WELLESLEY, Mass., 14 March 2007. According to a new and updated technical market research report, "Remote Sensing Technologies and Global Markets -- IAS022A" from BCC Research (www.bccresearch.com), 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 percent, the market will grow to more than $9.9 billion by 2012.
Originally developed for military and intelligence-gathering applications, remote sensing technology makes it possible to examine objects and phenomena using only emitted or reflected radiation. Over the past two decades, industry analysts have observed that many industries have begun to make use of what is referred to as geographic information systems (GIS) in 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.
The report is available this month at a cost of $4250.
