In our modern age, satellite technology has revolutionized how we perceive and understand the world. Among its many applications, Earth observation satellites stand out as remarkable tools providing a comprehensive and detailed view of our planet. These satellites orbit the Earth, capturing high-resolution images and data that have far-reaching implications across various industries, shaping decisions in agriculture, urban planning, environmental monitoring, disaster management, and more. The Satellite Earth Observation (EO) market, therefore, plays a pivotal role in the global economy and our understanding of Earth's dynamics.
The global satellite Earth observationmarket is expected to reach $15,903.0 million by 2032, with a CAGR of 6.92% during the forecast period 2022-2032. The Earth observation data and service market has been witnessing a high growth rate owing to significant demand for applications such as disaster management, agriculture, cartography, and natural resources survey.
The Earth observation data and service market has been witnessing a high growth rate owing to significant demand for applications such as disaster management, agriculture, cartography, and natural resources survey. However, the data can also be used for other applications like retail, e-commerce, insurance, financial service, media, and entertainment, among others. The market is gaining popularity in countries such as the U.S., Canada, the U.K., Russia, Germany, France, Middle East and Africa, and Latin America.
Government and Defense Segment to Lead End User in the Satellite Earth Observation Market During Forecast Period
The government and defense segment had the highest market penetration in 2020. The satellite Earth observation market (government and defense) reported $2,927.9 million revenue in 2020 and is expected to grow at a CAGR of 5.81% during the forecast period 20222032 to reach $6,136.7 million by 2032. The segment is expected to grow year by year due to the high utilization of data and services in addressing surveillance, environmental, and sustainability issues. However, other (enterprises, insurance, and financial service, travel, media and entertainment, retail, and e-commerce) end user is expected to witness the highest growth during the forecast period, driven by technological advancement in instruments in Earth observation data and service that can cater to the customized requirement of these industries.
The majority of the Earth observation satellite carries passive sensors such as accelerometer, hyperspectral radiometer, imaging radiometer, sounder, spectrometer, and spectroradiometer, which measures the reflected or emitted solar radiation or thermal energy from Earths surface or through the atmosphere. Moreover, the newer satellites which were launched in recent years are fully equipped with active sensors such as laser altimeter, lidar, radar, ranging instrument, and scatterometer, which emit energy and record the reflected feedback from which information on Earth can be inferred. The feature of the sensor varies according to the purpose of the mission which it is designed to serve.
North America to Dominate Satellite Earth Observation Market
North America accounted for the highest share of 45.00% in the satellite Earth observation data and services market by value in 2020, owing to a significant number of companies based in the region. Europe had a share of 24.63% in 2020 and is expected to witness the second-highest growth during the forecast period 20222032, driven by space activities in the UK, France, Germany, and Russia. Increased spending by commercial space organizations such as Maxar Technologies, Planet Labs, ICEYE, Airbus, and government key agencies, for different end users, is expected to drive huge growth in the satellite Earth observation market during the forecast period.
Competitive Landscape
The competitive landscape of the satellite Earth observation market consists of several organic and inorganic strategies followed by the key players to increase their market share. The strategies include product innovations, contracts, partnerships, acquisitions, and business expansions, among others.
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Some of the key players in the global satellite Earth observation market include Airbus S.A.S, Maxar Technology, Planet Labs, ICEYE, and Capella Space. These companies are aiming for a wide range of partnerships, collaborations, agreements, and contracts to expand their operations and increase their market presence globally to generate revenues and attract new customers.
Key Questions Answered in this Report:
- What are the futuristic trends in the satellite Earth observation market, and how is the market expected to change over the forecast years 2022-2032?
- What are the key drivers and challenges faced by the companies that are currently working in the satellite Earth observation market?
- How is the market expected to grow during the forecast period 2022-2032?
- What are the opportunities for the companies to expand their businesses in the satellite Earth observation data and services market?
- Which region is expected to be leading the satellite Earth observation market by 2032?
- What are the key developmental strategies implemented by the key players to sustain in this highly competitive market?
- What is the current and future revenue scenario of the satellite Earth observation market?
