Earth Observation Market is Projected to Expand at 8% CAGR and Reach US$ 14.6 billion by 2034
swatichaudhari
According to a market study by Fact.MR, the global earth observation market is projected to exhibit a steady CAGR of 5% during the forecast period from 2020 to 2029. Key factors driving this growth include escalating geopolitical tensions and increasing defense sector expenditures. Additionally, earth observation plays a crucial role in applications such as disaster management, environmental studies, and nature conservation, further fueling market expansion.
Earth observation satellites designed for non-military applications play a crucial role in monitoring and predicting climate patterns, assessing the impact of natural disasters, estimating crop yields, mapping surface geology, and identifying mineral deposits and water sources.
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Operating at an altitude of 800 km, these satellites utilize remote-sensing techniques to collect data on Earth’s chemical, physical, and biological systems. This method enables the measurement of global geological parameters from orbit using high-resolution cameras and advanced sensors, thereby facilitating efficient management of Earth’s natural resources.
Advancements in satellite technology, remote sensing techniques, data analytics, and machine learning are significantly enhancing the accessibility and cost-effectiveness of Earth observation systems. These advancements enable the provision of high-resolution, real-time data, driving increased demand across diverse sectors.
Earth observation data supports various scientific research endeavors, including climate studies, atmospheric research, biodiversity monitoring, and geological surveys, thereby expanding knowledge and understanding of Earth’s systems. The benefits offered by Earth observation systems to governments and industries are significantly contributing to the growth of the Earth observation market.
Market Segmentations
By Solution : Commercial Data, Value-Added Services
By Application : Defense & Intelligence, Infrastructure & Engineering, Environment & Natural Resource Monitoring, Power & Energy, Location-Based Services, Maritime, Disaster Management, Agriculture
By Region : North America, Latin America, Eastern Europe, Western Europe, East Asia, South Asia & Pacific, Middle East & Africa
Top Key Players
Airbus; BAE Systems; Ball Corporation; Harris Corporation; Lockheed Martin Corporation; MBRSC; Northrop Grumman Corporation; Planet; Raytheon Intelligence & Space; SARsat Arabia.
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Competitive Landscape
Key players in the Earth observation industry are focusing on developing cost-effective Earth observation systems to expand their market presence and maintain competitiveness.
In 2023, Satellogic partnered with SkyFi, an Earth observation data provider. SkyFi has created an application that allows individual users to control satellites from their devices to target specific locations of interest. This partnership will grant SkyFi users direct access to Satellogic’s extensive constellation of thirty satellites.
Also in 2023, Planet Labs teamed up with ERM, a leading sustainability consultancy. This collaboration aims to provide integrated data and analytics solutions for environmental monitoring and risk management, addressing the growing demand for sustainable practices across various sectors.
