The remote sensing technology is used for military and police as it can identify, measure or analyze objects without coming into direct contact with them. Market Research Future (MRFR) has published a research report that anticipates major hike for the remote sensing technology market with 10% CAGR (Compound Annual Growth Rate) between 2017 and 2023. In terms of cash, the market is expected to grow by the US $ 18 bn by the end of the forecast period.
Analyzing the market structure, this report evaluates the future growth potential and observes the strategies of the key players in this market. It also tracks the competitive developments such as joint ventures, mergers, and acquisitions, new product developments, new product developments (R & D) in the market. The key factors that are driving the growth of this market include the need for automation, better security systems, and preference for advanced systems.
The global remote sensing technology market has been segmented on the basis of application, technology, and region. On the basis of application, the market has been segmented into agriculture, air quality, floodplain mapping and emergency management, geology and mineral exploration, healthcare, landscape assessment, oceanography, water quality, and others. Based on technology, the market has been segmented into active remote sensing and passive remote sensing. Radiation emitted by the active sensor is directed toward the target to be investigated. Once the target is detected, the radiation gets reflected and measured by the sensor. Advantages of active sensors that are driving its market include the ability to obtain measurements 24/7 (irrespective of the season). Active sensors have their own illumination source. Passive sensors measure reflected sunlight emitted from the sun.
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The regional segmentation of the global remote sensing technology market segments the market into the regional markets namely North America, Europe, Asia Pacific and rest of the world (RoW). Due to maximum technological advancement, the market is growing in the North America region. Most of the key players in the market are based in the United States of America (USA). Powerful defense forces of the USA and US government spending most on the military are the key reasons for the market being strong in the USA. After the USA, Canada is the second biggest spender on military in North America and fourteenth biggest on the world level.
During the forecast period, Asia Pacific region is expected to grow because of huge investment by government to enhance and strengthen defense technologies. According to current statistics, China has the second largest military expenditure in the world and India has the fifth. Hence, the market in these two countries is likely to grow during the forecast period. Other countries with high military expenditure in this region are Japan and South Korea.
Due to technological advancement, and powerful armies, Europe is also a huge market for remote sensing technology, with Russia being the highest spender on the military. After Russia, other important country based markets are the United Kingdom, France, and Germany.
The key players in the global remote sensing technology market include General Dynamics Corp. (USA), Honeywell Technology Solutions Inc. (USA), ITT Corp. (USA), Leica Geosystems Holdings AG (Switzerland), Lockheed Martin Corporation (USA), Lumasense Technologies, Inc. (the USA), Northrop Grumman Corporation (USA), Raytheon Corporation (USA), and Thales Group (France).
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