Remote Sensing Technology Market Analysis, Segmentation, Business Revenue Forecast and Future Plans 2030
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Market Overview
The remote sensing technology
market 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 USD 18 BN by 2023, growing at
approximately 10% CAGR throughout the review period (2017-2023).
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.
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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.
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.
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.
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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.
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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