(MENAFN- market Press Release) November 22, 2023 8:07 am - The Remote Sensing Services market is projected to grow from USD 13.2 billion in 2022 to USD 26.6 billion by 2027, at a CAGR of 14.9%.
The Global Remote Sensing Services Market is poised for substantial growth, projected to reach USD 26.6 billion by 2027 at a remarkable CAGR of 14.9%, according to the latest report titled "Remote Sensing Services Market by Application, Platform, End Use, Resolution, Type, Technology, and Region - Global Forecast to 2027." The comprehensive study, comprising 279 market data Tables and 48 Figures spread across 291 Pages, provides in-depth insights into the market dynamics and trends shaping the future of remote sensing services.
Key Market Players
Key players driving innovation and market growth include Maxar Technologies, Planet Labs PBC, L3 Harris Technologies, Airbus SE, and Trimble, Inc., solidifying their positions in the dynamic landscape of the global Remote Sensing Services market.
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Emerges as the Fastest Growing Segment
The report identifies agriculture as the fastest-growing application segment, aligning with the increasing global demand for efficient farming practices. Approximately 37% of the planet is dedicated to agriculture, underscoring the critical need for advancements in this sector. Precision agriculture, facilitated by remote sensing systems like satellites, UAVs, and manned aircraft, emerges as a key solution to enhance crop yield through data-driven tools.
Satellite imagery, in particular, proves instrumental in providing day-to-day crop analysis, enabling farmers to identify problematic regions, optimize soil nutrition based on biomass assessments, and conduct large-scale experiments. The time series vegetation analysis derived from satellite imagery empowers farmers with near-real-time insights, allowing them to respond effectively to changes in the crop lifecycle.
Satellite Segment Takes the Lead
Among the various platforms, satellites claim the largest share in the remote sensing services market. The choice of a satellite remote sensing system depends on factors such as spatial, spectral, and temporal resolution. High spatial resolution is essential for detailed mapping, while spectral resolution is crucial for accurate object differentiation. Temporal resolution plays a vital role in repetitive observations for applications like environmental monitoring.
The private sector's substantial investments in satellite imagery, coupled with the growing use of imagery data in commercial and defense applications, drive the dominance of satellite-based remote sensing services. Notably, private satellite companies, exemplified by Planet Labs, have played a pivotal role in providing critical information, as demonstrated during the conflict in Ukraine.
Asia Pacific Takes the Lead in Growth Prospects
The Asia Pacific region is poised to emerge as the fastest-growing market for remote sensing services. Geospatial analysis programs leveraging remote sensing imagery have witnessed significant adoption, particularly in sectors such as energy & power, engineering & infrastructure, agriculture, transportation & logistics, and maritime.
The use of geospatial technologies has been pivotal in rural and agricultural development over the past decade.
Geospatial imagery analytics play a crucial role in the agriculture sector, aiding in crop plantation surveying, yield optimization, resource management, and risk mitigation. The region's interest in space technologies is further fueled by applications in city planning, development projects, and contributions from renowned national space agencies.
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