Remote Sensing Technology Market Analysis
The remote sensing technology market is predicted to touch USD 18 billion at a 10% CAGR during the forecast period (2022- 2027), states the latest Market Research Future (MRFR) report. The market research report focus on comprehensive overview of important aspects that will drive market growth such as Market drivers, restraints, prospects, opportunities, restraints, current trends, drivers, SWOT analysis, expert review and Remote Sensing Technology Market forecast.
Remote sensing Technology Market Drivers
Use of IoT in Agriculture Sector to Boost Market Growth
The growing use of internet of things (IoT) technology in the agriculture sector is predicted to boost market growth over the forecast period. IoT in agriculture utilizes computer imaging, robots, drones, and sensors for monitoring crops and providing data to farmers for an effective farm management. Remote sensing that is IoT-based employs sensors placed on farms and gathers data that is transmitted for analysis purposes. The farmers can monitor crops from analytical dashboard and act accordingly resting on the insights.
Remote sensing Technology Market Opportunities
Rising Government Initiatives in Smart City Projects to offer Robust Opportunities
The rising government initiatives in smart city projects are predicted to offer robust opportunities to the market over the forecast period. The technology helps the authorities in infrastructure modeling, zoning and urban planning, and law enforcement and security planning.
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Remote sensing Technology Market Restraints
High Initial Investment to act as Market Restraint
High initial investment incurred in technology coupled with prevailing government compliances and regulatory issues may act as major market restraints over the forecast period.
Remote sensing Technology Market Challenges
Lack of Awareness to act as Market Challenge
The lack of awareness coupled with interoperability concern may act as major market challenges over the forecast period.
Remote Sensing Technology Market COVID-19 Analysis
The COVID-19 pandemic has led several countries in imposing strict lockdown measures. This has resulted in the rise in adoption of remote sensing technology for monitoring and curbing the spread of viruses as well as document environmental changes. In June 2020, for instance, NASA, JAXA (Japan Aerospace Exploration Agency) and ESA (European Space Agency) have joined hands for creating a new earth observation dashboard which documents changes in the human lifestyle and environment due to the virus. This dashboard integrates various satellite records for enabling various user-friendly tracking of changes in economic activity, agriculture, and climate.
Remote Sensing Technology Market Key Players
Eminent players profiled in the global remote sensing technology market report include –
- Northrop Grumman Corporation (U.S.)
- General Dynamics Corp. (U.S.)
- Raytheon Corporation (U.S.)
- Honeywell Technology Solutions Inc. (U.S.)
- Lockheed Martin Corporation (U.S.)
- ITT Corp. (U.S.)
- Lumasense Technologies Inc. (U.S.)
- Thales Group (France)
- Leica Geosystems Holdings AG (Switzerland)
Remote Sensing Technology Market Segmentation
- By Technology
By technology, the passive remote sensing technology segment is predicted to lead the market over the forecast period. Passive remote sensing measures the reflected sunlight from the surface of the earth to monitor and analyze surface characteristics. This technology offers high-quality satellite images and thus is widely used for various earth observation applications.
- By Application
By application, the emergency management application segment will dominate the market over the forecast period for the increasing government focus towards the management of natural disasters and unforeseen accidents.
Remote Sensing Technology Market Regional Analysis
North America to Rule Remote Sensing Technology Market
North America is predicted to rule the market over the forecast period. Maximum technological advancement, the presence of several key players in the USA, powerful defense forces for the USA & US government making huge investments mostly on the military, the rising adoption of remote sensing technology in precision farming applications, and the use of specialized remote sensing services for commercial industries are adding to the global remote sensing technology market growth in the region.
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Report Overview
- The comprehensive market overview highlights.
- Analysis based upon covid 19
- A brief discussion on the market dynamics of remote sensing technology Industry growth.
- Market segmentation overview
- The regional analysis of the remote sensing technology global market share
- Competitive landscape analysis of the market
- Research methodologies of the remote sensing technology global market size
- Recent Developments of the market.
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