Earth Observation Satellite Systems Market Size Is Expected ...| MENAFN.COM

Sunday, 02 April 2023 12:54 GMT

Earth Observation Satellite Systems Market Size Is Expected To Grow USD 24,070.6 Million By 2030

(MENAFN- Ameliorate Digital Consultancy) According to the Market Statsville Group (MSG), the global earth observation satellite systems market size is expected to grow from USD 14,226.9 million in 2022 to USD 24,070.6 million by 2030 , at a CAGR of 6 . 1 % from 2023 to 2030.

The Earth observation satellite is also termed the Earth remote sensing satellite. The main function of such satellites is to observe the planet Earth from space for several purposes. It is placed in space and monitors the Earth's data acquisition. The data acquired gives a unique and different view with which we can make effective decisions. The first earth observation satellite system (EOS), or remote sensing, the satellite was Sputnik 1, the first artificial satellite sent into Earth's orbit by the Soviet Union in the year 1957. It has various uses for various purposes, including environmental monitoring, cartography, navigation, etc. The troops of different countries likewise use the Earth observation satellite for spying and communication. For instance, The Google Map is the most common example of an application of EOS, which shows the images of Earth or the view available in an application called Google Earth.

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The global earth observation satellite systems market is expected to be driven by growth in several applications covering agriculture, water resources, urban planning, rural development, mineral prospecting, the environment, forestry, ocean resources, and disaster management. This market is expected to drive the industry's growth. Further, the increasing demand for data analytics to provide accurate insights into earth observation across diverse industries according to their requirements demands a large amount of data. It has significantly driven the demand for the market, as satellites can catch data on a broader scale and over a more extensive area, which will increase the global earth observation satellite systems market's growth in the forecast period.

COVID 19 Impact on the Global Earth Observation Satellite Systems Market

The novel coronavirus has rapidly spread across various countries and regions and continues to spread, causing an enormous impact on lives of people and overall community. Originating as a crisis to human health, it now poses a significant threat to worldwide trade, economy, and finance. In addition, owing to the COVID-19 pandemic, major players faced business concerns associated with the coronavirus outbreak. The production of new satellites across the globe has been hampered due to complete lockdowns of industries and government restrictions on travel. In addition, for the large space manufacturers, the COVID-19 pandemic has hampered mission deployments along with slowed down new product deliveries due to disruption in the supply chain.

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Scope of the Global Earth Observation Satellite Systems Market

The study categorizes the earth observation satellite systems market based on service, application, and end-user sector at the regional and global levels.

By Services Outlook ( Sales, USD Million, 2017 2030 )
  • Earth Observation (EO) Data
  • Value-Added Services (VAP)
By Application Outlook ( Sales, USD Million, 2017 2030 )
  • Data Acquisition
  • Mapping
  • Sustainable Development
  • Environment Management
  • Disaster Management
  • Surveillance and Security
  • Location-Based Service
  • Others
By End-User Outlook ( Sales, USD Million, 2017 2030 )
  • Defence and Intelligence
  • Infrastructure and Engineering
  • Agriculture
  • Energy and Power
  • Others
By Region Outlook ( Sales, USD Million, 2017 2030 )
  • North America
    • US
    • Canada
    • Mexico
  • Europe
    • Germany
    • Italy
    • France
    • UK
    • Spain
    • Poland
    • Russia
    • The Netherlands
    • Norway
    • Czech Republic
    • Rest of Europe
  • Asia Pacific
    • China
    • Japan
    • India
    • South Korea
    • Indonesia
    • Malaysia
    • Thailand
    • Singapore
    • Australia & New Zealand
    • Rest of Asia Pacific
  • South America
    • Brazil
    • Argentina
    • Colombia
    • Rest of South America
  • The Middle East & Africa
    • Saudi Arabia
    • UAE
    • South Africa
    • Northern Africa
    • Rest of MEA
Value-Added Services (VAP) segment is projected to account for the largest market share by service

Based on service, the global earth observation satellite systems market is divided into earth observation (EO) data, and value-added services (VAP). In 2021, the value-added service segment accounted for the largest market share in the global earth observation satellite systems market. A value-added service (VAS) is a feature that a company uses to enhance the user experience or service that could function as a standalone product. In the VAS, the company collects, analyses, and presents data to the customer to better understand the Earth.

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North America accounts for the highest CAGR during the forecast period

Based on the regions, the global earth observation satellite systems market has been segmented across North America, Asia–Pacific, Europe, South America, and the Middle East & Africa. Globally, North America is estimated to hold the highest CAGR in the global earth observation satellite systems market during the forecast period. The region includes the countries such as USA, Canada, and Mexico. The growth of the region is primarily due to advancements in science and technology. In addition, government support for aerospace is excessive, which drives the dominance of the market growth in the forecast period.

Furthermore, followed by the North-America, China, and other Asia-Pacific countries will hold the largest market share in the upcoming period.

Competitive Landscape – Global Earth Observation Satellite Systems Market

The global earth observation satellite systems market is highly competitive, with key industry players adopting various strategies such as product development, partnerships, acquisitions, agreements, and expansion to strengthen their market positions. Most companies in the market are focused on expanding operations across regions, augmenting their capabilities, and building strong partner relations.

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Major players in the global earth observation satellite systems market are:
  • Airbus S.A.S.
  • GeoOptics Inc.
  • Hispasat
  • ImageSat International N.V
  • Capella Space
  • Maxar Technologies
  • Planet Labs Inc.
  • PlanetiQ
  • Virgin Orbit
  • UrtheCast

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About Market Statsville Group

market statsville group (MSG) is a business research and consulting platform of Statsville Consulting Private Limited, based in Oklahoma, USA. MSG is the leading market research and strategy builder with the depth and breadth of solutions that perfectly suit your every need. MSG provides solutions in a wide range of industry verticals in market sizing, analysis, and intelligent business insights. MSG has experienced research analysts who are proficient at digging deep and providing various customizable data that help you make decisions with clarity, confidence, and impact. Furthermore, Market Statsville Group already benefited more than 1,000 companies each year for their revenue planning. It helped them take their disruptions/innovations early to the market by providing them research ahead of the curve.

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