Remote Sensing Technology Market Size and Forecast 2024-2033|Thales Group, DigitalGlobe Inc., Environmental Systems Research Institute Inc., General Dynamics Mission Systems Inc., Hexagon AB

Overview and Scope

The remote sensing technology refers to active and passive sensing technology used to collect the information and analyze its physical characteristics. The purpose of remote sensing technology is to detect and track an area by physical characteristics at a distance by measuring its reflected and emitted radiation. It includes Lidar, unique cameras, radar scanning, and others.

Sizing and Forecast

The remote sensing technology market size has grown strongly in recent years. It will grow from $16.09 billion in 2023 to $17.54 billion in 2024 at a compound annual growth rate (CAGR) of 9.0%. The growth in the historic period can be attributed to environmental monitoring and climate studies, precision agriculture, natural resource management, urban planning and infrastructure development, disaster management and response.

The remote sensing technology market size is expected to see rapid growth in the next few years. It will grow to $26.16 billion in 2028 at a compound annual growth rate (CAGR) of 10.5%. The growth in the forecast period can be attributed to increasing demand for earth observation data, rapid expansion of satellite constellations, emergence of new remote sensing platforms, increasing accessibility for small and medium-sized enterprises (smes), regulatory support and standards development.. Major trends in the forecast period include development of hyperspectral imaging, rapid growth in unmanned aerial vehicles (uavs) or drones, improved spectral and spatial resolution, focus on privacy and ethical use, expansion into new industry verticals.

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Segmentation & Regional Insights

The remote sensing technology market covered in this report is segmented –

1) By Technology: Active Remote Sensing, Passive Remote Sensing

2) By Platform: Satellite, Aerial Systems

3) By Application: Landscape Assessment, Security, Air Quality, Hydrology, Forestry, Floodplain Mapping And Emergency Management, Healthcare

4) By End User: Military And Intelligence, Weather, Disaster Management, Agriculture And Living Resources, Infrastructure

North America was the largest region in the remote sensing technology market in 2023. The regions covered in the remote sensing technology market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa

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Major Driver Impacting Market Growth

The growing adoption of precision farming technology is driving the growth of the remote sensing technology market. Due to rapid global population growth and climate change, the farming industry is undergoing massive transformations, placing an added burden on the food supply chain. Precision farming is the planning of food production through the use of technologies delivering the economic benefits of cost reduction in farming and increasing production levels and also helps in environmental benefits. For instance, in August 2020, according to a report published by McKinsey Global Institute, By 2030, approximately 70 million farmers could benefit from digital agriculture services through precision farming. This will be 1.5 times as productive as traditional large farms and 2 to 2.5 times as effective as small farms. Thus, the growing adoption of precision farming technology is driving the remote sensing technology market growth.

Key Industry Players

Major companies operating in the remote sensing technology market report are Thales Group, DigitalGlobe Inc., Environmental Systems Research Institute Inc., General Dynamics Mission Systems Inc., Hexagon AB, Maxar Technologies, Planet Labs PBC, L3 Harris Technologies Inc., Airbus SE, Trimble Inc., Neteera Technologies, Centre for Process Innovation Limited, Orbital Insight Inc, Cognitive Space Inc., Alio Medical Inc., Empatica Inc., Sensera Systems Inc, Michigan Tech Research Institute, LongPath Technologies, Chloris Geospatial, Resonon Inc., Muon Space Inc., Array Labs Ic., Satyukt Analytics Pvt Ltd., Spanish Maritime Safety & Rescue Agency, Lockheed Martin Corporation, Raytheon Technologies Corporation, Teledyne Technologies Incorporated, Leidos Inc., Conduent Inc.

The remote sensing technology market report table of contents includes:

1. Executive Summary

2. Remote Sensing Technology Market Characteristics

3. Remote Sensing Technology Market Trends And Strategies

4. Remote Sensing Technology Market – Macro Economic Scenario

5. Global Remote Sensing Technology Market Size and Growth

26. South America Remote Sensing Technology Market

27. Brazil Remote Sensing Technology Market

28. Middle East Remote Sensing Technology Market

29. Africa Remote Sensing Technology Market

30. Remote Sensing Technology Market Competitive Landscape And Company Profiles

Top Major Players: