Remote sensing technologies have garnered massive prominence in applications such as landscape assessment, air quality, water quality, floodplain mapping & emergency management, geology & mineral exploration, and others. This, as a result, escalates the market growth, increasing the demand for remote sensing technologies. According to Market Research Future (MRFR), the global remote sensing technology market is poised to reach USD 18 BN by 2023, growing at approximately 10% CAGR throughout the review period (2017-2023).

Additionally, considerable investments in research & development of remote sensing technology and increasing product development and launches boost market growth. Moreover, advantages that remote sensing technology offers to military forces such as infrared photography, thermal imagery, radar scanning, and satellites push the market growth. Conversely, complexities in the development and lack of customization are significant factors estimated to obstruct the growth of the market.

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Remote Sensing Technologies Market – Competitive Analysis

Highly competitive, the remote sensing technology market appears fragmented due to the presence of several well-established players. Industry players incorporate strategies such as mergers & acquisitions, collaborations, expansion, and product/ technology launch to gain a larger competitive share.

Major Players:

Players leading the global remote sensing technology market include Northrop Grumman Corporation (US), General Dynamics Corp. (US), Raytheon Corporation (US), Honeywell Technology Solutions Inc. (US), Lockheed Martin Corporation (US), ITT Corp. (US), Lumasense Technologies, Inc. (US), Thales Group (France), and Leica Geosystems Holdings AG (Switzerland), among others.

Industry/ Innovation/ Related News

August 11, 2020 —– The Indian Space Research Organisation (ISRO), the space agency for technology for national development, highlights the use of its remote sensing satellites in raising crop output. ISRO remote sensing satellites are also extensively used in railway safety, border protection, telemedicine, and other areas.

The space agency has been continuously enlarging its role in development activities, contributing to the mission of the Nation – Transforming India. ISRO technology is being used to carry out production forecasts for eight significant crops. ISRO sensing technologies are now being used even by the premier space centers for infrastructural development and public welfare projects.

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