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According to the latest research report titled “Remote Sensing Services Market to 2027–COVID-19 Impact and Forecast and Global Analysis,” published by The Insight Partners, the global remote sensing services market was valued at US$ 13,025.5 million in 2019 and is projected to reach US$ 37,650.7 million by 2027; it is expected to grow at a CAGR of 14.8% during 2020–2027.
APAC Remote Sensing Services Market to Grow at Highest CAGR from 2020 to 2027
Remote sensing services providers facilitate the identification of processes, events, and objects at a distance through the detection of emitted or reflected electromagnetic radiations. Remote sensing permits covering large territories in a repetitive manner and acquiring data that are more valuable than the data collected through traditional aerial photography. The technique uses satellite/airborne sensors to perform its function. With increasing agriculture activities owing to rising population in countries such as China and India, the percentage of land use for farming is increasing. To track this changing percentage of land use for agriculture purpose, the need to collect data on the same is important that will fuel the penetration of remote sensing in Asia. The European agriculture sector holds significant potential for the utilization of remote sensing technologies, especially for smart farming. Moreover, the defense sector is opting for remote sensing services due to the growing technology adoption to monitor activities. France is a foremost country with a strong base of aircraft companies, which leads to multiple opportunities for companies offering remote sensing services for aircraft applications.
The remote sensing services market in APAC is expected to grow at the highest CAGR of 17.5% during the forecast period. The market growth in this region is mainly attributed to the high demand for remote sensing services in applications such as precision farming, 3D terrain model construction, damage assessment, mineral exploration, defense, and intelligence. Countries such as China, Japan, Australia, and India are considered to be the most lucrative markets for the remotes sensing technology providers. Moreover, significant space investments in China, allowing continuous development of a range of satellites for various applications, are driving the growth of the market in the country.
Key Findings of Study:
The international trade and global value chains are crucial for the reduction of geopolitical tensions and wealth of nations. The remote sensing technology plays a major part in the economic development of regions. In 2013, emerging economies in Asia accounted for ~25% of global exports, in terms of value. The 6G satellite was successfully launched into orbit among three Chinese satellites, along with ten commercial remote sensing satellites developed by Satellogic, Argentina. Apart from this, the government initiatives for agriculture and urban infrastructure development, such as India’s Smart City Mission, are also expected to augment the market growth. The increasing number of earth observation projects by numerous space agencies is fueling the growth of the marker. On November 7, 2020, the Indian Space Research Organization (ISRO) launched earth observation satellite named EOS-01, along with nine international customer satellites, with a prime objective to serve agricultural, forestry, and disaster management applications.
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