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Satellite-Based Earth Observation Market Share, Analysis, Outlook, Overview, Forecast 2024-2033
Satellite-Based Earth Observation Market Share
As per the report, 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 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%.
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Satellite Launches Drive Growth In Earth Observation Market
The increasing number of satellite launches is expected to propel the growth of the satellite-based earth observation market going forward. A satellite refers to a device launched into orbit around Earth or another celestial body for various purposes, including collecting information, navigation, and scientific research. Satellites are equipped with sensors to monitor and capture images of the Earth's surface for multiple uses, including weather forecasting and environmental and climate change monitoring. For instance, in March 2023, according to the United Nations Office for Outer Space Affairs, a US-based government agency, the number of objects launched into space increased from 1,810 in 2021 to 2,163 in 2022. Furthermore, in September 2022, according to the Government Accountability Office, a US-based independent and nonpartisan government agency, as of spring 2022, there were approximately 5,500 active satellites in orbit, and it is predicted that 58,000 more will be launched by 2030. Therefore, the increasing number of satellite launches is driving the growth of the satellite-based earth observation market.
Technological Advancements Fuel Popularity In Satellite-Based Earth Observation
Technological advancements are a key trend gaining popularity in the satellite-based earth observation market. Major companies operating in the satellite-based earth observation market are focused on developing technically advanced solutions to sustain their position in the market. For instance, in November 2022, the Indian Space Research Organization (ISRO), an India-based national space agency, launched the Earth Observation Satellite-6 (EOS-6), the third-generation Indian satellite for monitoring the oceans. It contains three ocean observation sensors for the first time in this series: the Ku-Band scatterometer (SCAT-3), the Sea Surface Temperature Monitor (SSTM), and the Ocean Color Monitor (OCM-3). The advanced 13-channel OCM, which has a 1400 km swath and 360 m spatial resolution, will continuously monitor the planet's surface, and offer vital information on the distribution of ocean algae, which forms the base of the food chain in the marine ecosystem. With a high signal-to-noise ratio, the OCM-3 is anticipated to offer enhanced accuracy in daily phytoplankton monitoring with various operational and research applications, such as fishery resource management, ocean carbon uptake, dangerous algal bloom notifications, and climate studies.
The satellite-based earth observation market covered in this report is segmented -
1) By Product Type: Earth Observation (EO) Data, Value Added Services
2) By Satellite Orbit: Low Earth Orbit, Medium Earth Orbit, Geostationary Orbit
3) By Technology: Optical, Synthetic Aperture Radar
4) By Payload Type: Satellite Communications (SATCOM), Electro-Optical Or Infra-Red (EO Or IR), Communication, Imaging, Navigation
5) By End-User: Defense And Intelligence, Infrastructure And Engineering, Agriculture, Energy And Power, Other End-Users
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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
Contents of the report:
1. Executive Summary
2. Satellite-Based Earth Observation Market Report Structure
3. Satellite-Based Earth Observation Market Trends And Strategies
4. Satellite-Based Earth Observation Market - Macro Economic Scenario
5. Satellite-Based Earth Observation Market Size And Growth
…..
27. Satellite-Based Earth Observation Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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