Press release
The Global Earth Observation System (Eos) Market Is Projected To Expand At A CAGR Of Around 9% Over The Next Decade
Earth observation systems are used in a wide range of industries, including defence, environmental and natural resource monitoring, location-based services, and many others. Furthermore, application industries such as disaster management, global positioning services, the maritime industry, and others contribute to market growth. As EOS satellites are launched into space and monitor the Earth, the data collected provides a unique and different perspective from which we can make informed decisions. Furthermore, earth observation systems are used in power and energy, maritime, and other industries, resulting in consistent demand across regions.
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Major players in the market that shape the competitive landscape are, but not limited to
Airbus group
Boring
BAE Systems
Lockheed Martin Corp
OHB Group
Thales Group
Raytheon Intelligence & Space
Northrop Grumman Corporation
Planet Labs Inc.
Maxar
Key Takeaways from Market Study
The global EOS market is expected to grow 2.4X in value by 2031.
Value-added services as a solution capture the highest share of more than half of the global market, and are set to create an absolute $ opportunity of around US$ 3 Bn by 2031.
Among the applications, infrastructure has been the fastest-growing segment, owing to rise in penetration of EOS across multiple industries over the past decade. Defence holds the highest market share with more than 40%, and is expected to expand at around 9.5% CAGR through 2031.
North America is set to dominate market revenue in 2021, and is expected to gain 180 BPS points by the end of 2031.
Europe is the second-largest market for EOS, with more than 22% global market share, but is expected to lose 56 BPS by the end of 2031.
"Investments infrastructure applications can be highly beneficial to EOS suppliers over the coming years,"says a Fact.MR analyst.
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Key Market Segments Covered
By Solution
Commercial Data
Value-added Services
By Application
Earth Observation Systems for Defence & Intelligence
Earth Observation Systems for Infrastructure & Engineering
Earth Observation Systems for Environment and Natural Resource Monitoring
Earth Observation Systems for Power & Energy
Earth Observation Systems for Location-based Services
Earth Observation Systems for Maritime
Earth Observation Systems for Disaster Management
Earth Observation Systems for Agriculture
Others
Region
North America
Latin America
Europe
East Asia
South Asia & Oceania
Middle East & Africa
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Winning Strategy
Key players in this market are constantly investing in technological advancements and R&D to develop better and more efficient equipment and lower costs. For example, SpaceX has made significant contributions to reusable rockets, which have significantly reduced remanufacturing costs. This enables companies to carry out their space programmes and launches with greater efficiency, lower costs, and greater data flexibility. These developments will drive market growth over the medium to long term.
What are the Potential Opportunities in Aerospace and Earth Observation?
Advances in space and rocket technology, as well as the use of reusable rockets, have created numerous opportunities for the aerospace industry. The cost of satellite launches has been significantly reduced thanks to reusable satellites. Prior to these, the cost of launching a satellite was nearly US$ 200 million, but with reusable rockets, the cost was reduced to US$ 60 million. With the decrease in satellite launch prices, opportunities for earth observation systems increased.
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What Do You Get in a Fact.MR Study?
Factors affecting the overall development of the global Earth Observation Market
Factor that might restrain the growth of the global market in the coming years of the forecast period.
What is present competitive scenario of the global Earth Observation Market and its intricate details concerning potential business prospects of leading market players
Pricing strategies of several different market players in the global Earth Observation Market
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