September 23, 2020

Remote Sensing Technology Industry 2020-2023: Industry analysis and forecast

Remote Sensing Technology Industry – Overview

The escalated Remote Sensing Technology Industry 2020 trends are expected to spur the market development considerably. The information and communication technology industry reports are put forth by Market Research Future, which focuses on market options for growth. An income of USD 18 billion at a 10 % CAGR is estimated for the market by 2023.

The use of the technology by military forces in different countries is expected o create a favorable push for market expansion in the upcoming period. Moreover, the need for geography-related data collection has increased significantly in recent years and is expected to rise further, which will effectively aid in the development of the market in the forecast period.

Key Players

The well-known contenders in the Remote Sensing Technology Industry are Lockheed Martin Corporation (U.S.), Lumasense Technologies, Inc. (U.S.), Northrop Grumman Corporation (U.S.), General Dynamics Corp. (U.S.), Raytheon Corporation (U.S.), ITT Corp. (U.S.), Thales Group (France), Honeywell Technology Solutions Inc. (U.S.), Leica Geosystems Holdings AG (Switzerland) among others.

Segmental Analysis

The segmental assessment of the remote sensing market is conducted on the basis of technology, application, and region. On the basis of technology, the remote sensing market is divided into passive remote sensing and active remote sensing. On the basis of application, the remote sensing market consists of air quality, water quality, landscape assessment, healthcare, geology and mineral exploration, oceanography, floodplain mapping and emergency management, agriculture, and others. On the basis of regions, the remote sensing market consists of North America, Europe, Asia Pacific and other regions.

Competitive Analysis

The buying patterns in the Remote Sensing Technology Industry are expected to promote the development of the market in the upcoming period. the development of assets is estimated to create a positive scope for development of the market in the coming period. the focus on expansion by the market contenders is expected to create a favorable momentum in the global market in the forecast period. the inclusion of sustainability in the business plans is expected to create optimistic opportunities for development in the upcoming period. The emphasis on innovation is expected to help the market establish relevancy in line with estimated customer preferences. The enhancement in manufacturing potential is projected to create an improved product offering in the global market. The positive reinforcement by government policies is expected to open up new avenues for progress in the coming period. The access to the notable target markets is estimated to allow the market contenders to gain the impetus necessary for success in the forecast period.

Detailed Regional Analysis 

The regional study of the Remote Sensing Technology Industry covers North America, Europe, Asia Pacific, and other regions. The increasing improvement in the remote sensing technology has contributed to its development in land assessment methods. The North American regional market of remote sensing technology is foremost because of the technical progress and the presence of a highly equipped and influential defense force. The Asia Pacific region is projected to develop because of enormous funding by the government to improve and reinforce defense technologies.

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Industry Updates:

Feb 2020 Innoviz Technologies, which makes sensors for self-driving vehicles recently announced that it had combined with China's Shaanxi Heavy Duty Automobile Co to set up 600 autonomous trucks at one of the major ports in China. The firm's remote sensing technology, LIDAR, which utilizes pulsed laser light as radar uses radio waves, is viewed by experts as a vital element for self-driving vehicles.

Jan 2020 The University of Science and Technology developed two remote-sensing satellites recently that were handed over to the Iranian Space Agency. One satellite Zafar1 is a 90 Kg remote-sensing satellite set with color cameras and will be used for surveying mines, jungles, oil reserves, and natural disasters.

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