake of remote sensing technology in some of the burgeoning end-use industries such as industrial and construction drive the growth of the regional market.
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France, Germany, Italy, and the UK are the major markets for smart sensors. Furthermore, the resurging economy and the rising demand from the automotive, aerospace, and defense sectors foster regional market growth. The European remote sensing technology market is expected to create substantial revenue pockets during the assessment period.
The Asia Pacific remote sensing technology market has emerged as a profitable market. Factors such as the increasing uptake of smart technology and government initiatives to improve infrastructure boost the regional market growth. China, Japan, and India are major markets for remote sensing technology in the region. Considerable advancements in artificial intelligence and other similar technologies push the growth of the remote sensing technology market.
Furthermore, increasing remote sensing technology applications in medical device manufacturing, logistics, transportation, and consumer electronics influence regional market growth. Besides, increased production of vehicles and continuous implementation of regulations on driving safety propels the growth of the regional market. The APAC remote sensing technology is projected to create a substantial revenue pocket during the estimated period.
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Industry/ Innovation/ Related News
August 11, 2020 ----- The Indian Space Research Organisation (ISRO), the space agency for technology for national development, highlights the use of its remote sensing satellites in raising crop output. ISRO remote sensing satellites are also extensively used in railway safety, border protection, telemedicine, and other areas.
The space agency has been continuously enlarging its role in development activities, contributing to the mission of the Nation - Transforming India. ISRO technology is being used to carry out production forecasts for eight significant crops. ISRO sensing technologies are now being used even by the premier space centers for infrastructural development and public welfare projects.
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