Global Satellite-Based Earth Observation Market Report and Forecast 2024-2032

Global Satellite-Based Earth Observation Market Report and Forecast 2024-2032

Global Satellite-Based Earth Observation Market Report and Forecast 2024-2032

Market Outlook

According to the report by Expert Market Research (EMR), the global satellite-based earth observation market size reached a value of USD 4.15 billion in 2023. Aided by the increasing demands for enhanced imaging capabilities across various sectors including environmental monitoring, infrastructure development, defence, and agricultural management, the market is projected to further grow at a CAGR of 4.50% between 2024 and 2032 to reach a value of USD 6.12 billion by 2032.

Satellite-based earth observation involves the collection and analysis of information about Earth’s physical, chemical, and biological systems via remote sensing satellites equipped with sensor technologies. These systems play a crucial role in monitoring climate change, managing natural resources, supporting urban planning, and assisting in disaster response and recovery.

The primary drivers of the satellite-based earth observation market growth include the escalating need for resource optimisation, urban planning, and environmental conservation, alongside the technological advancements in satellite imagery and analytics. The increasing incidence of natural disasters and the critical need for timely and effective response mechanisms also significantly fuel market growth.

The satellite-based earth observation market expansion is facilitated by technological advancements in satellite imaging technologies, increased government and private investment in space research, and the growing application of data in predictive analytics and decision-making processes.

Recent years have seen significant advancements in the satellite-based earth observation sector, with a notable increase in the number and variety of satellites launched for environmental and resource monitoring purposes. Innovations in miniaturisation and cost reduction have led to the rise of small satellites, such as CubeSats, which are more cost-effective and quicker to develop and deploy.

As per the satellite-based earth observation market analysis, there is a growing demand for real-time earth observation data for applications such as disaster management and security. This is pushing the development of technologies and satellite constellations capable of providing near-real-time data transmission and processing.

Strategic partnerships and collaborations between governments and private companies are also shaping the satellite-based earth observation market. These partnerships often aim to share the hefty costs associated with space missions and leverage the technological expertise of private firms to enhance the capabilities and application range of observation platforms.

In addition, there is a growing trend towards the development of advanced analytics platforms that utilise AI and machine learning to process and analyse earth observation data more efficiently. These platforms enhance the ability to interpret vast amounts of data generated by satellites, leading to quicker and more accurate insights.

As per the satellite-based earth observation market outlook, the integration of big data analytics into earth observation signifies a major trend, as it allows for the handling of large datasets to be more manageable and insightful, supporting advanced predictive modelling. To share the financial burden and technical challenges, public-private partnerships are expected to increase, particularly in regions looking to expand their space capabilities without bearing the full infrastructure costs.

With global focus sharpening on sustainability and climate change, the demand for monitoring and compliance via earth observation satellites is set to rise, particularly in monitoring emissions and environmental changes which can boost the satellite-based earth observation market share. Ongoing improvements in sensor technology will allow satellites to capture higher-resolution images and multispectral data, enhancing the quality and utility of the information gathered.

Hyperspectral imaging collects and processes information from across the electromagnetic spectrum. Each pixel in an image contains a continuous spectrum, which can be used to identify materials, detect processes, or find objects. The integration of this technology into satellite systems is enhancing the accuracy and applicability of observational data in fields like agriculture, mineralogy, and environmental monitoring.

Market Segmentation

The market can be divided based on product type, satellite orbit, end-use, and region.

Market Breakup by Product Type

• EO Data
• Value-Added Services

Market Breakup by Satellite Orbit

• Low Earth Orbit
• Medium Earth Orbit
• Geostationary Orbit

Market Breakup by End-Use

• Defence
• Urban Development and Cultural Heritage
• Agriculture
• Climate Services
• Energy and Raw Materials
• Others

Market Breakup by Region

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East and Africa

Competitive Landscape

The EMR report looks into the market shares, plant turnarounds, capacities, investments, and mergers and acquisitions, among other major developments, of the leading companies operating in the global satellite-based earth observation market. Some of the major players explored in the report by Expert Market Research are as follows:

• Airbus SE
• Northrop Grumman Corporation
• RTX Corporation
• BAE Systems plc
• L3Harris Technologies Inc.
• Lockheed Martin Corporation
• Mitsubishi Electric Corp.
• ImageSat International NV
• GeoOptics Inc.
• Maxar Technologies Inc.
• Planet Labs PBC
• Others

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*We at Expert Market Research always strive to provide you with the latest information. The numbers in the article are only indicative and may be different from the actual report.