Overview and Scope
Satellite-based earth observation refers to satellites orbiting around the Earth to view, observe, and identify environmental change, map making, and other applications. The process utilizes remote sensing techniques to collect information on the Earth’s chemical, physical, and biological aspects.
Sizing and Forecast
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 growth in the historic period can be attributed to government investments in space programs, increasing need for environmental monitoring, growth in agriculture and forestry applications, rising demand for disaster management solutions, expanding defense and intelligence applications.
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%. The growth in the forecast period can be attributed to growing demand for geospatial data analytics, increasing adoption of satellite-based services by commercial industries, rise in climate change monitoring requirements, expansion of satellite constellations, development of small satellites for earth observation. Major trends in the forecast period include emergence of high-resolution imaging capabilities, integration of artificial intelligence (ai) and machine learning in data analysis, adoption of cubesat technology, development of hyperspectral imaging satellites, increasing focus on sustainable and eco-friendly satellite technologies.
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Segmentation & Regional Insights
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
North America was the largest region in the satellite-based earth observation market in 2023. The regions covered in the satellite-based earth observation market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
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Major Driver Impacting Market Growth
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.
Key Industry Players
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
The satellite-based earth observation market report table of contents includes:
1. Executive Summary
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