Satellite-based earth observation is a process of using a remote-sensing technique with the help of data taken from satellites orbiting around the planet. It has several applications like covering urban planning, rural development, forestry, mineral prospecting, and disaster management.
According to the MarkNtel Advisors’ research report, "Global Satellite-Based Earth Observation Market Analysis, 2021," the market is likely to grow at a CAGR of around 9% during 2021-26. The satellite-based earth observation is for gathering information regarding physical, chemical, and biological aspects of the earth system. The information obtained helps predict & monitor climate patterns, tsunamis, and other natural disasters. It is also beneficial in the agricultural sector, and to detect & assess petroleum & mineral deposits.
Further, technological advancements in satellite imagery is one of the crucial factor driving the market growth. This technological improvement helps in enhancing the quality of satellite-based earth observation images.
Impact of COVID-19
The lockdown imposed by the government in the wake of the spread of the COVID-19 pandemic has negatively affected the global Satellite-based earth observation market. It hampered the production of new satellites across the world. Further, research & development activities and business development possibilities for satellite-based earth observation have also been adversely affected owing to the declared lockdown and movement restrictions.
Data Segment Accounted for the Largest Market Share
Based on the Application, the market segments into Data and VAS. In 2019, the Data segment acquired the largest share in the Global Satellite-Based Earth Observation Market due to the high demand for data to address the issues related to global population challenges, climatic disasters, and sudden climatic changes.
Further, the surging requirement of data analytics to offer accurate insights regarding earth observation across various sectors has significantly driven the demand for the market, says MarkNtel Advisors in their research report, "Global Satellite-Based Earth Observation Market Analysis, 2021."
Defense & Intelligence Dominated the Market
The Global Satellite-Based Earth Observation Market based on End-User vertical bifurcates into Defense & Intelligence, Infrastructure & Engineering, Agriculture, Energy & Power, and Weather. Among these, the Defense and Intelligence sector is likely to hold a significant share in the market revenue by 2026 owing to the extensive utilization of satellite data by governments across the world for defense and intelligence applications, including land surveillance activities, monitoring of airfields, critical infrastructure protection, and crime mapping.
North America Acquired the Largest Market Share
Geographically, North America held the largest share in the Global Satellite-Based Earth Observation Market in 2019 and is likely to grow at the highest CAGR over the forecast period. The growth attributes to the snowballing investments in the market and the growing number of research activities in the region. The United States is one of the prominent players in the aerospace industry, thereby facilitating the growth of the Satellite-Based Earth Observation Market in North America. Additionally, the presence of well-developed infrastructure to support all space-related programs proliferates the market growth in the region.
Technological Advancement in Satellite Imagery is Boosting the Market Growth
The surging technological improvisations have resulted in raising the demand for satellite data by different end-user verticals. Satellite-based earth observation satellites are integrated with advanced remote sensing technology and high precision cameras, leading to the enhanced quality of satellite-based earth observation images. This high-quality data and image aid the demand for satellite-based earth observation for several applications, thereby fueling the market growth.
According to MarkNtel Advisors, the major industrial players in the global Satellite-Based Earth Observation market are Airbus Defense and Space, Satcom Technologies, GeoOptics Inc., ImageSat International NV, MDA Corp., Planet Labs Inc., PlanetIQ LLC, UrtheCast Corp., Harris Corporation, and Maxar Technologies.
Key Questions Answered in the Market Research Report:
1. What are the overall market statistics or estimates (Market Overview, Market Size- by Value, Forecast Numbers, Market Segmentation, and Market Shares) of the Global Satellite-Based Earth Observation Market?
2. What are the region-wise industry size, growth drivers, and challenges?
3. What are the key innovations, opportunities, current & future trends, and regulations in the Global Satellite-Based Earth Observation Market?
4. Who are the key competitors, their key strengths and weaknesses, and how do they perform in the Global Satellite-Based Earth Observation Market based on a competitive benchmarking matrix?
5. What are the key results derived from the market surveys conducted during the Global Satellite-Based Earth Observation Market study?
Market Outlook, Segmentation and Statistics
1) Impact of COVID-19 on Global Satellite-Based Earth Observation Market
2) Market Size & Analysis
a) By Revenue
3) Market Share & Analysis
a) By Application
b) By End-User Vertical
i) Defense & Intelligence
ii) Infrastructure & Engineering
iv) Energy & Power
c) By Region
i) North America
ii) South America
iv) Middle East & Africa
d) By Competitors
i) Competition Characteristics
ii) Market Share & Analysis
iii) Competitive Matrix
4) Global Satellite-Based Earth Observation Market Hotspots & Opportunities
5) Global Satellite-Based Earth Observation Market Regulations & Policy
6) Key Strategic Imperatives for Success and Growth
7) Global Competition Outlook
a) Competition Matrix
b) Company Profile