Remote Sensing Technology Market Analysis by Technology, Application, Platform – Global Industry Revenue Estimation and Forecasts, 2023-2030

Remote Sensing Market Outlook

The global remote sensing technology market is projected to witness significant growth in the coming years due to the rising number of projects for earth observation initiated by various space agencies. Moreover, following the onset of COVID-19, many countries imposed stringent lockdowns. This increased the use of remote sensing technologies to track and control viral transmission and environmental changes.

The rising adoption of these solutions in smart city development is set to drive the market growth in the coming years. Authorities may use it in infrastructure modeling, zoning, security and law enforcement planning, and urban planning.

In the same way, the increasing implementation of the IoT technology in agriculture is projected to boost the market growth during this decade. In agriculture, drones, robots, computer imaging, and remote sensors are utilized to track the growth of crops and offer relevant information to farmers, to make farm management easier and more efficient. Remote sensors equipped with the IoT technology are installed across farms to collect data, which is then transferred for processing. Using a dashboard, farmers may keep an eye on their crops and, based on the information, take the right action.

Passive Remote Sensing Is Widely Adopted Sensing Technology

The passive remote sensing category is predicted to hold a significant market share throughout the projection period. Using this technique, one can track and examine surface features by measuring the sunlight that is reflected off the earth's surface. It is commonly employed for earth observation applications because it produces high-quality satellite pictures.

The active remote sensing category is set to progress at a substantial rate over the next few years. The technology emits light to track and analyze surface qualities. Passive remote sensing has numerous limitations that make it unfeasible to be utilized to study surface features at night, which are eliminated by the active remote sensing technology. This technology is, therefore, frequently used to assess the topography of the ocean, ice, and forests.

Aerial Systems Generate Highest Revenue in Industry

The aerial systems category will generate significant revenue in the market over the coming years, due to the growing usage of drones in aerial mapping. Surveying large areas with UAVs cuts costs and allows for faster data collection. Furthermore, surface mapping with these tools can provide highly accurate data and enable users to examine areas that are inaccessible to satellites.

Moreover, the satellite category is expected to grow at a significant CAGR. This can be ascribed to the rise in the number of projects for earth observation initiated by large space agencies, including NASA. Additionally, the demand for these solutions is projected to be driven by the growing use of satellite imagery for forecasting the weather. Further, the usage of meteorological satellites is rising for determining winds close the sea level from space, in order to locate and monitor cyclones.

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Increasing Penetration of AI And ML in Remote Sensing Offers Lucrative Opportunities

AI and ML are gaining a lot of traction in geomatics. By enhancing and replacing the components of traditional remote sensing, modeling, and assimilation techniques, these technologies have the potential to positively revolutionize and disrupt the sector. Machine learning models are more efficient and accurate because they can adjust to nonlinearity. There are several applications of remote sensing and geosciences, such as code acceleration, retrieval, crop disease detection, bias adjustment, aerosols, trace gases, land surface, ocean products and vegetation indices.

As a result, the burden of remote sensing analysts and specialists grows. Many companies rely on data from remote sensing and images, which they collect and analyze using modern tools. The gathering of data may be sped up by employing machine learning, deep learning, and spatial modeling which will allow algorithms to learn to interpret and handle the ever-increasing volumes of data.

North America Is Prime Revenue Contributor

North America is expected to dominate the market over the next few years. This dominance can be ascribed to the existence of key industry participants, including DigitalGlobe, General Dynamics Mission Systems Inc., and Esri, in the region. Further, the growing adoption of these solutions for precision farming is predicted to drive the adoption of remote sensing solutions in the years to come.

The Asia-Pacific market is predicted to grow at a significant CAGR over the next few years. This is mostly because earth observation techniques are being used increasingly throughout the region for applications related to infrastructure development. Furthermore, China, Australia, India, and Japan are regarded the most-profitable markets for companies that offer remote sensing solutions in this region. Additionally, the rising number of government initiatives to build urban infrastructure, including the Smart City Mission of India, are projected to boost the market growth in Asia-Pacific.

Top Players in Remote Sensing Technology Market Are:

• DigitalGlobe
• Esri
• General Dynamics Mission Systems Inc.
• Hexagon AB
• Lockheed Martin Corporation
• Orbital Insight
• Planet Labs Inc.
• Raytheon Technologies Corporation
• Teledyne Technologies
• UrtheCast