The Remote Sensing Services Market is projected to grow from $10.68 Billion in 2017 to $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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Based on platform, the satellites segment is projected to lead the remote sensing services market during the forecast period. The growth of the satellites segment can be attributed to the increased demand for Earth observation satellites to obtain valuable information for mapping, mineral exploration, land-use planning, resource management, and other activities. These satellites provide data in spatial, temporal, and spectral resolutions to cater to various application requirements.
Based on platform, the UAVs segment of the remote sensing services market is projected 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.
Based of resolution, the spatial segment is anticipated to lead the remote sensing services market during the forecast period, owing to the increasing demand for high-resolution systems and critical measurements. High spatial resolution images can allow users to differentiate between two objects that are within close proximity to each other, which, in turn, is expected to drive the demand for spatial resolution data in commercial and defense applications.
North America led the remote sensing services market in 2017, owing to the 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. However, the market in the Asia Pacific region is projected to grow at the highest CAGR from 2017 to 2022, owing to the high demand for remote sensing services in various applications, such as precision farming, 3D terrain model construction, damage assessment, pipeline monitoring, geohazard mapping, mineral exploration, and defense and intelligence.
Factors such as interoperability issues and huge initial investments are acting as restraints to the growth of the remote sensing services market.
Key Market Players
Key players operating in the remote sensing services market include Antrix Corporation (India), DigitalGlobe (US), EKOFASTBA (Spain), Geo Sense (Malaysia), Mallon Technology (UK), Remote Sensing Solutions (Germany), and Satellite Imaging Corporation (US), among others.
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