LONDON, Sept. 07, 2022 (GLOBE NEWSWIRE) -- According to The Business Research Company’s research report on the remote sensing technology market, the growing adoption of precision farming technology is driving the growth of the remote sensing technology market. Due to rapid global population growth and climate change, the farming industry is undergoing massive transformations, placing an added burden on the food supply chain. Precision farming is the planning of food production through the use of technologies delivering the economic benefits of cost reduction in farming and increasing production levels and also helps in environmental benefits. For instance, in August 2020, according to a report published by McKinsey Global Institute, By 2030, approximately 70 million farmers could benefit from digital agriculture services through precision farming. This will be 1.5 times as productive as traditional large farms and 2 to 2.5 times as effective as small farms. Thus, the growing adoption of precision farming technology is driving the growth of remote sensing technology.
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The global remote sensing technology market size is expected to grow from $13.76 billion in 2021 to $15.22 billion in 2022 at a compound annual growth rate (CAGR) of 10.60%. The global remote sensing technology market size is expected to grow to $22.96 billion in 2026 at a compound annual growth rate (CAGR) of 10.82%.
Technological advancement is gaining popularity in the remote sensing technology industry trends. Major companies operating in the remote sensing technology market are focused on providing technologically-advanced solutions to strengthen their market position. These companies are implementing next-generation remote sensing technology into their devices, such as active sensors, LiDAR, InSAR, PSInSAR, SAR, SRT, SqueeSAR, passive sensors, UAV, and others. These technologies obtain information about material objects from distance measurements without coming into physical contact with the objectives. For instance, in March 2022, China launched a new remote sensing satellite into space. This optical remote sensing satellite will be used for the confirmation of land rights, to survey urban planning, disaster reduction and prevention, and crop yield estimation.
Major players in the remote sensing technology market are Thales Group, DigitalGlobe, Esri, General Dynamics Mission Systems Inc., Hexagon AB, Lockheed Martin Corporation, Planet Labs Inc., Northrop Grumman Corporation, Honeywell Technology Solutions Inc., Raytheon Corporation, PrecisionHawk, Satellite Imaging Corporation, Ceres Imaging, Terra Remote Sensing, SlantRange Inc. and Astro Digital.
The global remote sensing technology market is segmented by technology into active remote sensing, passive remote sensing; by platform into satellite, aerial systems; by end user into military and intelligence, weather, disaster management, agriculture and living resources, infrastructure; by application into landscape assessment, security, air quality, hydrology, forestry, floodplain mapping and emergency management, healthcare.
North America was the largest region in the remote sensing technology market in 2021. The regions covered in the global remote sensing technology market size report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.
Remote Sensing Technology Global Market Report 2022 – Market Size, Trends, And Global Forecast 2022-2026 is one of a series of new reports from The Business Research Company that provide remote sensing technology market overviews, remote sensing technology market analyze and forecast market size and growth for the whole market, remote sensing technology market segments and geographies, remote sensing technology market trends, remote sensing technology market drivers, remote sensing technology market restraints, remote sensing technology market leading competitors’ revenues, profiles and market shares in over 1,000 industry reports, covering over 2,500 market segments and 60 geographies.
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