remote sensing services Market

The remote sensing services market was valued at US$ 13,025.5million in 2019 and is projected to reach US$ 37,650.7million by 2027; it is expected to grow at a CAGR of 14.8% 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.  Aerial photography; hyperspectral imaging; multispectral imaging; oblique aerial and ground, visible band and thermographic imaging; long-wave infrared; and near-infrared surveys are among the techniques used for collecting information via remote sensing for different applications, ranging from urban city mapping, forest and agriculture, and weather to military and defense. Few specific applications of images obtained through remote sensing include tracking of the growth of cities and recording changes in forests and land use, mapping of wild forest fires from space that aid visibility in much larger area to tracking clouds for making predictions about weather or natural disasters such as volcanoes or dust storms.

The global remote sensing services market is segmented on the basis of resolution, platform type, end user, and geography, upon the extensive analysis of business offerings of considerable market players and selected end users. Based on resolution, the spatial segment dominated the remote sensing services market in 2019; with the expanding scope of geographic information system for mapping and analyzing events on earth, the use of remote sensing service is also growing. On the basis of platform type, the satellite segment held largest market share owing to the growing use of optical remote sensing satellites to detect electromagnetic energy on earth's surface. Moreover, based on end user, the commercial segment dominated the remote sensing service market in 2019.

Antrix Corporation Limited, CyberSWIFTInfotech Pvt. Ltd., Geo Sense Sdn. Bhd., Mallon Technology, EKOFASTBA S.L., Satellite Imaging Corporation, Terra Remote Sensing Inc., The Airborne Sensing Corporation, Sanborn Map Company, and SpecTIR are among the key remote sensing services market players profiled in this research study.

Impact of COVID-19 Pandemic on Remote Sensing Services Market

COVID-19 outbreak, which began in Wuhan (China) in December 2019, has rapidly spread across the globe. China, Italy, Iran, Spain, the Republic of Korea, France, Germany, and the US are among the countries with the significantly high number of confirmed cases and reported deaths as of March 2020. The COVID-19 outbreak has affected economies and industries in various countries due to the imposition of lockdowns, travel bans, and business shutdowns. The overall market collapse due to the pandemic is affecting the growth of the remote sensing services market due to factory shutdowns, offset supply chains, and global economy downturns.

Overall size of the global remote sensing services market has been derived in accordance to primary and secondary sources. To begin the research process, exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information related to the market. Also, multiple primary interviews have been conducted with industry participants and commentators to validate the data, as well as to gain more analytical insights into the topic. The participants involved in this process include industry expert such as VPs, business development managers, market intelligence managers, and national sales managers, along with external consultants such as valuation experts, research analysts, and key opinion leaders, specializing in the remote sensing service market.