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Remote Sensing Technology Market Trends

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

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Remote Sensing Technology Market Trends

Advancements in remote sensing technology are revolutionizing weather forecasting and climate change monitoring by providing real-time, high-resolution data. This facilitates more accurate predictions, early warning systems for extreme weather events, and comprehensive analysis of climate patterns, aiding mitigation & adaptation efforts. For instance, in August 2023, China initiated the deployment of the Fengyun-3 06 meteorological satellite, aiming to bolster forecast precision amidst the challenges posed by climate change. This advanced satellite, succeeding the Fengyun-3C, is dedicated to Earth surface imaging observation, comprehensive monitoring of global ozone distribution, tracking ice & snow coverage, assessing sea surface temperature, monitoring natural disasters, and evaluating ecological conditions. Its primary objective is to enhance detection accuracy to effectively capture the nuanced fluctuations in Earth's temperature attributed to climate change.

Remote sensing is witnessing increasing adoption in military & defense for Intelligence, Surveillance, and Reconnaissance (ISR) applications. Advanced satellite imaging and sensor technologies enable enhanced situational awareness, border surveillance, and target identification. Integration with AI and analytics further strengthens defense capabilities, while investments in space-based assets and secure communication systems foster market growth in this sector.

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.