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Remote Sensing Technology Market Size

Report ID: GMI8566
Published Date: Mar 2024
Report Format: PDF

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Remote Sensing Technology Market Size

Remote Sensing Technology Market was valued at USD 16.3 billion in 2023 and is estimated to register a CAGR of over 10.5% between 2024 & 2032. Collaborations among space agencies fuel growth in the remote sensing market by merging resources, expertise, and satellite networks. Combined efforts enable broader coverage, enhanced data quality, and innovative applications, fostering advancements in Earth observation and space exploration.

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For instance, in November 2023, NASA announced a collaboration between India and the U.S. to launch a joint remote sensing satellite, NASA-ISRO Synthetic Aperture Radar (NISAR). This satellite will enhance Earth observation capabilities by studying various aspects such as land ecosystems, solid earth deformation, polar cryosphere, sea ice, and coastal oceans. The collaboration between ISRO and NASA aims to deepen scientific ties and accelerate the development of advanced remote sensing technologies.

The remote sensing market in agriculture is propelled by the demand for precision farming solutions. Remote sensing technologies provide farmers with valuable data on crop health, soil moisture, and environmental conditions, enabling precise resource allocation and optimized yield management. As agriculture embraces data-driven approaches for sustainability and productivity, the adoption of remote sensing tools continues to grow, fueling market expansion in the sector.

Remote Sensing Technology Market Report Attributes
Report Attribute	Details
Base Year:	2023
Remote Sensing Technology Market Size in 2023:	USD 16.3 Billion
Forecast Period:	2024 to 2032
Forecast Period 2024 to 2032 CAGR:	10.5%
2032 Value Projection:	USD 39.5 Billion
Historical Data for:	2018 – 2023
No. of Pages:	240
Tables, Charts & Figures:	270
Segments covered:	Technology, platform, system, image resolution, application
Growth Drivers:	Expansion of applications in agriculture, urban planning Government investments in satellite programs and infrastructure Growing awareness of disaster management and risk assessment Technological advancements in satellite imaging capabilities High costs associated with specialized infrastructure
Pitfalls & Challenges:	Regulatory constraints and privacy concerns Data security and privacy concerns

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The remote sensing market is impeded by the complexity of interpreting and integrating vast amounts of data. Despite technological advancements, processing and analyzing remote sensing data requires specialized expertise and infrastructure, which can be costly and time-consuming. Moreover, ensuring the accuracy and reliability of remote sensing information poses ongoing challenges, particularly in dynamically changing environments or for niche applications with specific requirements.

Authors: Preeti Wadhwani

Frequently Asked Questions (FAQ) :

The market size for remote sensing technology was valued at USD 16.3 billion in 2023 and is estimated to register a CAGR of over 10.5% between 2024 & 2032, driven by collaborations among space agencies and demand for precision farming solutions.

Passive remote sensing technology industry segment is expected to hold around 54% revenue share by 2032, due to its non-intrusive nature and lower operational costs.

North America market accounted for over 28% revenue share in 2023 and will continue to showcase impressive growth trends over 2024-2032, driven by increasing investments in satellite programs and government initiatives for environmental monitoring.

Esri, General Dynamics Mission Systems, Inc., Hexagon AB, ITT Inc., Lockheed Martin Corporation, Maxar Technologies Inc., Northrop Grumman Corporation, Orbital Insight, Planet Labs Inc., Thales Group are some of the major industry contenders.