Higher Need for Automation to Drive Remote Sensing Technology Market
Market Overview
Remote sensing technology refers to a technology that enables the identification, measurement, and analysis of several characteristics of objects without having direct contact with it. Contribution of the military forces in the remote sensing technology includes radar scanning, thermal imagery, infrared photography, and satellites. Infrared photography makes use of light in the infrared part of the electromagnetic spectrum and aids in the measurement of reflection of the infrared radiation. Whereas, thermal imaging indicated the amount of radiation which is emitted by the source.
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The global remote sensing technology market is expected to exhibit a healthy CAGR of 10% between the forecast period of 2017-2023. The market is also anticipated to reach a revenue valuation of USD 18 billion by the end of the forecast period. The report by MRFR has analyzed the market’s future growth potential and it also observes several strategies undertaken by key players to gain a dominant share of the remote sensing technology market, hence, promoting fast-paced growth. These strategies include a study of joint ventures, mergers and acquisitions, new product developments, product launches, and diversification of product portfolio to enable a higher competitive edge over market peers. Various drivers for the global remote sensing technology market include a need for better security systems, a higher need for automation, and a preference for advanced systems.
Market Segmentation
The global remote sensing technology market is studied for several segments to gain a better understanding of the market dynamics. Such segmentation has been carried out on the basis of technology, application, and region. Based on application, the global market is segmented into air quality, agriculture, emergency management, floodplain mapping, geology and mineral exploration, landscape assessment, healthcare, water quality, and oceanography.
On the basis of technology, the market segments analyzed in the report include passive remote sensing and active remote sensing. Radiation which is emitted through active sensors is directed towards the target which is under investigation. Once such a target is detected the radiation gets reflected and measured by the sensor. Various advantages of active sensors include the ability to obtain measurements of the object irrespective of the weather. Further, active sensors have their own source of illumination whereas passive sensors measure through the usage of reflected sunlight.
Key Players
Some of the noteworthy players prevalent in the Remote Sensing Technology Market include General Dynamics Corp. (U.S.), Northrop Grumman Corporation (U.S.), Raytheon Corporation (U.S.), Lockheed Martin Corporation (U.S.), Honeywell Technology Solutions Inc. (U.S.), ITT Corp. (U.S.), Thales Group (France), Lumasense Technologies, Inc. (U.S.), and Leica Geosystems Holdings AG (Switzerland)
Detailed Regional Analysis
The regional segmentation of the global remote sensing technology market includes the regional markets of North America, Asia Pacific, Europe, and the Rest of the World (RoW). Owing to skyrocketed developments in technology, the remote sensing technology market is anticipated to gain maximum traction from North America. Most key players prevalent in the market are based out of the US, enabling further augmentation of the regional market. Growing expenditure from the government on advanced military equipment is one of the key reasons behind the country-specific domination of the US. Canada is anticipated to follow the US and garner the second-largest share of the regional remote sensing technology market. Apart from that, Canada is also expected to hold the 14th largest share of the global remote sensing technology market.
Asia Pacific is estimated to upscale owing to huge investments in the enhancements and strengthening of the defense sector by governments prevalent in the region. China is expected to hold the second-largest market share for remote sensing technology in the world, with India boasting the fifth largest share. Owing to the existence of two of the most influential regional markets in APAC, the market is expected to flourish over the forecast period.
LIST OF TABLES
TABLE 1 REMOTE SENSING TECHNOLOGYN MARKET, BY TECHNOLOGY
TABLE 2 REMOTE SENSING TECHNOLOGY MARKET, BY APPLICATION
TABLE 3 REMOTE SENSING TECHNOLOGY MARKET, BY REGION
TABLE 4 NORTH AMERICA REMOTE SENSING TECHNOLOGY MARKET, BY TECHNOLOGY
TABLE 5 NORTH AMERICA REMOTE SENSING TECHNOLOGYMARKET, BY APPLICATION
Continued…….
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LIST OF FIGURES
FIGURE 1 RESEARCH TYPE
FIGURE 2 REMOTE SENSING TECHNOLOGY MARKET: BY TECHNOLOGY (%)
FIGURE 3 REMOTE SENSING TECHNOLOGY MARKET: BY APPLICATION (%)
FIGURE 4 REMOTE SENSING TECHNOLOGY MARKET: BY REGION (%)
FIGURE 5 NORTH AMERICA REMOTE SENSING TECHNOLOGY MARKET, BY TECHNOLOGY (%)
Continued…….
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