Remote Sensing Technology Market (By Technology: Active Remote Sensing, Passive Remote Sensing; By Application: Agriculture & Living Resources, Military & Intelligence, Disaster Management, Infrastructure, Weather, Others; By Platform: Satellite, Aerial Systems) - Global Industry Analysis, Size, Share, Growth, Trends, Regional Outlook, and Forecast 2023-2032

The global remote sensing technology market size was exhibited at USD 18.25 billion in 2022 and is projected to hit around USD 55.73 billion by 2032, growing at a CAGR of 11.81% during the forecast period 2023 to 2032.

Key Pointers:

• North America region dominated the market and generated more than 41.9% of the revenue share in 2022.
• By Technology, the passive remote sensing segment contributed more than 58.7% of revenue share in 2022.
• By Application, the military and intelligence segment dominated the market and captured more than 34.8% of the revenue share in 2022.
• By Platform, the aerial systems segment dominated the market and recorded more than 71.3% of the revenue share in 2022.

Remote Sensing Technology Market Report Scope

Remote sensing technology is used for acquiring information about the earth’s surface and analyze its physical characteristics. It uses reflected and emitted light from aircraft and satellites without the need for physical contact with the surface area under study. The market is mainly driven by the increasing number of earth observation projects by numerous space agencies. For instance, the Indian Space Research Organisation (ISRO) has thirteen earth observation satellites to date and plans to launch ten earth observation satellites during 2020-2021. The outbreak of the COVID-19 pandemic led numerous countries to impose strict lockdown measures. This led to an increase in the adoption of remote sensing technology to monitor and curb the spread of viruses and document environmental changes.

For instance, in June 2020, NASA, Japan Aerospace Exploration Agency (JAXA), and European Space Agency (ESA) partnered to create a new earth observation dashboard that documents changes in the environment and human lifestyle due to the COVID-19 virus. The dashboard integrates numerous satellite records to allow user-friendly tracking of changes in climate, agriculture, and economic activity. The increasing adoption in smart city projects is paving the way for market growth. The technology helps authorities in zoning and urban planning, infrastructure modeling, and security and law enforcement planning. Numerous countries are focusing on developing infrastructure and are investing heavily in their smart city projects. This is expected to propel the market growth over the forecast period.

The need for high initial investments in the manufacturing of numerous components is impeding the growth of the remote sensing technology market. The market players need to manufacture components and encrypt data content that meets the standards set by regulatory organizations. This limits the growth possibilities for companies in the market. However, increasing adoption in research and exploration applications is expected to drive the market in the next seven years.

The growing adoption of Internet of Things (IoT) technology in the agriculture sector is anticipated to drive market growth over the forecast period. IoT in agriculture uses remote sensors, drones, robots, and computer imaging to monitor crops and provide data to farmers for effective farm management. IoT-based remote sensing employs sensors placed on farms and collects data that is transmitted for analysis purposes. Farmers can monitor the crops from an analytical dashboard and act accordingly based on the insights.

Some of the prominent players in the Remote Sensing Technology Market include:

• Airbus SE
• BlackSky Global LLC
• Harris Corporation
• ImageSat International N.V.
• L3Harris Technologies, Inc.
• Lockheed Martin Corporation
• Maxar Technologies Inc.
• Mitsubishi Electric Corporation
• Raytheon Technologies Corporation
• The Boeing Company

Segments Covered in the Report

This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2018 to 2032. For this study, Nova one advisor, Inc. has segmented the global Remote Sensing Technology market.

By Technology

• Active Remote Sensing
• Passive Remote Sensing

By Application

• Agriculture & Living Resources
• Military & Intelligence
• Disaster Management
• Infrastructure
• Weather
• Others

By Platform

• Satellite
• Aerial Systems

By Region

• North America
• Europe
• Asia-Pacific
• Latin America
• Middle East & Africa (MEA)