Satellite-based Earth Observation Market Outlook 2031
The global satellite-based earth observation market size was valued at USD 6.01 Billion in 2022 and is expected to surpass USD 11.43 Billion by 2031, expanding at a CAGR of 7.4% during the forecast period, 2023–2031. The growth of the market is attributed to increasing demand for solutions that provide real-time, round the clock information on atmospheric changes such as weather forecasting.
Satellite-based earth observation is widely used for collecting the information about land, marine, as well as atmosphere monitoring aspects on earth. The collected information is used for monitoring, analyzing, and decision making in various sectors such as defense and intelligence, infrastructure and engineering, agriculture, and energy & power.
The global satellite-based earth observation market has been negatively impacted due to complete lockdown of industries and government restrictions on travelling during the COVID-19, which affected production of new satellite across the globe.
Satellite-based Earth Observation Market Trends, Drivers, Restraints, and Opportunities
- Increasing use of satellites for advanced environment monitoring and technology is anticipated to drive the market growth during the forecast period.
- Growing variety and quality of resolution is expected to spur the market growth during the forecast period.
- Growing technological advancements in satellite imagery is expected to spur the market growth during the forecast period.
- Increasing demand for data analytics to provide accurate insights of the earth observation in various industries is anticipated to drive the market growth during the forecast period.
- The presence of open data such as EOSDIS from the US, Copernicus from Europe are estimated to restrict the market growth.
- Rising frequency of the launch of satellites every year and massive amount of data provided by them can create lucrative opportunities in the satellite-based earth observation industry.
Scope of Satellite-based Earth Observation Market Report
The report on the global satellite-based earth observation market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.
Satellite-based Earth Observation Market - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast
Applications (Data and VAS) and End-users (Defense and Intelligence, Infrastructure and Engineering, Agriculture, Energy and Power, and Others)
Asia Pacific, North America, Latin America, Europe, and Middle East & Africa
Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast
Key Players Covered in the Report
Airbus Defense and Space; MDA Corp.; UrtheCast Corp.; Harris Corporation; Planet Labs Inc.
Satellite-based Earth Observation Market Segment Insights
Applications Segment Analysis
Based on applications, the market is divided into data and VAS. The data segment is anticipated to hold a key share of the market in the coming years due to the requirement for high frequency and timelines of satellite imaging. Moreover, cost-efficient monitoring of large areas and on-demand detailed resolution are spurring the segment growth.
However, the VAS segment is anticipated to expand at a rapid pace during the forecast period, as it provides wider bandwidth based on SCPC or MCPC allocation types.
End-Users Segment Analysis
On the basis of end-users, the satellite-based earth observation market is segmented into defense and intelligence, infrastructure and engineering, agriculture, energy and power and others.
The defense and intelligence segment is projected to constitute a major market share during the forecast period, as it provides early warning and intelligence particularly electronic and signal intelligence.
On the other hand, the agriculture segment is anticipated to expand at a rapid pace during the forecast period. This technology confers key data for monitoring soil, snow cover, drought, and crop development.
On the basis of regions, the satellite-based earth observation market is classified as Asia Pacific, North America, Latin America, Europe, and Middle East & Africa.
North America is expected to constitute a significant share of the market during the projected period owing to the increasing number of ongoing research studies and investments in the market.
However, the market of Asia Pacific is anticipated to expand at a rapid pace during the forecast period. The growth of the market in region is attributed to increasing demand for satellite-based earth observation solutions in countries such as India and China.
The global satellite-based earth observation market has been segmented on the basis of
- Defense and Intelligence
- Infrastructure and Engineering
- Energy and Power
- Asia Pacific
- North America
- Latin America
- Middle East & Africa
Key players competing in the global satellite-based earth observation market include Airbus Defense and Space; MDA Corp.; UrtheCast Corp.; Harris Corporation; Planet Labs Inc.
Some of these players are engaging in business strategies such as mergers, acquisitions, partnerships, collaborations, capacity expansion, and product launches to enhance their market share.