Earth Observation Satellite Market Scenario
Earth Observation Satellite Market is projected to reach $ 0.5 Billion by 2030, registering a CAGR of 6.90% During 2022-2030
Earth observation satellite is designed for non-military uses, such as monitoring and predicting climatic patterns, assessing damage during natural disasters, estimation of crop yields, surface geology mapping, and mineral deposits, and availability of water sources. It works at an altitude of 800 Km using remote-sensing techniques to collect data on the chemical, physical, and biological aspects of the earth system. This method permits the measurement of geology parameters of the world from the orbit with the use of high-resolution cameras and advanced sensors. It conjointly facilitates the management of earth’s natural resources in a resourceful manner. The satellite-based earth observation sector is witnessing a rapid growth during the forecast period. However, there are some shortcomings in operating performance of the earth observation satellite, such as high initial investment cost, coordination among different databases, reusability, customization, and isolation of various satellites from one another.
Moreover, the changing landscape in the space industry will affect the earth observation industry, especially in downstream activities. Downstream companies are focused on securing new data to ensure cost reduction in a commercial marketplace. Joint ventures and acquisitions are going to gain important tactical aspect in the earth observation satellite industry. For instance, the government is actively participating in the development of earth observation fleet for several purposes, such as remote sensing, earth science, and meteorology.
For instance, Orbital ATK had launched 10 earth observation satellites from Planet Labs, with its Minotaur C rocket to provide information related to businesses, governments and non-governmental organizations (NGOs) around the world. Similarly, Thales Alenia Space had signed a contract with Airbus Defense and Space GmbH to develop the Biomass spacecraft in order to determine the distribution of biomass in the world’s forests and measure annual changes. It is the first space borne exploration of the Earth’s surface using a P-band radar. Additionally, the data generated will be used to monitor the ionosphere, glacier and ice sheets, mapping subsurface geology in deserts and the topography under dense vegetation.
The primary goal for earth observation satellite is to gather information related to the geological aspect of the earth. The increased need for advanced image-enhancing equipment will enable manufacturers to improve the quality of satellite-based earth observation images. The factors responsible for the growth of the global earth observation satellite market are emerging satellite constellations, cloud computing, high-resolution data, re-usable satellite launch vehicles and technological improvements in satellite imagery. In general, earth observation satellites provide key information and unique data to support climate change activities.
The global earth observation satellite market is segmented based on application, payload type, and region. Among application, environment monitoring is widely used and comprises the largest share in the market. The key growth factor of environmental monitoring is increasing requirement of real-time data related weather forecast and climate pattern. Among payload type, SATCOM has the largest demand in the earth observation satellite market during the forecast period.
Global Earth Observation Satellite Market, By Segmentation
On the basis of region, the market is segmented into America, Asia Pacific, Europe, and Rest of the World. North America region is expected to dominate the market in future, due to significant investment in surveillance and monitoring technologies. For instance, SpaceX and Airbus Defense built the first Spanish earth observation satellite to assist with civil operations, such as border control, tactical support, natural disaster management, environmental monitoring, risk management, and counter-piracy actions. The Asia Pacific region is second to the North America region in the global earth observation satellite market as several companies are operational in commercial verticals in media and entertainment and disaster management, with the help of earth observation satellites. Thus, the global earth observation satellite market is estimated to grow at approximately 9% CAGR from 2017 to 2023.
The key players in the global earth observation satellite market are 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.).
The report for Global Earth Observation Satellite Market of Market Research Future comprises extensive primary research along with the detailed analysis of qualitative as well as quantitative aspects by various industry experts, key opinion leaders to gain the deeper insight of the market and industry performance. The report gives the clear picture of current market scenario which includes historical and projected market size in terms of value and volume, technological advancement, macro economic and governing factors in the market. The report provides details information and strategies of the top key players in the industry. The report also gives a broad study of the different market segments and regions.
The market can attain a growth rate close to 6.90% from 2022 to 2030.
High investments in surveillance and monitoring technologies along with the rising use of earth observation satellite in civil operations, such as tactical support, border control, environmental monitoring, risk management, counter-piracy actions and natural disaster management bolster the market growth in North America.
The APAC market can secure the second spot in the market owing to the large number of companies operating in the commercial vertical in the disaster management and media and entertainment sectors, which boosts the use of earth observation satellites.
Environment monitoring is widely used and forms the biggest share in the worldwide market.
Among payload type, SATCOM has the largest demand in the earth observation satellite market during the forecast period.