This is a very good question with many possible answers.

A good introduction to object localization in remote sensing images is given in

https://www.researchgate.net/publication/227108709_Remote_Sensing_and_Digital_Image_Processing

See, also:

https://www.researchgate.net/publication/287359712_Object_Oriented_Image_Analysis_in_Remote_Sensing_of_Forest_and_Vineyard_Areas

https://www.researchgate.net/publication/225005523_Object_Detection_in_Satellite_and_Aerial_Images_Remote_Sensing_Applications

https://www.researchgate.net/publication/235863512_Object-based_Image_Analysis_Spatial_Concepts_for_Knowledge-driven_Remote_Sensing_Applications

Chapter Remote Sensing and Digital Image Processing

Article Object Oriented Image Analysis in Remote Sensing of Forest a...

Book Object Detection in Satellite and Aerial Images: Remote Sens...

Book Object-Based Image Analysis: Spatial Concepts for Knowledge-...

Thanks James, I have studied some of these methods. I am having problem in implementation. Is there any MATLAB code for that?

@Adnan Awan: Is there any MATLAB code for that?

Yes, try

https://sourceforge.net/directory/os:mac/?q=remote%20sensing%20matlab

and

https://matlabprojects.org/remote-sensing-matlab/

http://www.lx.it.pt/~jun/demos.html