North America Remote Sensing Services Market to Reach $35.34 Bn, by 2031, at 16.0% CAGR: Allied Market Research

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Jun 16, 2022, 08:50 ET

Rise in advancements in remote sensing technologies, increase in demand for remote sensing data in defense, and growth in adoption of remote sensing technology for environmental risk management drive the North America remote sensing services market.

PORTLAND, Ore., June 16, 2022 /PRNewswire/ -- Allied Market Research published a report, titled, 'North America Remote Sensing Services Market by Platform (Satellite, UAVs, Manned Aircraft, and Ground), Resolution (Spatial, Spectral, Radiometric, and Temporal), End User (Defense and Commercial): Global Opportunity Analysis and Industry Forecast, 2022-2031.' According to the report, the North America remote sensing services industry was estimated at $8.24 billion in 2021, and is anticipated to hit $35.34 billion by 2031, registering a CAGR of 16.0% from 2022 to 2031.

Drivers, restraints, and opportunities

Rise in advancements in remote sensing technologies, increase in demand for remote sensing data in defense, and growth in adoption of remote sensing technology for environmental risk management drive the North America remote sensing services market. On the other hand, several regulatory issues, lack of comprehensive government policies, and higher initial investments restrain the growth to some extent. However, emergence of technologies such as cloud computing, big data analytics, and Internet of Things (IoT) and surge in investments in satellite communication and ISR payloads are expected to create lucrative opportunities in the industry.

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Covid-19 scenario

The outbreak of the pandemic impacted the North America remote sensing services market positively, due to rise in adoption of remote sensing services by public health agencies, administrators, and policy make
Use of remote sensing services was also helpful in terms of understanding the outbreak patterns in real-time.

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The ground segment to lead the trail

Based on platform, the ground segment accounted for more than two-fifths of the North America remote sensing services market share in 2021, and is expected to rule the roost by 2031, owing to the fact that the ground-based remote sensing techniques are cheaper and less labor intensive than alternative options of excavation. The UAVs segment, however, is projected to register the fastest CAGR of 18.2% throughout the forecast period. Various governments including the government of the U.S. are making policies to push tribal communities into mainstream public for their social and economic growth. This factor drives the segment growth.

The defense segment to retain its dominance by 2031

Based on end user, the defense segment contributed to nearly three-fifths of the North America remote sensing services industry revenue in 2021, and is anticipated to dominate throughout the forecast period. This is due to decrease in cost of high-quality space-based remote sensing products and services with numerous opportunities for country or defense organizations to access space and remote sensing abilities. The commercial segment, on the other hand, would cite the fastest CAGR of 16.8% by 2031. This is because top enterprises are investing in commercial remote sensing technology.

The U.S. held the major share in 2021

Based on geography, the U.S. garnered the major share in 2021, generating 91% of the North America remote sensing services market. This is attributed to the fact that the remote sensing space industry can augment and potentially replace some existing U.S. government capabilities and can contribute to the U.S. military, intelligence, foreign policy, homeland security, and civil objectives, as well as U.S. economic competitiveness. The region across Canada, simultaneously, would manifest the fastest CAGR of 17.6% from 2022 to 2031. Remote sensing services play a vital role in development of natural resources in Canada for their discovery, regulation, production, development, and remediation, which drives growth of the market.

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Key players in the industry

Boeing Inc.
Lockheed Martin Corporation.
Radware Ltd.
Satellite Imaging Corporation
The SANBORN MAP
SPECTIR
Barracuda Network, Inc.
MAXAR
The Airborne Sensing Corporation
Terra Remote Sensing

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