DUBLIN, May 6, 2019 /PRNewswire/ -- The "Global Earth Observation Satellite, Data and Service Market: Focus on Subsystem, End-User, Technology and Application - Analysis and Forecast, 2018-2023" report has been added to ResearchAndMarkets.com's offering.
Earth observation satellites have evolved as the most important source of data for monitoring and understanding the climatic environment and terrestrial changes. In today's scenario, more than 150 remote sensing satellites are orbiting the earth and supporting the weather forecast and subsequent studies.
Earth observation satellites have been providing satellite data to the government agencies and other such critical institutions, wherein the data provided was guarded closely. However, commercial operators and service providers are now gradually recognizing the huge potential in data and images provided by earth observation satellites. This has led to new business models wherein government agencies and commercial operators work together on operation missions of national importance such as weather prediction, border surveillance, natural resources survey, and so on. With new market opportunities and satellites like GeoEye, WorldView, IKONOS, and Quickbird constellations having the capacity to capture very high-resolution images of 0.5m, private companies have been emerging as worldwide champions. In recent times, start-ups companies have been acquiring investments, with the aim of combining information technology with earth observation. This disruptive market trend has turned space into a profitable commodity and these players are known as New Space. Together, the government agencies, commercial operators and new space actors with big and new ambitions in space are now using earth observation satellites as an instrument of soft power and sovereignty.
The market reported a revenue of $7.17 billion in 2018 and is expected to grow at a significant CAGR during the forecast period 2018-2023. The global earth observation data and service market has been segmented into different end-users: government and defense, forestry and fishery, energy and natural resources, archeology and civil infrastructure, agriculture, and others. The government and military end-user segment acquired the largest share in 2018; and is anticipated to remain dominant during the forecast period, 2018-2023. In addition, the global earth observation data and service market is also classified depending upon the application i.e. data acquisition and mapping, sustainable development and environment management, disaster management, security and surveillance, and location-based service. The sustainable development and environment management segment had the highest market penetration in 2018. However, the location-based service segment is estimated to grow at the highest CAGR during the forecast period, 2018-2023.
North America accounted for the highest share of the market in 2018, owing to the maximum number of earth observation satellites, data and services developed. However, Asia-Pacific is expected to witness the highest growth during the forecast period, 2018-2023, mainly due to the continued efforts in the development of satellite technologies to transform the national economy and strengthen nation-security.
- Airbus S.A.S
- BAE Systems
- Ball Corporation
- BlackSky Global LLC
- Harris Corporation
- Lockheed Martin Corporation
- MDA Corporation
- OHB System
- Planet Labs Inc.
- Skylab Analytics
- Surrey Satellite Technology Ltd. (SSTL)
- Thales Group
- The Boeing Company
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SOURCE Research and Markets