PUBLISHER: The Business Research Company | PRODUCT CODE: 1428402
PUBLISHER: The Business Research Company | PRODUCT CODE: 1428402
Satellite-based earth observation involves satellites orbiting the Earth to observe and identify environmental changes, create maps, and serve various applications. Remote sensing techniques are employed in this process to gather information on the Earth's chemical, physical, and biological aspects.
The primary components of satellite-based earth observation encompass earth observation (EO) data and value-added services. EO data, denoting information collected by satellites and other remote sensing platforms, constitutes a crucial aspect. The satellites utilized operate in low earth orbit, medium earth orbit, and geostationary orbit, employing technologies such as optical and synthetic aperture radar. Payloads consist of satellite communications (SATCOM), electro-optical or infrared (EO or IO), communication, imaging, and navigation. These resources find application across diverse sectors, including defense and intelligence, infrastructure and engineering, agriculture, energy and power, among others.
The satellite-based earth observation market research report is one of a series of new reports from The Business Research Company that provides satellite-based earth observation market statistics, including satellite-based earth observation industry global market size, regional shares, competitors with a satellite-based earth observation market share, detailed satellite-based earth observation market segments, market trends and opportunities, and any further data you may need to thrive in the satellite-based earth observation industry. This satellite-based earth observation market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
The satellite-based earth observation market size has grown strongly in recent years. It will grow from $6.14 billion in 2023 to $6.68 billion in 2024 at a compound annual growth rate (CAGR) of 8.9%. The expansion during the historical period can be ascribed to government investments in space programs, a heightened requirement for environmental monitoring, the proliferation of applications in agriculture and forestry, an increased demand for disaster management solutions, and the broadening utilization of applications in defense and intelligence.
The satellite-based earth observation market size is expected to see strong growth in the next few years. It will grow to $9.03 billion in 2028 at a compound annual growth rate (CAGR) of 7.8%. The anticipated growth in the forecast period can be ascribed to the escalating demand for geospatial data analytics, the rising adoption of satellite-based services by commercial industries, an increase in requirements for climate change monitoring, the expansion of satellite constellations, and the development of small satellites for earth observation. Key trends expected in the forecast period involve the emergence of high-resolution imaging capabilities, the integration of artificial intelligence (AI) and machine learning in data analysis, the adoption of cubesat technology, the development of hyperspectral imaging satellites, and an increasing emphasis on sustainable and eco-friendly satellite technologies.
The growth of the satellite-based earth observation market is anticipated to be propelled by the increasing number of satellite launches. Satellites, devices launched into orbit for purposes such as information collection, navigation, and scientific research, are equipped with sensors to capture images of the Earth's surface for applications such as weather forecasting and environmental monitoring. In March 2023, the United Nations Office for Outer Space Affairs reported a rise in space objects launched from 1,810 in 2021 to 2,163 in 2022. Additionally, the Government Accountability Office stated that around 5,500 active satellites were in orbit as of spring 2022, with an estimated 58,000 more to be launched by 2030. Consequently, the surge in satellite launches is a key driver for the satellite-based earth observation market.
Government investments in space technology are expected to contribute significantly to the growth of the satellite-based Earth observation market. These investments involve financial allocations by governments for the research, development, and deployment of space-related initiatives. Allocations are made for national security, defense, and the use of Earth observation satellites in intelligence gathering, border surveillance, and security threat monitoring. The Space Foundation reported in July 2023 that government investments in space technology constituted 55% of the global space economy, indicating a substantial increase from the previous year. This trend aligns with sustained global commitments to space exploration and development, as indicated by the Space Report 2023 Q2. Thus, government investments in space technology play a pivotal role in driving the satellite-based Earth observation market's growth.
Technological advancements are a prominent trend shaping the satellite-based earth observation market. Key companies in the market focus on developing advanced solutions to maintain their market positions. For example, in November 2022, the Indian Space Research Organization (ISRO) launched the Earth Observation Satellite-6 (EOS-6), featuring three ocean observation sensors for monitoring oceans. The advanced Ocean Color Monitor (OCM-3) with a high signal-to-noise ratio is expected to enhance accuracy in daily phytoplankton monitoring, benefiting applications such as fishery resource management, ocean carbon uptake, and climate studies. This emphasis on technological innovation is driving progress in the satellite-based earth observation market.
Major companies in the satellite-based earth observation market are concentrating on developing innovative products, such as the Air Quality Control Instrument, to monitor air pollutants hourly in high spatial resolution. An air quality control instrument is designed to monitor and analyze various air pollutants to ensure compliance with environmental standards and promote healthier air quality. In April 2023, NASA launched the Tropospheric Emissions Monitoring of Pollution (TEMPO) instrument, offering unprecedented resolution for high-frequency monitoring of major air pollutants. This advancement enhances satellite-based earth observation capabilities, addressing environmental concerns, supporting sustainability efforts, and fostering innovation in the market.
In May 2023, Maxar Technologies Inc. was acquired for $6.4 billion by Advent International and British Columbia Investment Management Corporation (BCI). This acquisition aims to facilitate long-term growth and wealth creation for Advent International and BCI. Maxar Technologies Inc., a US-based space technology company specializing in manufacturing Earth observation satellites, will continue to be controlled, owned, and operated from the United States.
Major companies operating in the satellite-based earth observation market report are Raytheon Technologies Corporation, Lockheed Martin Corp., Airbus SE, BAE Systems Plc, Thales Group, L3Harris Technologies Inc., Israel Aerospace Industries Ltd., Viasat, Maxar Technologies Inc., MDA Corporation, Planet Labs Inc., Spire Global, BlackSky Global, Iceye, EOS Data Analytics, RS Metrics, D-Orbit, Descartes Labs, UrtheCast, Orbital Insight, GHGSat, Satellogic SA, GomSpace, SkyWatch Inc., Global Surface Intelligence Ltd., PlanetiQ Inc., GeoOptics Inc., ImageSat International N.V, Capella Space, HawkEye 360
North America was the largest region in the satellite-based earth observation market in 2023. The regions covered in the satellite-based earth observation market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
The countries covered in the satellite-based earth observation market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Italy, Spain, Canada.
The satellite-based earth observation market includes revenues earned by entities by providing weather forecasting, environmental monitoring, urban planning, and disaster studies. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
Satellite-Based Earth Observation Global Market Report 2024 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on satellite-based earth observation market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for satellite-based earth observation ? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The satellite-based earth observation market global report from the Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
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