Global Remote Sensing Technology Market Size, Share, Trends, & Growth Forecast Report – Segmented By Technology (Active sensing technology and Passive sensing technology), By Applications (Landscape Assessment, Water Quality, Air Quality, Geology, and Mineral Exploration, disaster management, Floodplain Mapping, military and intelligence, Healthcare, Oceanography, Agriculture and Others) and Region (North America, Europe, Asia Pacific, Latin America, and Middle East & Africa) - Industry Analysis (2024 to 2029)
Global Remote Sensing Technology Market Size (2024 to 2029)
The global remote sensing technology market is expected to reach USD 21.59 billion in 2024 and USD 37.04 billion by 2029, growing at a CAGR of 11.4% during the forecast period.
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.
MARKET DRIVERS
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.
MARKET RESTRAINTS
However, the data interpretation complexity is expected to be the major restraint that hampers the growth of the market over the forecast period.
REPORT COVERAGE
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REPORT METRIC |
DETAILS |
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Market Size Available |
2023 to 2029 |
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Base Year |
2023 |
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Forecast Period |
2024 to 2029 |
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CAGR |
11.4% |
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Segments Covered |
By Technology, Application, and Region. |
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Various Analyses Covered |
Global, Regional & Country Level Analysis, Segment-Level Analysis, DROC, PESTLE Analysis, Porter’s Five Forces Analysis, Competitive Landscape, Analyst Overview on Investment Opportunities |
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Regions Covered |
North America, Europe, APAC, Latin America, Middle East & Africa |
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Market Leaders Profiled |
General Dynamics Corp. (U.S.), Honeywell Technology Solutions Inc. (U.S.), Northrop Grumman Corporation (U.S.), Thales Group (France), Raytheon Corporation (U.S.), Lockheed Martin Corporation (U.S.), ITT Corp. (U.S.), Lumasense Technologies, Inc. (U.S.), and Leica Geosystems Holdings AG (Switzerland) and Others. |
SEGMENTAL ANALYSIS
Global Remote Sensing Technology Market Analysis 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.
Global Remote Sensing Technology Market Analysis 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.
REGIONAL ANALYSIS
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 IN THE GLOBAL REMOTE SENSING TECHNOLOGY MARKET
The global remote sensing technology market is concentrated with well-established players. Key players in the market include General Dynamics Corp. (U.S.), Honeywell Technology Solutions Inc. (U.S.), Northrop Grumman Corporation (U.S.), Thales Group (France), Raytheon Corporation (U.S.), Lockheed Martin Corporation (U.S.), ITT Corp. (U.S.), Lumasense Technologies, Inc. (U.S.) and Leica Geosystems Holdings AG (Switzerland)
RECENT HAPPENING IN THE MARKET
- 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.
DETAILED SEGMENTATION OF THE GLOBAL REMOTE SENSING TECHNOLOGY MARKET INCLUDED IN THIS REPORT
This research report on the global remote sensing technology market has been segmented and sub-segmented based on the technology, application, and region.
By Technology
- Active sensing technology
- Passive sensing technology
By Application
- Landscape Assessment
- Water Quality
- Air Quality
- Geology, and Mineral Exploration
- disaster management
- Floodplain Mapping
- military and intelligence
- Healthcare
- Oceanography
- Agriculture
By Region
- North America
- Europe
- Asia-Pacific
- Latin America
- The Middle East and Africa
Frequently Asked Questions
What are the key applications of remote sensing technology?
Remote sensing technology is widely used in various applications, including environmental monitoring (such as climate change studies and disaster management), agriculture (precision farming and crop health monitoring), defense and intelligence (surveillance and reconnaissance), urban planning, and forestry management.
How is remote sensing technology contributing to environmental conservation efforts?
Remote sensing technology plays a crucial role in environmental conservation by providing critical data for monitoring deforestation, tracking wildlife, assessing natural disasters like floods and wildfires, and studying climate change impacts. Satellite imagery and airborne sensors help in mapping and analyzing ecological changes over time, enabling better policy-making and resource management.
What role does government funding play in the development of remote sensing technology?
Government funding plays a vital role in the development and deployment of remote sensing technology. Many governments support research and development (R&D) initiatives, provide grants for space missions, and invest in satellite infrastructure to enhance national security, environmental monitoring, and scientific research capabilities. Public-private partnerships are also common in advancing remote sensing technologies.
What is the future outlook for the remote sensing technology market?
The future outlook for the remote sensing technology market is highly positive, with expectations of substantial growth driven by increasing demand for real-time data and analytics across various sectors. Emerging markets in Asia-Pacific and Latin America are anticipated to offer new growth opportunities. Continuous technological innovations, such as the integration of IoT and cloud computing with remote sensing, are expected to further enhance the capabilities and applications of remote sensing technologies.
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