Global Remote Sensing Technology Market 2023-2030

Global Remote Sensing Technology Market 2023-2030

Global Remote Sensing Technology Market Size, Share & Trends Analysis Report by Technology (Active Sensing and Passive Sensing), by Platform (Satellite and Aerial Systems), and by Application (Agriculture & Living Resources, Military & Intelligence, Disaster Management, Weather and Others), Forecast Period (2023-2030)

The global remote sensing technology market is anticipated to grow at a significant CAGR of 11.1% during the forecast period (2023-2030). The growing adoption of futuristic disaster management and monitoring solutions is the key factor supporting the growth of the market globally.Drought is one of the most threatening natural hazards owing to its creeping and invasive nature, which proliferates existing systemic vulnerabilities, creates new risks and consequentially manifests as multi-dimensional hindrances to the objective of sustainable development. The market players are also focusing on introducing the use of complex remote sensing data for this kind of application further bolster the market growth. For instance, in September 2022, International Water Management Institute (IWMI) launched the South Asia Drought Monitoring System (SADMS). A next-generation South Asia Drought Monitoring System (SADMS), developed by (IWMI) in a close partnership with the Indian Council of Agricultural Research (ICAR) is aimed at addressing the existing and potential challenges to drought management and at providing a framework for proactive drought mitigation measures across nations in South Asia.

Segmental Outlook

The global remote sensing technology market is segmented on the technology, platform, and application. Based on the technology, the market is sub-segmented into active sensing and passive sensing. Based on the platform, the market is sub-segmented into satellite and aerial systems. Further, on the basis of application, the market is sub-segmented into agriculture & living resources, military & intelligence, disaster management, weather and others. Among the platforms, the satellite sub-segment is anticipated to hold a considerable share of the market owing to the rise in applications such as agriculture, land use mapping and monitoring, disaster management, climate monitoring, urban planning, weather forecasting, forest mapping, water management, mining and others.

Disaster Management Sub-Segment is Anticipated to Hold a Considerable Share of the Global Remote Sensing Technology Market

Among the applications, the disaster management sub-segment is expected to hold a considerable share of the global remote sensing technology market. The segmental growth is attributed to the growing influence of remote sensing technology in disaster management including areas such as flooding, cyclones, drought, earthquakes and tsunami. Satellite remote sensing is largely adopted owing to its cost-effectiveness, short temporal orbiting and a large area of coverage. For instance, in August 2023, The Hong Kong University of Science and Technology (HKUST) launched a multispectral optical satellite at the Jiuquan Satellite Launch Center in Gansu with Chang Guang Satellite Technology Company Ltd. The satellite “HKUST-FYBB#1” used for tracking remote sensing data related to global environment, disaster and sustainable development.

Regional Outlook

The global remote sensing technology market is further segmented based on geography including North America (the US, and Canada), Europe (UK, Italy, Spain, Germany, France, and the Rest of Europe), Asia-Pacific (India, China, Japan, South Korea, and Rest of Asia), and the Rest of the World (the Middle East & Africa, and Latin America. Among these, Asia-Pacific is anticipated to exhibit highest CAGR in the global market, owing to the increasing adoption of earth observation for infrastructure development applications.

North America Held Considerable Share in the Global Remote Sensing Technology Market

Among all regions, the North America held considerable share in the global remote sensing technology market. The growing adoption of remote sensing to collect data of dangerous or inaccessible areas is contributing to the regional market share. For instance, in May 2022, Maxar Technologies announced that the National Oceanic and Atmospheric Administration (NOAA) has modified Maxar’s remote sensing license to enable the non-Earth imaging (NEI) capability for its current constellation on orbit as well as its next-generation WorldView Legion satellites. The key market players include Maxar Technologies, Planet Labs PBC, Ball Corp., Trimble Inc., L3Harris Technologies, Inc. and Others.

Market Players Outlook

The major companies serving the remote sensing technology market include Hexagon AB, L3Harris Technologies, Inc., Maxar Technologies, Remote Sensing Solutions GmbH, Trimble Inc., and others. The market players are considerably contributing to the market growth by the adoption of various strategies including mergers and acquisitions, partnerships, collaborations, funding, and new product launches, to stay competitive in the market. For instance, in August 2021, Axelspace Corp. partnered with Remote Sensing Technology Center of Japan (RESTEC) to distribute Earth Observation Data in AxelGlobe, the next-generation optical Earth observation platform covering the globe. Emerging needs include remote monitoring of supply chains and environmental monitoring in order to contribute to SDGs and respond to ESG requirements.

The Report Covers

Market value data analysis of 2022 and forecast to 2030.

Annualized market revenues ($ million) for each market segment.

Country-wise analysis of major geographical regions.

Key companies operating in the global remote sensing technology market. Based on the availability of data, information related to new product launches, and relevant news is also available in the report.

Analysis of business strategies by identifying the key market segments positioned for strong growth in the future.

Analysis of market-entry and market expansion strategies.

Competitive strategies by identifying ‘who-stands-where’ in the market.