Northbrook, IL 60062 -- (SBWire) -- 09/15/2023 --The Remote Sensing Services market industry is projected to grow from USD 13.2 billion in 2022 to USD 26.6 billion by 2027, at a CAGR of 14.9%.

The Remote Sensing Services market industry is expected to grow, as remote sensing is an effective and flexible way to gather data remotely without any physical intervention. Remote sensing services play a major role in addressing local requirements for the effective utilization of technologies. Companies in the remote sensing services industry are innovating toward the commercial exploration of space products, technical consultancy services, the transfer of technology, and the facilitation of space-related industrial capabilities.

The Remote Sensing Services Companies are dominated by a few globally established players such as Maxar technologies (US), Planet Labs PBC (US), L3 Harris Technologies (US), Airbus SE (Netherlands), Trimble, Inc. (US) among others.

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Market Dynamics:

Driver: Significant advancements in geospatial imagery analytics with introduction of AI and big data

Artificial intelligence (AI) is the simulation of human intelligence by various machines, particularly computer-based systems, to perform various tasks quickly with minimal errors. Similarly, deep learning is the ability of computers to recreate the processes or tasks that a human brain can perform. With advancements in geospatial technology, data collection frequency and volume are increasing exponentially. The primary challenge for various businesses across the globe is to manage huge amount of data. With AI and deep learning, machines can process gigabytes of satellite data and provide useful insights.

Restrains: Liability issues associated with UAV operations and services

Drones (UAV) are being adopted in numerous commercial and domestic industries, such as media & entertainment, and transport, logistics, and warehousing. However, they might witness faulty piloting and technical difficulties and fall on public structures, openly parked vehicles, and people, thereby impairing property or civilian injuries. As drones share the air space with airplanes, they can hinder the take-off or landing of a large commercial airplane. While malevolent acts may cause often anticipated worst-case scenarios, accidental or careless acts could also lead to considerable damages. Besides, numerous news stories have been reported of people witnessing drones invading their privacy by flying through their windows, hovering over their backyards, and recording their images at parks, beaches, and other events without permission.

Opportunities: Need for real-time data

Real-time data is an end-to-end solution which ensures that the information supply matches the intervention capability of end users. Decision-makers require up-to-date environmental information to manage natural resources more effectively. Integrated with geographic information system (GIS), remote sensing data can provide useful environmental information related to crops, forest status, coastal zones, natural hazards, and urban growth. However, to generate such information, users need effective and timely access to the data supply. EO provides up-to-the-minute observations for an area of interest.

Challenges: Long-term data continuity for droughts, floods, and other natural disasters

Long-term, sustained data records are essential for operational drought monitoring to provide a meaningful historical context to establish the relative severity of a current drought compared to previous events. From a climate perspective, 30 years is the accepted minimum length of an observational data record required to obtain a representative sample of the distributional characteristics (i.e., normal range of conditions or values) of key drought variables such as precipitation. The observational records of most operational satellite-based instruments are much shorter. Advanced Very High-Resolution Radiometer (AVHRR) is a primary exception, with a series of sensors onboard National Oceanic and Atmospheric Administration (NOAA's) family of polar-orbiting platforms with collected near-daily global image data since the early 1980s.

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Key Players:

Maxar technologies

Maxar technologies is one of the leading space technology and intelligence companies. Maxar partners with innovative businesses and more than 50 governments to monitor global change, deliver broadband communications and advance space operations with Space Infrastructure and Earth Intelligence capabilities. Maxar's Space Infrastructure business segment designs and manufactures satellites and spacecraft components for communications, Earth observation, exploration and on-orbit servicing and assembling. Maxar has been supporting commercial and government missions with Space Infrastructure capabilities.

Planet Labs, Inc.

Planet Labs, Inc is the leading provider of global, daily satellite imagery and insights. Planet is driven by a mission to image all of Earth's landmass every day, and make global change visible, accessible, and actionable. Founded in 2010 by three NASA scientists, Planet designs, builds, and operates the largest fleet of imaging satellites, as well as online software, tools and analytics needed to deliver data to users. Decision makers in business, government, and within organizations use Planets data and machine learning-powered analytics to develop new technologies, drive revenue, power research, and make informed, timely decisions to solve the worlds toughest challenges.

Airbus SE

Airbus provides interoperable and collaborative solutions in five major domains: Land, Air, Sea, Space, and Cyber. It is a global leader in space exploration and satellite imagery and proves its multidomain superiority by combining more than 50 years of field-tested technology. The company provides products, services, and solutions through three major segments: Airbus (Commercial Aircraft segment), Airbus Helicopters, and Airbus Defense & Space. Airbus Defense & Space creates innovative and effective space and defense solutions and services for customers.

The North America market has always been the largest for Remote Sensing Services. The implementation of advanced technology in remote sensing and its applications makes North America a leader in the Remote Sensing Services market industry. In North America, American firms have begun to operate their imaging satellite systems, aiming to become an important part of the US remote sensing services industry. North America is mainly involved in specializing in remote sensing services, supporting a variety of high-end civil, military, and commercial customers in environmental, forestry, agricultural, industrial, and biomedical markets. It offers a wide range of remote sensing and surveying services, such as hyperspectral imaging, Light Detection and Ranging (LIDAR), and digital and thermal imaging, with resulting data fusion between these systems to provide hybrid products in various GIS and digital mapping formats.