Earth Observation Satellite Market To Reach $0.5 Billion With 6.9% CAGR By 2030, Says Space Eye On Earth.
Apr 24, 2024
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Earth Observation Satellite Market Overview
The global earth observation satellite market will touch USD 0.5 billion at a 6.90% CAGR by 2030, as per the recent Market Research Future report.
Drivers
Growing Need for Big Data for Accurate EO Data Insights to Boost Market Growth
In recent years, the volume of Earth observation (EO) data has surged exponentially, driving the demand for big data technology to extract valuable insights on critical global issues like climate change. With EO satellites producing vast amounts of data daily, there's a constant need for storage, processing, and analysis. Big data technologies are essential to efficiently handle and analyze the diverse formats, semantics, modalities, and resolutions of EO data.
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Key Players
Eminent market players profiled in the global earth observation satellite market report include Airbus Defence and Space (U.S.), OHB SE (Germany), Boeing Defense Space & Security (U.S.), JSC Information Satellite Systems (Russia), Lockheed Martin (U.S.), Orbital ATK (U.S.), Space Systems/Loral (U.S.), Thales Alenia Space (France), and Space Exploration Technologies Corp. (U.S.).
Opportunities
Burgeoning Demand for High-Resolution Imaging Services to offer Robust Opportunities
Satellites provide high-resolution images that serve monitoring and verification needs across various industries such as civil engineering, construction, government, defense, transportation, agriculture, forestry, real estate, and more. These images are instrumental in topographic mapping, aiding in infrastructure planning, energy exploration, disaster management, and monitoring activities like oil and gas drilling. Additionally, high-resolution satellite imagery facilitates tasks like traffic control, fleet tracking, environmental monitoring, and assessing vegetation damage. In the coming years, satellite imaging is expected to play a significant role in sectors like real estate and insurance, providing detailed insights into buildings, properties, and environmental risks. As a result, the market for satellite imaging is projected to expand steadily due to its widespread adoption across various industries.
Restraints and Challenges
High Cost to act as Market Restraint
Challenges such as the expensive nature of EO satellite technology, a shortage of trained professionals, interoperability concerns, and operational limitations could restrain market expansion in the foreseeable future. Additionally, the impact of COVID-19 may further hinder growth prospects.
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Market Segmentation
The global market for earth observation satellites is segmented according to satellite orbit, product type, and end use.
Value-added services are projected to spearhead the market in terms of product type throughout the forecast period.
Regarding satellite orbit, the market is divided into geostationary orbit, medium earth orbit, and low earth orbit.
In terms of end use, the defense sector is expected to dominate the market over the forecast period.
Regional Analysis
North America to Head Earth Observation Satellite Market
Investments in monitoring and surveillance technology are poised to elevate North America's position in the market. The region is expected to lead in various civil operations such as border control, tactical support, natural disaster management, risk assessment, environmental monitoring, and counter-piracy efforts. Notably, SpaceX and Airbus Defence collaborated to develop the inaugural Spanish earth observation satellite, aiming to bolster these capabilities.
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