Global Remote Sensing Services Market Size to Surpass Around US$ 37.82 Billion 2030, Recording a CAGR of 11.8% | Report by CoherentMI
BURLINGAME, Calif., Jan. 17, 2024 /PRNewswire/ -- CoherentMI published a report, titled, Global Remote Sensing Services Market estimated value at US$ 17.13 Billion in the year 2023 and is anticipated to reach US$ 37.82 Billion by 2030, at a CAGR of 11.8% during forecast period 2023-2030.
The Global Remote Sensing Services Market is expected to experience significant growth due to the increasing demand for environmental monitoring. Remote sensing technologies enable the collection of data and information about the Earth's surface from a distance, without direct physical contact. This allows for efficient and cost-effective monitoring of environmental changes and impacts. The growing awareness of the need for sustainable resource management and conservation has led to an increased use of remote sensing services in various sectors such as agriculture, forestry, and water resource management. These services provide valuable information about land cover and land use changes, deforestation, pollution, and climate change, enabling informed decision-making and effective planning for environmental protection and conservation. Additionally, the advancements in remote sensing technologies, such as hyperspectral imaging and LiDAR, are further driving the growth of the market by offering enhanced data accuracy and resolution.
Key Market Takeaways:
- The Global Remote Sensing Services Market Size is anticipated to witness a CAGR of 11.8% during the forecast period 2023-2030, owing to the increasing demand for data acquisition and processing services. The market is expected to reach a value of US$ 17.13 billion by 2023.
- In terms of service, the data acquisition/processing segment is expected to hold a dominant position in the Global Remote Sensing Services Market. This can be attributed to the growing need for accurate and real-time data for various applications such as disaster management, urban planning, and agriculture. The segment is expected to witness significant growth due to the advancements in satellite and aerial imaging technologies.
- The defense & security industry is expected to dominate the Global Remote Sensing Services Market in terms of end user industry. This can be attributed to the increasing threats and challenges faced by nations, which require advanced surveillance and monitoring systems. Remote sensing services provide crucial information for intelligence, surveillance, and reconnaissance purposes, making it a vital tool for defense and security applications.
- In terms of end user technology, the GIS/GNSS segment is expected to dominate the Global Remote Sensing Services Market. Geographic Information System (GIS) and Global Navigation Satellite System (GNSS) technologies play a crucial role in collecting, storing, analyzing, and managing geospatial data. These technologies are widely used in various industries such as agriculture, energy, infrastructure, and environment monitoring, driving the demand for remote sensing services.
- North America is expected to hold a dominant position in the Global Remote Sensing Services Market over the forecast period. This can be attributed to the presence of major market players, advanced technological infrastructure, and the growing adoption of remote sensing services in various industries. The region is witnessing significant investments in satellite and aerial imagery technologies, further supporting the market growth.
- Key players operating in the Global Remote Sensing Services Market include Airbus, Planet Labs, Maxar Technologies, ICEYE, BlackSky, Satellogic, UrtheCast Corp., Deimos Imaging, and GeoOptics. These companies offer a wide range of remote sensing solutions and services, catering to various end user industries. They focus on strategic collaborations, acquisitions, and product innovations to maintain their market position and gain a competitive edge.
Read complete market research report, "Global Remote Sensing Services Market Size And Share Analysis - Growth Trends And Forecasts (2023 - 2030)", Published by CoherentMI.
Market Trends:
Two key trends driving the Global Remote Sensing Services Market include the integration of artificial intelligence (AI) and the adoption of satellite-based remote sensing.
The integration of AI in remote sensing services is enabling the automation of data analysis and interpretation, allowing for faster and more accurate data processing. AI algorithms can analyze large volumes of remote sensing data and extract valuable insights, such as detecting patterns and anomalies, identifying specific features and objects, and predicting trends and changes. This significantly reduces the time and effort required for data analysis, enabling more efficient decision-making and resource allocation.
The increasing adoption of satellite-based remote sensing services is also a major trend in the market. Satellites provide a global coverage and can capture images and data from remote and inaccessible areas, making them ideal for monitoring large-scale environmental changes. The availability of high-resolution satellite imagery and the decreasing costs of satellite data acquisition and processing have fueled the adoption of satellite-based remote sensing services across various sectors.
Recent Developments:
- In April 2022, Planet Labs, an American public Earth imaging company launched its high-resolution SkySat satellites capable of 50 cm per pixel resolution. This launch expands Planet Labs' constellation and imaging capabilities.
- In January 2021, BlackSky, a space-based intelligence company launched its latest high resolution Gen-3 satellites to enhance monitoring capabilities for government and commercial customers
Overall, the Global Remote Sensing Services Market is expected to witness significant growth during the forecast period, driven by the increasing demand for accurate geospatial data and advancements in remote sensing technologies. The dominance of data acquisition/processing services, defense & security as the leading end user industry, and GIS/GNSS as the dominant technology highlight the key market opportunities. North America's dominance and the presence of key players further contribute to the market's potential for growth.
Global Remote Sensing Services Market Segmentation:
- By Service
- Data Acquisition/Data Processing
- Consulting Services
- Managed Services
- Value-added Services
- Others (Application Development, Ground Segment, Image Processing)
- By End Use Industry
- Defense & Security
- Agriculture
- Energy & Natural Resources Management
- Engineering & Infrastructure
- Environmental Monitoring
- Marine
- Others (Media & Entertainment, Insurance, Tourism)
- By Technology
- GIS/GNSS
- Lidar
- Drones/UAV
- Aerial Photography
- Satellite Imagery
- Others (IoT, Cloud Computing)
- By Application
- Geoengineering & Construction
- Disaster Management
- Energy Management
- Surveillance & Security
- Urban Planning & Development
- Agriculture Monitoring & Management
- Others (Mining, Marine, Insurance)
- By Region
- North America
- U.S.
- Canada
- Latin America
- Brazil
- Mexico
- Rest of Latin America
- Europe
- Germany
- U.K.
- Spain
- France
- Italy
- Russia
- Rest of Europe
- Asia Pacific
- China
- India
- Japan
- Australia
- South Korea
- Rest of Asia Pacific
- Middle East & Africa
- South Africa
- GCC Countries
- Rest of Middle East & Africa
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Top Questions Answered in this Report:
1. What factors are impeding the growth of the market for Global Remote Sensing Services?
2. What are the primary drivers fostering growth in the market for Global Remote Sensing Services?
3. Which segment stands out as the leading component in the Global Remote Sensing Services Market?
4. Who are the key players actively involved in the Global Remote Sensing Services Market?
5. Which region is poised to take the lead in the Global Remote Sensing Services Market?
6. What is the projected CAGR for the Global Remote Sensing Services Market?
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