The global remote sensing technology market size is expected to reach USD 29.61 billion by 2027, expanding at a CAGR of 11.6% from 2020 to 2027, according to a study conducted by Grand View Research, Inc. Remote sensing technology is used to detect and monitor land and weather characteristics by measuring the reflected sunlight and emitted radiation from a satellite or an aircraft. Cameras fitted on the satellite and the aircraft to collect the remotely sensed images, which help organizations observe and analyze the land and forecast weather accordingly. The market is primarily driven by rising investments in earth observation projects. For instance, in August 2020, Indian earth observation startup Pixxel announced it raised investments worth USD 5 million for a constellation of Earth observation satellites.
The
growing adoption of precision farming is expected to augment the
market growth over the forecast period. The technology is used to identify crop
conditions, determine the soil content such as moisture, and estimate the crop
production. The health of crops is determined using remote sensing technology
to reduce fertilizer usage, which reduces additional costs incurred by farmers.
Moreover, the COVID-19 pandemic outbreak has led to the demand for remote
sensing technology to monitor and curb the spread of the virus. The technology
also helps to keep track of population concentration, determine mobility
patterns, and document environmental changes.
The
market comprises a high degree of competition due to the presence of numerous
companies operating at the global level. These companies are focusing on
enhancing their product portfolio to maintain and increase their market share.
For instance, in October 2019, Hexagon AB announced the launch of its Power
Portfolio which includes the latest version of remote sensing, Geographic
Information System (GIS), and cartography products. The new versions have
machine learning capabilities that help users address big data management
issues.
Full Research Report On Remote Sensing Technology Market Visit Here:
https://www.grandviewresearch.com/industry-analysis/remote-sensing-technologies-market
Remote Sensing
Technology Market Report Highlights
- The passive remote sensing
segment is anticipated to expand at the fastest CAGR exceeding 8% over the
forecast period owing to the rising adoption of passive sensor technology
in earth observation satellites
- The military and
intelligence segment held the largest market share of 32.25% in 2019. This
share is attributed to the increasing usage of remote sensing technology
for surveillance applications
- The aerial systems segment
is projected to expand at the fastest CAGR of over 8% during the forecast
period due to the growing usage of UAVs for research and exploration
applications
- North America held the
highest market share of 38.12% in 2019. This share is due to the
increasing adoption of remote sensing technology in the U.S. for precision
farming applications
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Remote Sensing
Technology Market Segmentation
Grand View Research has segmented
the global remote sensing technology market on the basis of technology,
application, platform, and region:
Remote Sensing
Technology Outlook (Revenue, USD Million, 2016 - 2027)
- Active Remote Sensing
- Passive Remote Sensing
Remote Sensing
Technology Application Outlook (Revenue, USD Million, 2016 - 2027)
- Agriculture & Living
Resources
- Military & Intelligence
- Disaster Management
- Infrastructure
- Whether
- Others
Remote Sensing
Technology Platform Outlook (Revenue, USD Million, 2016 - 2027)
- Satellite
- Aerial Systems
Remote Sensing
Technology Regional Outlook (Revenue, USD Million, 2016 - 2027)
- North America
- The U.S.
- Canada
- Europe
- The U.K.
- Germany
- France
- Asia Pacific
- China
- India
- Japan
- Latin America
- Brazil
- Mexico
- The Middle East & Africa
List of Key Players
of Remote Sensing Technology Market
- DigitalGlobe
- Esri
- General Dynamics Mission
Systems, Inc.
- Hexagon AB
- Lockheed Martin Corporation
- Orbital Insight
- Planet Labs Inc.
About Grand View Research
Grand
View Research, Inc. is a U.S. based market research and consulting company,
registered in the State of California and headquartered in San Francisco. The
company provides syndicated research reports, customized research reports, and
consulting services. To help clients make informed business decisions, we offer
market intelligence studies ensuring relevant and fact-based research across a
range of industries, from technology to chemicals, materials and healthcare.
For more info visit @ https://www.grandviewresearch.com
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