(I-BusinessNews.Com, September 22, 2020 ) According to the new market research report the Remote Sensing Services Market is estimated to be USD 10.68 Billion in 2017 and is projected to reach USD 21.62 Billion by 2022, at a CAGR of 15.14% during the forecast period. The increasing use of remote sensing services in defense and commercial applications is one of the most significant factors driving the growth of the remote sensing services market. Furthermore, the introduction of Big Data analytics in remote sensing and growth of the cloud computing market are anticipated to fuel the demand for remote sensing services.
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The report provides an in-depth market intelligence regarding key market dynamics, such as drivers, restraints, opportunities, and industry-specific challenges, influencing the growth of the remote sensing services market, along with analyzing micromarkets with respect to individual growth trends, future prospects, and their contribution to the remote sensing services market.
Based on platform, the satellites segment is expected to lead the remote sensing services market during the forecast period
Based on platform, the satellites segment is expected to lead the remote sensing services market during the forecast period, owing to the increased demand for Earth observation satellites. These satellites are intended for monitoring of the Earth’s surface to obtain valuable information for mapping, mineral exploration, land-use planning, resource management, and other activities.
The UAVs segment of the remote sensing services market is anticipated to grow at the highest CAGR during the forecast period
Based on platform, the UAVs segment of the remote sensing services market is expected to grow at the highest CAGR from 2017 to 2022. UAVs are considered to be the most preferred remote sensing platform. UAV-based remote sensing services are used for large-scale mapping, real-time assessment, and monitoring activities of various applications, such as precision farming, 3D terrain model construction, damage assessment, geohazard mapping, and mineral exploration.
North America is projected to account for the largest share of the remote sensing services market in 2017
North America is estimated to lead the remote sensing services market in 2017. Increasing demand for remote sensing services in various sectors, such as oil & gas, mineral exploration, agriculture, energy & power, earth observation, search & rescue, weather forecasting, scientific research, forest industry, and oceanography is anticipated to drive the growth of the remote sensing services market in North America. In addition, remote sensing services facilitate the collection of multi-source imagery data used in Geographic Information Systems (GIS) as well as for damage assessment and environmental monitoring, which, in turn, is anticipated to contribute to the growth of the remote sensing services market in this region.
Key Market Players
Antrix Corporation (India), DigitalGlobe (US), EKOFASTBA (Spain), Geo Sense (Malaysia), Mallon Technology (UK), Remote Sensing Solutions (Germany), SpecTIR (US), Satellite Imaging Corporation (US), Terra Remote Sensing (Canada), The Airborne Sensing Corporation (Canada), and The Sanborn Map Company (US) are leading players in the remote sensing services market.
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