Satellite-based earth observation includes the collection of information regarding the earth’s structureand is done with the help of remote sensing satellites. These satellites gather vital information and capture images that are primarily used in various sectors including defense and intelligence, natural resources, weather, agriculture, media and entertainment, engineering and construction, tourism, and transport. In the modern world, increasing risk of natural disasters thereby promotes the growth of the global satellite-based earth observation market.
The global satellite-based earth observation industry is growing at a faster rate than ever before. In recent years, extensive use of EO satellites in various sectors such as weather, defense and intelligence, natural resources, media and entertainment, agricultureand others, creates a huge demand and ample growth opportunity of this market. Moreover, technological improvements coupled with R&D efforts by leading vendors to invent more advanced equipment, further makes the market demanding during the forecast period. Moving forward, technological trends including advanced software-driven automation, machine learning capability,and cloud computing is enhancing the growth of image-to-insight process. Moreover, at the same time, various business trends such as therise of analytics and volume-based imagery subscriptions aretherefore expanding the opportunities of the global satellite-based earth observation market in the upcoming years. Further down, high resolution cameras used in satellites to capture high quality images along with advanced remote sensing technologies further makes the market more demanding. In addition, newcomers such as Skybox Imaging launching EO satellites for environment monitoring solutions further creates a high growth opportunity for this market during the projection period.
Based on verticals, the global satellite-based earth observation market in thereport is bifurcated as industrial, defense & intelligence, energy & natural resources, infrastructure and engineering, weather, navigation services, Information Management System and others. Thesatellite-based earth observationmarket in thereport isfurther segmented byinstrument resolutionwhich includes data, VAS (Value Added Services), IP (Internet Protocol) and Big Data Analytics. The globalsatellite-based earth observation market has been moreover segmented geographically into North America, Europe, Asia-Pacific, Middle East and Africa and Latin America.
In addition to this, thelaunch of satellites from emerging economies is another prime factor driving the growth of the global satellite-based earth observation market. In recent days, increasing natural disasters results in worldwide economic losses and causes more people to be exposed to risk. Adoption of HFA or Hyogo Framework for Action and public awareness of DRR (Disaster Risk Reduction) is further expected to augment the market growth in near future. Additionally, among the other verticals, the defense & intelligence segment dominates the satellite-based earth observation market. With a billion-dollar investment in data sales, the defense & intelligence segment is particularly focused on very high accuracy and high-resolution data sets.
Moving forward, the North-America region holds the largest market share of satellite-based earth observation market, followed by Asia-Pacific. Development of advanced equipment and excessive investment in R&D programs makes the market demanding in emerging economies like China and India. Further down, the satellite-based earth observation market in Europe is witnessing the fastest growth during the forecast period. Technological upgradation in satellite imagery and increasing government financing for space programs are some of the prime factorsdriving the growth of this market in the Europe region. Moreover, the Middle East & Africa region is furtherwitnessing a faster growth in this market, owing to the lower prices of oil and gas coupled with increasing investment in R&D sector by leading vendors present in this region. Additionally, use of advanced remote sensing technologies in space programs promotes the growth of the satellite-based earth observation market in Latin-America in the upcoming years.
Some of the major players in the global satellite-based earth observation marketinclude Airbus Group Inc., Digital Globe, DMC International Imaging, PLANETiQ, Satellogic and others.
Global Satellite-Based Earth Observation Market: By Verticals
Global Satellite-Based Earth Observation Market: By Instrument Resolution
Global Satellite-Based Earth Observation Market: By Geography