According to a BCC Research research report, the total global market expenditures for remote sensing products was more than $7 billion in 2006 and will reach almost $7.3 billion in 2007. At a compounded annual growth rate (CAGR) of 6.3%, the market will grow to more than $9.9 billion by 2012.
Weather forecasting holds the highest share of the market throughout the forecast period, hovering at approximately 38% of the total global market through 2012. Public health applications hold the highest growth potential through the forecast period. These products will be worth $402 million in 2007 and grow at a CAGR of 10.9% to reach $675 million in 2012. Other applications include right-of-way inspection, intelligence gathering, climate change studies, and other applications.
Originally developed for military and intelligence-gathering applications, remote sensing technology makes it possible to examine objects and phenomena using only their emitted or reflected radiation. Over the past two decades, industry analysts have observed that many industries have begun to make use of what is generally referred to as geographic information systems (GIS) in their day-to-day operations.
A confluence of three technologies—GIS, remote sensing and GPS—led many to predict that a powerful new industry was born. Some predicted it would surpass $30 billion in sales by 2005. The reality, however, quickly proved otherwise. The remote sensing industry, although it has grown, had by 2005 failed to produce even one sixth of the earlier estimated revenues. What might be termed the false dawn of remote sensing has ended, and a new somewhat smaller but more competitive industry has emerged.
Global Expenditures for Remote Sensing Products, By Application, Through 2012
|Climate Change Studies||550||560||697||4.5|
Source: BCC Research (Remote Sensing Technologies and Global Markets #IAS022A)