The Remote Sensing Technology by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Remote Sensing Technology, 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 growth in the historic period can be attributed to environmental monitoring and climate studies, precision agriculture, natural resource management, urban planning and infrastructure development, disaster management and response..
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%. The growth in the forecast period can be attributed to increasing demand for earth observation data, rapid expansion of satellite constellations, emergence of new remote sensing platforms, increasing accessibility for small and medium-sized enterprises (smes), regulatory support and standards development.. Major trends in the forecast period include development of hyperspectral imaging, rapid growth in unmanned aerial vehicles (uavs) or drones, improved spectral and spatial resolution, focus on privacy and ethical use, expansion into new industry verticals..
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.
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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
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 report table of contents includes:
1. Executive Summary
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