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.
Growing Need for Big Data for Accurate EO Data Insights to Boost Market Growth
Earth observation data volume has grown exponentially in recent years, which has increased need for big data technology to derive practical insights on a variety of global concerns, including climate change and others. Every day, EO satellites generate enormous amounts of data that must be constantly stored, processed, and analyzed. Due to the varied formats, semantics, modalities, & resolutions of EO data, big data technologies are required to handle and analyze complicated data more quickly.
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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.).
Burgeoning Demand for High-Resolution Imaging Services to offer Robust Opportunities
For monitoring and verifying purposes in a variety of industries, including civil engineering & construction, government, defense & intelligence, transportation, agriculture & forestry, real estate, & others, satellites offer high-resolution images. Topographic mapping, comprehending land applications like infrastructure planning and building, utilizing new energy sources, reducing the effects of disasters, & monitoring drilling operations in the oil and gas business are all possible using satellite imagery. High-resolution satellite imaging also helps with traffic control, fleet tracking, green mapping, monitoring vegetation damage from leaching, and other tasks. Satellite imaging is anticipated to be heavily utilized in the real estate sector in the next years for an improved picture of buildings and properties as well as in the insurance domain for accessing the environmental risk through precise and current geographic data. Thus, throughout the projected period, the market is anticipated to increase due to the widespread use of satellite images in numerous industries.
Restraints and Challenges
High Cost to act as Market Restraint
The high cost of EO satellite, lack of trained & skilled personnel, interoperability issues, and shortcomings in the operating performance may act as market restraints over the forecast period. Besides, the COVID-19 impact may also impede market growth.
The global earth observation satellite market is bifurcated based on satellite orbit, product type, and end use.
By product type, value-added services will lead the market over the forecast period.
By satellite orbit, the market is bifurcated into geostationary orbit, the medium earth orbit, & low earth orbit.
By end use, defense will domineer the market over the forecast period.
North America to Head Earth Observation Satellite Market
Due to large investments in monitoring and surveillance technology, the North American region is anticipated to domineer the market in the future. To help with civil operations including border control, tactical assistance, natural disaster management, risk management, environmental monitoring, and counter-piracy measures, for instance, SpaceX and Airbus Defence created the first Spanish earth observation satellite.
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