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 industry analysis, the rising number of earth observation projects is fueling market growth. One of the prominent remote sensing services market trends includes the significant demand in the cloud computing industry. Additionally, growing technological advancements in remote sensing technologies is another trend that is expanding the remote sensing services market revenue.
According to NASA, remote sensing is the science of gathering information from a distance. This data is derived from geospatial technology, which collects electromagnetic (EM) radiation emitted and reflected by the Earth's terrestrial, atmospheric, and aquatic ecosystems. As a result, these services aid in the monitoring and detection of physical characteristics in an area without the need for physical contact. There are two types of remote sensing instruments: active and passive. NASA monitors Earth and other planets with remote sensors mounted on satellites and aircraft that detect and record emitted or reflected energy. Remote sensors that present a global outlook and a wealth of statistics about Earth systems enable data-informed decision-making about Earth’s current and future state.
Global Remote Sensing Services Market DRO’s:
|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, DigitalGlobe, EKOFASTBA, General Dynamics Mission Systems, Inc., Geo Sense, Hexagon AB, Lockheed Martin Corporation, Mallon Technology, Remote Sensing Solutions, Stantec, and Satellite Imaging Corporation|
||Market Trends, Drivers, Restraints, Competitive Analysis, Player Profiling, Regulation Analysis|
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Remote Sensing Services Market Dynamics
Extensive growth in defense and homeland security applications is a primary factor boosting the remote sensing services market value. The development of remote sensing technology has enabled defense forces with critical intelligence information. In peacetime, spy satellites continuously capture high satellite data to monitor enemy forces' advancement and acquisition of modern warfare devices. There is no privacy with these satellites, and developed nations have extensively used remote sensing technology to monitor activities in the establishment of nuclear installations. These are brought to the attention of international organizations that coordinate the prevention of nuclear energy being used for destructive purposes.
The surging implementation of these services for environmental risk management is another factor fueling the remote sensing services market growth. Remote sensing has a wide range of environmental planning and management applications. Coastal applications, hazard assessments, ocean applications, and natural resource management are just a few of the broad categories that encompass a wide range of analyses such as measuring ocean temperatures, monitoring shoreline changes, tracking the effects of natural disasters, and mapping wildlife habitats. All of these analyses help with the forecasting and planning of land and water resources.
However, high initial investments and the regulatory issues involved with these services are impeding market growth. In addition to that, interoperability issues with these systems can cause incorrect readings of any surface, which again can hamper the market growth. Besides that, the advent of cloud computing, AI, and big data analytics technologies are anticipated to create new opportunities in the remote sensing services industry.
Remote Sensing Services Market Segmentation
The worldwide remote sensing services market is split based on technology, platform, end-user, resolution, and geography.
Market by Technology
Based on our remote sensing services market forecast, the passive remote sensing technology is expected to achieve a noteworthy market share throughout the projected timeframe from 2022 to 2030. Passive sensors react to external stimuli by collecting radiation emitted or reflected by an object or the encircling environment. Reflected sunlight is the most prevalent source of radiation analyzed by passive remote sensing. Film photography, charge-coupled devices, radiometers, and infrared are all examples of passive remote sensors. However, active remote sensors collect data by emitting energy to scan objects and areas, after which a sensor evaluates the energy reflected from the target.
Market by Platform
Among all the platforms, satellites accounted for a considerable amount of remote sensing services market share in 2021. Satellite remote sensors can be important sources of data on the effects of human behavior within the biosphere, allowing for the determination of the spatial scale and extent of direct human interaction with the global land cover. Kratos Defense & Security Solutions, Inc., a leading provider of National Security Solutions, declared enhancements to its Remote Sensing Service Chain & Earth Observation (RS SC/EO) for its OpenSpace Platform. The new version includes features that allow Ground Station-as-a-Service (GSaaS) providers and satellite operators to shorten deployment times, increase automation, and optimize operating and capital expenditures.
Market by End-User
Out of these, the defense segment witnessed a growing market share in the coming years. This is due to developed countries' increasing use of technology to prevent and detect criminal and catastrophic activities. Furthermore, countries such as China and Russia are concentrating on the use of satellite images for defense purposes. These variables are expected to increase demand in the coming years. However, due to the continued use of remote sensing software to increase agricultural yields by monitoring soil moisture and crop growth, the commercial segment is anticipated to experience the fastest growth over the forecasted years.
Market by Resolution
According to our resolution segment analysis, the spatial segment gathered a sizable market share in 2021 and is expected to continue its trend in the coming years. The growing demand for high-resolution systems and crucial measurements is credited with the significant market share in the spatial segment. High spatial resolution images can help users distinguish between two objects that are close to each other, which is expected to drive the market for spatial resolution data in commercial and defense applications.
Remote Sensing Services Market Regional Outlook
The Middle East & Africa (MEA)
Presence of numerous key players in North America, fuels the regional market growth
In 2021, North America conquered the maximum amount of share and is anticipated to hold the dominant position all over the forecast timeframe. The high presence of key players such as General Dynamics Mission Systems, Inc., Lockheed Martin Corporation, and Raytheon technologies Corporation are expected to support the North American remote sensing services market share. In addition, the increasing adoption of remote sensing in end-use industries such as oil & gas, energy & power, weather forecasting, oceanography, and forestry are also expanding the regional growth. Besides that, the Asia-Pacific region is likely to attain the fastest growth rate in the coming years due to the growing implementation of earth observation for infrastructure development applications.
Remote Sensing Services Market Players
Some of the top Remote Sensing Services companies offered in the professional report includes Antrix Corporation, DigitalGlobe, EKOFASTBA, General Dynamics Mission Systems, Inc., Geo Sense, Hexagon AB, Lockheed Martin Corporation, Mallon Technology, Remote Sensing Solutions, Stantec, and Satellite Imaging Corporation.
The global remote sensing services market size in 2021 was accounted to be USD 17,997 Million.
The projected CAGR remote sensing services market during the analysis period of 2022 to 2030 is 15.2%.
The prominent players of the global remote sensing services market are Antrix Corporation, DigitalGlobe, EKOFASTBA, General Dynamics Mission Systems, Inc., Geo Sense, Hexagon AB, Lockheed Martin Corporation, Mallon Technology, Remote Sensing Solutions, Stantec, and Satellite Imaging Corporation.
North America held the dominating remote sensing services during the analysis period of 2022 to 2030.
Asia-Pacific region exhibited fastest growing CAGR for remote sensing services during the analysis period of 2022 to 2030.
Growing need for remote sensing data in multiple defense applications, rising number of Earth observation projects, and growth in the cloud computing industry drives the growth of global remote sensing services market.
Based on platform, satellites segment held the maximum share remote sensing services market in 2021.