When publishing a raster layer by value, the pan sharpening will not occur on the server as the panchromatic image is not copied to the server.
Solutions
Register the folder path containing the panchromatic image on the server as a data store.
Learn more about registering the data sources with ArcGIS server
- Alternatively, turn off pan sharpening in the layer properties and create a pan-sharpened raster, then rebuild your map layer to use the new pan-sharpened raster. See Creating a Pan-Sharpened Raster Dataset for more information.