Remote Sensing Technology Market - Overview
According to Market
Research Future (MRFR), the global Remote
Sensing Technology Market is poised to reach USD 18 BN by 2023, growing at
approximately 10% CAGR throughout the review period (2017-2023). The remote sensing
technology market is proliferating across the globe. The market growth
attributes to the increasing applications of remote sensing technology in some
of the burgeoning industries, including agriculture, automotive, and defense.
Besides, the rising adoption of remote sensing technology in biomedical,
wearables, and healthcare sectors drives the growth of the market.
Additionally,
considerable investments in research & development of remote sensing
technology and increasing product development and launches boost market growth.
Moreover, advantages that remote sensing technology offers to military forces
such as infrared photography, thermal imagery, radar scanning, and satellites
push the market growth. Conversely, complexities in the development and lack of
customization are significant factors estimated to obstruct the growth of the
market.
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Global Remote
Sensing Technologies Market - Segmentation
The report is
segmented into three dynamics;
By Technology:
Active Remote Sensing, Passive Remote Sensing, and others.
By Application:
Landscape Assessment, Air Quality, Water Quality, Floodplain Mapping &
Emergency Management, Healthcare, Geology & Mineral Exploration,
Oceanography, Agriculture, and others.
By Regions
: Americas, Europe, Asia Pacific, and the Rest-of-the-World.
Remote Sensing
Technology Market - Regional Analysis
North America dominates
the global remote sensing technology market. The largest market share
attributes to the rising adoption of demand for remote sensing technology in a
number of applications. Besides, substantial advancements in remote sensing
technology and expansion inland assessment techniques drive the growth of the
regional market.
Also, rising demand
for sensing technologies from the defense sector to make military forces highly
equipped and powerful substantiates the regional market growth. Besides,
stringent government regulations to implement safety technologies and a steady
rise in vehicle production & sales push the regional market growth. The US
market dominates the remote sensing technology market in the region.
Europe stands
second in the global remote sensing technology market. The vast advancements
drive the market in sensing technology, improvements in healthcare standards,
and improved technical infrastructure. Moreover, the extensive uptake of remote
sensing technology in some of the burgeoning end-use industries such as
industrial and construction drive the growth of the regional market.
France, Germany,
Italy, and the UK are the major markets for smart sensors. Furthermore, the
resurging economy and the rising demand from the automotive, aerospace, and
defense sectors foster regional market growth.
The European remote sensing technology market is expected to create
substantial revenue pockets during the assessment period.
The Asia Pacific
remote sensing technology market has emerged as a profitable market. Factors
such as the increasing uptake of smart technology and government initiatives to
improve infrastructure boost the regional market growth. China, Japan, and
India are major markets for remote sensing technology in the region.
Considerable advancements in artificial intelligence and other similar
technologies push the growth of the remote sensing technology market.
Furthermore,
increasing remote sensing technology applications in medical device
manufacturing, logistics, transportation, and consumer electronics influence
regional market growth. Besides, increased production of vehicles and
continuous implementation of regulations on driving safety propels the growth
of the regional market. The APAC remote sensing technology is projected to create
a substantial revenue pocket during the estimated period.
Remote Sensing
Technologies Market - Competitive
Analysis
Highly competitive,
the remote sensing technology market appears fragmented due to the presence of
several well-established players. Industry players incorporate strategies such
as mergers & acquisitions, collaborations, expansion, and product/
technology launch to gain a larger competitive share.
Major Players:
Players leading the
global remote sensing technology market include Northrop Grumman Corporation
(US), General Dynamics Corp. (US), Raytheon Corporation (US), Honeywell
Technology Solutions Inc. (US), Lockheed Martin Corporation (US), ITT Corp.
(US), Lumasense Technologies, Inc. (US), Thales Group (France), and Leica
Geosystems Holdings AG (Switzerland), among others.
Industry/
Innovation/ Related News
August 11, 2020
----- The Indian Space Research Organisation (ISRO), the space agency for
technology for national development, highlights the use of its remote sensing
satellites in raising crop output. ISRO remote sensing satellites are also
extensively used in railway safety, border protection, telemedicine, and other
areas.
The space agency
has been continuously enlarging its role in development activities,
contributing to the mission of the Nation - Transforming India. ISRO technology
is being used to carry out production forecasts for eight significant crops.
ISRO sensing technologies are now being used even by the premier space centers
for infrastructural development and public welfare projects.
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