by The remote sensing services market encompasses a broad range of applications, technologies and services which use aerial or satellite imagery to gather information about Earth’s natural resources and environment. Remote sensing enables us to effectively monitor, measure and analyze vast areas of the planet through high-resolution imaging capabilities. The services include data acquisition through satellites and aircraft mounted sensors, data processing, analysis and visualization using geospatial analytics. They are extensively used across various industries like defense, agriculture, energy and utility, engineering & infrastructure and environmental monitoring among others. The growing need for earth observation techniques to facilitate informed decision making is a major factor propelling the demand for remote sensing services globally.
The global Remote Sensing Services Market was valued at US$ 17.13 Bn in 2023 and is expected to exhibit a CAGR of 11% over the forecast period 2023 to 2030, as highlighted in a new report published by CoherentMI.
Market Key Trends:
The key trend gaining prominence in the remote sensing services market is increasing adoption of artificial intelligence and machine learning technologies. Service providers are leveraging advanced analytics and data mining capabilities to deliver actionable insights from petabytes of geospatial data. AI assisted rapid image classification and pattern recognition is helping remote sensing to move beyond basic mapping and monitoring applications. It is enabling sophisticated tasks like predictive analytics, change detection, equipment/infrastructure health monitoring. This is expected to further fuel the demand as organizations across verticals seek to derive maximum value from remote sensing data through AI driven solutions and services.
Porter’s Analysis :
Threat of new entrants: The threat of new entrants is moderate. The requirements for technology and infrastructure make the entry barrier moderately high. However, companies providing complementary services can relatively easily enter this growing market.
Bargaining power of buyers: The bargaining power of buyers is moderate. Large buyers with repeat purchase needs have more bargaining power compared to smaller buyers. Buyers have moderate switching costs and several provider options.
Bargaining power of suppliers: The bargaining power of suppliers is low to moderate. While technology providers have some bargaining power due to proprietary technologies, this market has several solution providers limiting the power of individual suppliers.
Threat of new substitutes: The threat of new substitutes is moderate. Emerging technologies like UAVs offer alternatives, but geospatial data services have few direct substitutes given their distinctive applications.
Competitive rivalry: Competition in the remote sensing services market is high among the top global players. Companies compete based on technology, analytics capabilities, and customer experience.
Global Remote Sensing Services Market Segmentation:
- By Service
- Data Acquisition/Data Processing
- Consulting Services
- Managed Services
- Value-added Services
- Others (Application Development, Ground Segment, Image Processing)
- By End Use Industry
- Defense & Security
- Agriculture
- Energy & Natural Resources Management
- Engineering & Infrastructure
- Environmental Monitoring
- Marine
- Others (Media & Entertainment, Insurance, Tourism)
- By Technology
- GIS/GNSS
- Lidar
- Drones/UAV
- Aerial Photography
- Satellite Imagery
- Others (IoT, Cloud Computing)
- By Application
- Geoengineering & Construction
- Disaster Management
- Energy Management
- Surveillance & Security
- Urban Planning & Development
- Agriculture Monitoring & Management
- Others (Mining, Marine, Insurance)
Key Takeaways:
The Global Remote Sensing Services Market Size is expected to witness high growth. The growing adoption of remote sensing data across multiple industries including urban planning, forestry, energy, agriculture and more are fueling market growth. The global Remote Sensing Services Market is estimated to be valued at US$ 17.13 Bn in 2023 and is expected to exhibit a CAGR of 11% over the forecast period 2023 to 2030.
Regional Analysis: North America dominated the global market in 2023, primarily due to large-scale adoption of remote sensing technologies by government and commercial organizations in the region. Asia Pacific is expected to grow at the fastest pace during the forecast period owing to rising investments in infrastructure development and increasing need for natural resource management in emerging nations such as China and India.
Key Players: Key players operating in the Remote Sensing Services market include Airbus, Planet Labs, Maxar Technologies, ICEYE, BlackSky, Satellogic, UrtheCast Corp., Deimos Imaging, and GeoOptics. Airbus and Maxar Technologies currently hold majority market share owing to their advanced geospatial platforms and global delivery capabilities. Startups like Planet Labs and ICEYE are also rapidly gaining traction with their frequent revisit capabilities.
*Note:
1. Source: CoherentMI, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
