At CAGR 15.2% Growing Number of Earth Observation Projects,
TOKYO, June 28, 2022 (GLOBE NEWSWIRE) — The Global Remote Sensing Services Market size accounted for USD 17,997 Million in 2021 and is projected to reach a market size of USD 64,375 Million by 2030 growing at a CAGR of 15.2%.
According to our remote sensing services market forecast, the growing number of earth observation projects will drive global industry growth. According to American Scientist statistics, there are currently over 150 Earth-observation satellites in orbit, each carrying sensors that determine different parts of the visible, microwave, and infrared areas of the electromagnetic range. In addition, growth in the cloud computing industry is one of the prominent remote sensing services market trends that are boosting the industry value. Cloud computing provides outstanding benefits such as online, on-demand, scalable image processing functionality, image-derived products, and visualization tools to a global user community, rapid inclusion and implementation of new algorithms and processing tools, and the ability for processing tools to be effectively co-located with large image databases.
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|Market||Remote Sensing Services Market|
|Market Size 2021||USD 17,997 Million|
|Market Forecast 2030||USD 64,375 Million|
|CAGR During 2022 – 2030||15.2%|
|Analysis Period||2018 – 2030|
|Forecast Data||2022 – 2030|
|Segments Covered||By Technology, By Platform, By Resolution, By End-Use, And By Geography|
|Regional Scope||North America, Europe, Asia Pacific, Latin America, and Middle East & Africa|
|Key Companies Profiled||Antrix Corporation, Digital Globe, EKOFASTBA, General Dynamics Mission Systems, Inc., Geo Sense, Hexagon AB, Lockheed Martin Corporation, Mallon Technology, Remote Sensing Solutions, Stantec, and Satellite Imaging Corporation|
|Report Coverage||Market Trends, Drivers, Restraints, Competitive Analysis, Player Profiling, Regulation Analysis|
|Customization Scope||10 hrs of free customization and expert consultation|
COVID-19 Impact on the Global Remote Sensing Services Market Value
Remote sensing and imaging satellites are giving comparison imagery to health care officials and other users, which is critical for monitoring the efficiency of “stay at home” and other social distancing guidelines. Earth observation satellites also offer a secure and remote way to collect worldwide onsite data without leaving the house or office. Satellites, as a group, provide essential services to governments, businesses, and consumers. The United States Department of Homeland Security (DHS) identified satellite operations as a critical component of a functioning critical infrastructure that is critical during the COVID-19 emergency response for both public safety as well as community well-being.
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Widespread adoption in defense applications helps the remote sensing services market to grow significantly
Remote sensing technologies provide geographically contextual data to the government and defense sectors, allowing them to make more confident decisions. These services provided by key players provide the defense and intelligence chain with the most advanced software technology available to efficiently manage and exploit geographical data, from the command center to the tip of the spear. Remote sensing detects anomalies in order to reveal hidden targets, detects movement and changes over time, visualizes terrain in order to plan troop activities, and focuses on spectrally anomalous areas that may indicate potential threats. In this way, the defense sector has benefited from the use of remote sensing services all around the world.
The advent of cloud computing, big data analytics and the Internet of Things are supporting the remote sensing services market growth
The Internet of Things (IoT) is the result of recent breakthroughs in home automation, smart environments, smart cities, and various sensor networks for military and civilian applications. The data generated by remote sensing software and IoT technologies have the potential to provide a wide range of insights that can ensure effective performance, reduce costs, and provide proactive warning of impending problems. Furthermore, with the rise of big data analytics, remote sensing data are finding new applications in fields such as urban planning, global climate change, and natural hazard monitoring.
Remote Sensing Services Market Segmentation
The global market has been divided into five sections: technology, platform, resolution, end-user, and region.
The technology segment is bifurcated into active remote sensing and passive remote sensing. By technology, passive remote sensing technology held a maximum remote sensing services market share in 2021. As per the American Scientists information, the vast majority of Earth-observation satellites are outfitted with “passive” sensors that measure either emitted thermal energy or reflected solar radiation from the Earth’s atmosphere or surface. Latest satellites also use “active” sensors that emit energy and trace the reflected or diffracted response, which can be used to infer information about the Earth.
Based on the platform the market is split into satellites (earth observation, mapping & navigation, meteorology, telecommunication, and others), manned aircraft (coastal analysis, defense and intelligence, disaster management, mineral exploration mapping, pipeline monitoring, precision farming, and others), UAVs (3d terrain model construction, damage assessment, defense and intelligence, geohazard mapping, mineral exploration, pipeline monitoring, precision farming, and others), and ground. Among them, satellites acquired the largest chunk of share due to their increasing demand to obtain crucial information for mapping, resource management, mineral exploration, and others.
The resolution segment is divided into spectral, spatial, temporal, and radiometric. Out of these, the spatial resolution technique is popular in defense and commercial applications as it can distinguish between two objects even if they are close to each other.
Furthermore, the end-user segment is categorized into defense and commercial. The defense end-user is further categorized into defense organizations and homeland security agencies. Commercial end-user is sub-segmented into agriculture, energy & power, media & entertainment, weather forecasting, scientific research, and others.
Remote Sensing Services Market Regional Outlook
North America, Asia-Pacific, Europe, Latin America, the Middle East, and Africa account for the majority of the global remote sensing services market. According to our regional analysis, North America currently leads the remote sensing services industry with a significant market share and is expected to continue to lead in the future. The region’s rapid growth can be attributed to advances in remote sensing technology in land assessment techniques. Furthermore, the Asia-Pacific region is expected to grow the fastest in the coming years as a result of improved defense technologies and massive government investment.
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Remote Sensing Services Market Players
Some key remote sensing services companies covered in the industry include Antrix Corporation, Digital Globe, EKOFASTBA, General Dynamics Mission Systems, Inc., Geo Sense, Hexagon AB, Lockheed Martin Corporation, Mallon Technology, Remote Sensing Solutions, Stantec, and Satellite Imaging Corporation.
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