Satellite-based earth observation market size reached US $ 3.08 Billion in 2021. By 2027, It will reach a value of US $ 4.53 Billion, growing at a CAGR of 6.40%.
SHERIDAN, WYOMING, UNITED STATES, September 12, 2022 /EINPresswire.com/ – The latest research study “Satellite-based Earth Observation Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027” by IMARC Group , finds that the global satellite-based earth observation market reached a value of US $ 3.08 Billion in 2021. Looking forward, IMARC Group expects the market to reach a value of US $ 4.53 Billion by 2027, exhibiting a CAGR of 6.40% during 2022 -2027.
Satellite-based earth observation usually involves gathering vital information pertaining to the chemical, physical, and biological systems of the earth using surveying techniques and remote sensing technologies. The data is used for predicting weather changes, disasters, climate patterns, natural calamities, oil and mineral deposits, the availability of water resources, etc. Presently, various organizations across the countries are relying on satellite-based earth observation systems to gain valuable as well as accurate insights for data analytics.
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COVID-19 Impact on Market: (Positive Impact)
As the novel coronavirus (COVID-19) crisis takes over the world, we are continuously tracking the changes in the markets, as well as the industry behaviors of the consumers globally and our estimates about the latest market trends and forecasts are being done after considering the impact of this pandemic.
Global Satellite-based Earth Observation Market Trends and Drivers:
The widespread adoption of smart and precision farming practices, on account of the declining arable land and the rising consumer concerns towards food security, is primarily driving the satellite-based earth observation market. Additionally, the growing utilization of high-accuracy datasets in defense and intelligence for airfield monitoring, critical infrastructure protection, land surveillance activities, crime mapping, etc., is further catalyzing the market growth. Besides this, the inflating need for satellite-based earth observation for the sustainable management of protected forest areas is acting as another significant growth-inducing factor.
Moreover, the emerging trend of automated self-driving vehicles is augmenting the use of satellite-based earth observation systems in cars for navigation and several other applications, which is positively influencing the global market. Apart from this, numerous advancements in space-based technologies for supporting and increasing the safety and efficiency of international civilian air traffic are anticipated to the satellite-based earth observation market over the forecasted period.
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Global Satellite-based Earth Observation Market 2022-2027 Analysis and Segmentation:
The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market.
Some of these top key players include:
Airbus SE, BAE Systems plc, GeoOptics Inc., ImageSat International NV, L3Harris Technologies Inc., Lockheed Martin Corporation, Maxar Technologies Inc., Northrop Grumman Corporation, OHB System AG (OHB SE), Planet Labs PBC, Raytheon Technologies Corporation and Thales Group.
The report has segmented the market on the basis of region, solution and end user.
Breakup by Solution:
• Value Added Services
Breakup by End User:
• Defense and Intelligence
• Infrastructure and Engineering
• Energy and Power
Breakup by Region:
• North America: (United States, Canada)
• Asia Pacific: (China, Japan, India, South Korea, Australia, Indonesia, Others)
• Europe: (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
• Latin America: (Brazil, Mexico, Others)
• Middle East and Africa
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Key highlights of the report:
• Market Performance (2016-2021)
• Market Outlook (2022-2027)
• Porter’s Five Forces Analysis
• Market Drivers and Success Factors
• SWOT Analysis
• Value Chain
• Comprehensive Mapping of the Competitive Landscape
If you need specific information that is not currently within the scope of the report, we can provide it to you as a part of the customization.
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