Remote Sensing Technology Global Market Report 2024

Remote sensing technology encompasses both active and passive sensing methods for collecting and analyzing information about the physical characteristics of a target area. Active remote sensing involves transmitting coherent electromagnetic (EM) waves towards a target, such as the Earth's surface, and detecting the reflected radiation using sensors. Passive remote sensing, on the other hand, relies on the detection of naturally emitted or reflected radiation from the target.

Remote sensing technologies utilize various tools and techniques, including Lidar, unique cameras, and radar scanning, among others. The applications of remote sensing technology are diverse and include military and intelligence, weather monitoring, disaster management, agriculture, living resources and infrastructure assessment. This technology is employed in satellite and aerial systems, with applications ranging from landscape assessment, security, air quality monitoring, hydrology, and forestry to floodplain mapping, emergency management, and healthcare.

The remote sensing technology market research report is one of a series of new reports that provides remote sensing technology market statistics, including remote sensing technology industry global market size, regional shares, competitors with an remote sensing technology market share, detailed remote sensing technology market segments, market trends and opportunities, and any further data you may need to thrive in the remote sensing technology industry. This remote sensing technology market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

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 rise during the historical period can be ascribed to activities such as environmental monitoring and climate research, precision agriculture, management of natural resources, urban planning and infrastructure development, as well as 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 expansion anticipated in the forecast period can be linked to the rising demand for earth observation data, the swift proliferation of satellite constellations, the advent of novel remote sensing platforms, growing accessibility for small and medium-sized enterprises (SMEs), regulatory backing, and the development of standards. Noteworthy trends in the forecast period encompass the advancement of hyperspectral imaging, the rapid surge in unmanned aerial vehicles (UAVs) or drones, enhanced spectral and spatial resolution, a heightened emphasis on privacy and ethical utilization, and expansion into new industry verticals.

The increasing adoption of precision farming technology is fueling the expansion of the remote sensing technology market. The farming industry is undergoing significant transformations due to rapid global population growth and climate change, imposing additional challenges on the food supply chain. Precision farming involves planning food production through the use of technologies that offer economic benefits such as cost reduction in farming, increased production levels, and environmental advantages. A report by McKinsey Global Institute in August 2020 projected that by 2030, approximately 70 million farmers could benefit from digital agriculture services through precision farming, making them 1.5 times as productive as traditional large farms and 2 to 2.5 times as effective as small farms. Thus, the increasing adoption of precision farming technology is a driving force behind the growth of the remote sensing technology market.

The growth of the remote sensing technology market is expected to be propelled by infrastructure development. Infrastructure development involves the planning, design, construction, and maintenance of physical structures and facilities supporting economic and social activities within a region or country. A robust infrastructure, including elements like high-speed internet, communication networks, and data centers, facilitates the seamless transmission and storage of remote sensing data. Improved accessibility serves as a catalyst for the widespread adoption of remote sensing technology across various industries. For example, in 2022, the Indonesian government committed to investing $430 billion in public infrastructure development by 2024. Additionally, in March 2022, the South African government, under the Department of Public Works and Infrastructure, announced the National Infrastructure Plan 2050 (Nip 2050) Phase I to enhance critical infrastructure in the country. Therefore, infrastructure development is a driving factor for the growth of the remote sensing technology market.

Technological advancement stands out as a key trend gaining popularity in the remote sensing technology market. Major companies in the market are dedicated to providing technologically advanced solutions to strengthen their market positions. These companies are incorporating next-generation remote sensing technology into their devices, including active sensors, LiDAR, InSAR, PSInSAR, SAR, SRT, SqueeSAR, passive sensors, UAV, and others. These technologies gather information about material objects through distance measurements without the need for physical contact. For example, in March 2022, China successfully launched a new remote sensing satellite into space. This optical remote sensing satellite is intended for applications such as land rights confirmation, urban planning surveys, disaster reduction and prevention, and crop yield estimation.

Major companies operating in the remote sensing technology market are engaging in strategic partnerships to expand their market presence. Strategic partnerships involve companies leveraging each other's strengths and resources to achieve mutual benefits and success. For instance, in November 2021, INERCO, a Spain-based sustainable industrial development solutions provider, partnered with ORBITAL EOS, a Spain-based company specializing in satellite imagery analytics. This collaboration aims to deliver solutions based on artificial intelligence, remote sensing, and advanced analytics of satellite images, providing environmental control and sustainability solutions in the energy and industrial sectors.

In November 2021, US-based earth imaging company Planet Labs Inc. announced the acquisition of VanderSat for approximately $28 million, consisting of $18 million in shares and $10 million in cash. Through this acquisition, Planet aims to leverage VanderSat's technologies and products to develop next-generation solutions that integrate remote-sensing science for commercial and public satellite data, offering clear and actionable information to industries, non-profits, and governments worldwide. VanderSat is a Netherlands-based company that provides advanced earth data and analytics through remote-sensing science.

Major companies operating in the 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.

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

The countries covered in the remote sensing technology market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Italy, Canada, Spain.

The remote sensing technology market includes revenues earned by entities by providing services such as agricultural mapping, mining and geology mapping, environmental impact assessment mapping, clutter data for wireless telecommunication network planning. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified)).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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