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14.8% CAGR, Remote Sensing Services Market is Surging with $37,650.7 Million of Industry Revenue by 2027

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14.8% CAGR, Remote Sensing Services Market is Surging with $37,650.7 Million of Industry Revenue by 2027

February 11
18:06 2021
14.8% CAGR, Remote Sensing Services Market is Surging with $37,650.7 Million of Industry Revenue by 2027

The Insight Partners
According to our latest market study on “Remote Sensing Services Market to 2027 – COVID-19 Impact, and Global Analysis and Forecast – by Resolution (Spectral, Spatial, Radiometric, and Temporal), Platform Type (Aircraft, UAV, Satellite, and Ground), and End User (Commercial and Defense) and Geography,” the market was valued at US$ 13,025.5 million in 2019 and is projected to reach US$ 37,650.7 million by 2027; it is expected to grow at a CAGR of 14.8% from 2020 to 2027.

Remote sensing services providers facilitate the identification of processes, events, and objects at a distance through the detection of emitted or reflected electromagnetic radiations. Remote sensing permits covering large territories in a repetitive manner and acquiring data that are more valuable than the data collected through traditional aerial photography. The technique uses satellite/airborne sensors to perform its function.  Aerial photography; hyperspectral imaging; multispectral imaging; oblique aerial and ground, visible band and thermographic imaging; long-wave infrared; and near-infrared surveys are among the techniques used for collecting information via remote sensing for different applications, ranging from urban city mapping, forest and agriculture, and weather to military and defense. Few specific applications of images obtained through remote sensing include tracking of the growth of cities and recording changes in forests and land use, mapping of wild forest fires from space that aid visibility in much larger area to tracking clouds for making predictions about weather or natural disasters such as volcanoes or dust storms.

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Impact of COVID-19 Pandemic on Remote Sensing Services Market

The COVID-19 pandemic has led to a temporary halt in agricultural activities, urban planning, forestry activities, and so on, since the beginning of 2020. With the imposition of lockdown across various countries in the world, the industries of respective applications have been witnessing declining . Due to low growth in the first quarter of 2020, the remote sensing services market has witnessed slight decline; however, with the resuming businesses in several countries from second and third quarters, the market has been gradually growing.

APAC is estimated to grow at the highest CAGR of 17.5% in the global track geometry measurement system market, followed by Europe and North America. To track the changing percentage of land usage for agriculture, the need to collect data on the same is important that will fuel the penetration of remote sensing in Asia. Moreover, the European agriculture sector holds significant potential for the utilization of remote sensing technologies, especially for smart farming. These sensing services help improve crop health and soil quality, and reduce the costs of farming. Moreover, the defense sector is opting for remote sensing services due to the growing technology adoption to monitor activities. France is a foremost country with a strong base of aircraft companies, which leads to multiple opportunities for companies offering remote sensing services for aircraft applications. The sensors can be mounted on satellites or aircraft. A wide range of applications wherein remote sensing is employed include coastal applications, hazard assessment, and natural resource management. Europe has multiple remote sensing service providers that serve a wide number of verticals. For instance, RSS – Remote Sensing Solutions GmbH, Germany, provides services such as satellite image processing, thematic mapping, environmental monitoring, and spatio-temporal analyses.

Diverse Application Areas for Remote Sensing

The remote sensing techniques are being deployed in applications ranging from monitoring urban dynamics—such as urban sprawl, traffic patterns, and land usage changes—to providing assistance for the planning of humanitarian crisis and emergency response. The military forces, agriculture departments, forest departments, and weather forecasting departments are among the chief adopters of remote sensing services. The military forces use satellite images and remote sensing in a broad array of applications, including intelligence, cartography, terrain analysis, battlefield management, military installation management, and terrorist activity monitoring. The broad array of remote sensing applications is accelerating the growth of the service providers.

The players operating in the remote sensing services market focus on new product innovations and developments by integrating advanced technologies and features in their products, which offers them a competitive edge.

  • In  March 2020, Mallon Technology won the Best Service Category award of GO Awards Northern Ireland 2020. The award is recognized for the excellent customer service provided by the company.
  • In January 2019, NorthStar Earth & Space Inc. announced a strategic partnership with SpecTIR Hyperspectral & Remote Sensing Solutions of Reno, Nevada, to deliver complete hyperspectral imaging services. SpecTIR’s airborne hyperspectral image services will complement space-based hyperspectral image services delivered by NorthStar, the world’s first global information platform to monitor Earth.
  • In December 2019, Mallon Technology won the Runners Up award in DM Awards 2019. The award recognized for the Document Capture services.

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Media Contact
Company Name: The Insight Partners
Contact Person: Sameer Joshi
Email: Send Email
Phone: +1-646-491-9876
City: Pune
State: Maharashtra
Country: India
Website: https://www.theinsightpartners.com/reports/remote-sensing-services-market


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