Press release
Remote Sensing Technology Market Size, Analysis, Industry And Forecast 2024-2033
Remote Sensing Technology Market Trends
As per the report, 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 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%.
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Precision Farming Drives Growth In Remote Sensing Technology Market
The growing adoption of precision farming technology is driving the growth of the remote sensing technology market. Due to rapid global population growth and climate change, the farming industry is undergoing massive transformations, placing an added burden on the food supply chain. Precision farming is the planning of food production through the use of technologies delivering the economic benefits of cost reduction in farming and increasing production levels and also helps in environmental benefits. For instance, in August 2020, according to a report published by McKinsey Global Institute, By 2030, approximately 70 million farmers could benefit from digital agriculture services through precision farming. This will be 1.5 times as productive as traditional large farms and 2 to 2.5 times as effective as small farms. Thus, the growing adoption of precision farming technology is driving the remote sensing technology market growth.
Technological Advancement In Remote Sensing Technology
Technological advancement is a key trend that is gaining popularity in the remote sensing technology market. Major companies operating in the remote sensing technology market are focused on providing technologically-advanced solutions to strengthen their market position. These companies are implementing next-generation remote sensing technology into their devices, such as active sensors, LiDAR, InSAR, PSInSAR, SAR, SRT, SqueeSAR, passive sensors, UAV, and others. These technologies obtain information about material objects from distance measurements without coming into physical contact with the objectives. For instance, in March 2022, China launched a new remote sensing satellite into space. This optical remote sensing satellite will be used for the confirmation of land rights, to survey urban planning, disaster reduction and prevention, and crop yield estimation.
The remote sensing technology market covered in this report is segmented -
1) By Technology: Active Remote Sensing, Passive Remote Sensing
2) By Platform: Satellite, Aerial Systems
3) By Application: Landscape Assessment, Security, Air Quality, Hydrology, Forestry, Floodplain Mapping And Emergency Management, Healthcare
4) By End User: Military And Intelligence, Weather, Disaster Management, Agriculture And Living Resources, Infrastructure
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Major companies operating 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.
Contents of the report:
1. Executive Summary
2. Remote Sensing Technology Market Report Structure
3. Remote Sensing Technology Market Trends And Strategies
4. Remote Sensing Technology Market - Macro Economic Scenario
5. Remote Sensing Technology Market Size And Growth
…..
27. Remote Sensing Technology Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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