According to the latest report by IMARC Group, titled “Satellite-based Earth Observation Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028”, the global satellite-based earth observation market size reached US$ 3.3 Billion in 2022. Satellite-based earth observation refers to the usage of artificial satellites to gather information regarding the surface and atmosphere of the planet. Inbuilt sensors in these satellites can capture images, measure different environmental parameters, and detect signals emitted by the surface of the Earth. Moreover, these satellites can function remotely or inaccessibly, which allows decision-makers and researchers worldwide to access, share and analyze information that would otherwise be almost impossible to obtain. In addition to providing global coverage, they are well-equipped to observe the exact location repeatedly, allowing the detection of changes in vegetation cover, land use, water resources, and air quality. Among the many benefits of satellites include effective weather forecasting, such as tracking storms and measuring atmospheric conditions, accurate surveillance systems, and rapid disaster response like estimating flood and fire damage.
Global Satellite-based Earth Observation Market Trends:
The global market is majorly driven by the increasing demand for geospatial data in sustainable urban planning and rural development projects. This can be attributed to the continual advancements in satellite technology. In line with this, the escalating demand for real-time information for various applications, such as environmental monitoring, natural resource management, disaster response and management, is providing an impetus to the market. Moreover, the growing adoption of smart and precision farming practices due to the significant reduction in arable land, along with rising food security concerns, are creating lucrative market opportunities. Besides this, the rapid utilization of high-resolution satellite imagery data in aerospace and defense applications is also acting as a significant growth-inducing factor for the market. The market is further fueled by the rapid expansion of the space industry, resulting in a rising number of space exploration activities. In addition to this, the growing adoption of autonomous vehicles is fueling the demand for satellite-based earth observation systems for more effective car navigation systems. Apart from this, the expanding volume of air traffic is leading to the rapid utilization of space-based technologies to ensure efficiency and security in international civilian aircraft, which, in turn, is driving the market. Some of the other factors contributing to the market include significant rise in investments for innovative satellite technology, growing implementation of forest protection laws, considerable increase in surveillance and crime mapping activities, and extensive research and development (R&D), merger and acquisition (M&A) and collaborative strategies adopted by key players. On account of the aforementioned factors, the market is anticipated to reach a value of US$ 4.7 Billion by 2028, exhibiting a CAGR of 5.7% during 2023-2028.
- Based on the solution, the market has been segmented into data and value-added services. Among these, data represent the largest market segment.
- On the basis of the end user, the market has been divided into defense and intelligence, infrastructure and engineering, agriculture, energy and power, and others. Among these, defense and intelligence represent the largest market segment.
- On the geographical front, the market has been segregated into North America (the United States and Canada), Asia-Pacific (China, Japan, India, South Korea, Australia, Indonesia and others), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia and others), Latin America (Brazil, Mexico and others), and Middle East and Africa. At present, North America holds the leading position in the market.
- The competitive landscape of the market has been studied in the report with the detailed profiles of the key players. Some of these players include Airbus SE, BAE Systems plc, GeoOptics Inc., ImageSat International N.V., L3Harris Technologies Inc., Lockheed Martin Corporation, Maxar Technologies Inc., Northrop Grumman Corporation, OHB System AG (OHB SE), Planet Labs PBC, Raytheon Technologies Corporation, and Thales Group.
|Base Year of the Analysis
||Solution, End User, Region
|| Asia Pacific, Europe, North America, Latin America, Middle East and Africa
||United States, Canada, Germany, France, United Kingdom, Italy, Spain, Russia, China, Japan, India, South Korea, Australia, Indonesia, Brazil, Mexico
||Airbus SE, BAE Systems plc, GeoOptics Inc., ImageSat International N.V., L3Harris Technologies Inc., Lockheed Martin Corporation, Maxar Technologies Inc., Northrop Grumman Corporation, OHB System AG (OHB SE), Planet Labs PBC, Raytheon Technologies Corporation and Thales Group.
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