Satellite-based Earth Observation Market size to grow by USD 7.60 billion during 2023-2028| Use of satellites for advanced environment monitoring to drive the market growth- Technavio

NEW YORK, Oct. 31, 2023 /PRNewswire/ -- The Satellite-based Earth Observation Market size is expected to increase by USD 7.60 billion, accelerating at a CAGR of over 10.67% during the forecast period. There is a growing demand to improve communication at sea, particularly for various groups such as fishermen, sailors, oil rig engineers, and cruise ship tourists. Providing reliable cellular connections offshore is a significant challenge due to the complexities involved in installing cell towers in these environments. Additionally, the cost of laying fiber and copper cables on the seabed is prohibitively high. Consequently, the necessity to enhance offshore communication is increasing, and one effective solution for achieving this is through the use of satellite communication. The report analyses the market size and growth and provides accurate predictions on the growth of the market. View Free PDF Sample Report 

Satellite-based Earth Observation Market 2024 – 2028: Key Highlights:

• The report recognizes the following as some of the key players in the satellite-based earth observation market: Airbus SE, Antrix Corp. Ltd., BAE Systems Plc, Eagle View Technologies Inc., Geoimage, Global Surface Intelligence Ltd., Imagesat International I.S.I Ltd., Kleos Space S.A., L3Harris Technologies Inc., Lockheed Martin Corp., Maxar Technologies Inc., Northrop Grumman Corp., OHB SE, Orbital Insight Inc., Orbital Micro Systems, Planet Labs PBC, PlanetiQ, Raytheon Technologies Corp., Thales Group, and EarthDaily Analytics
• Satellite-based Earth Observation Market is fragmented in nature.
• Market to observe 9.78% YOY growth in 2024.

Satellite-based Earth Observation Market 2024 – 2028: Market Dynamics:

Trend

• Advancements in satellite sensors and constellations result in substantial daily earth observation data.
• Some satellites alone produce over 4TB of imagery data daily, enhancing precision in monitoring various Earth activities.
• Escalating data volumes necessitates big data analytics adoption in the satellite-based EO sector.
• New businesses focusing on processing and analyzing satellite imagery contribute to market growth during the forecast period.

Challenges

• Regulatory diversity across countries is a challenge for satellite operators and hampers cross-border interoperability.
• Lack of standardization and conformity among operators from different regions complicates collaboration on Earth observation platforms.
• Varied national data strategies for sensitive information like satellite imagery and geography create complexity in data management.
• Increased actors in observation data generation and modification further intensify these challenges.
• The absence of a standardized framework for data integration and sharing adversely affects database coordination, potentially impeding market growth during the forecast period.

The report also covers information on the upcoming trends and challenges. Explore detail information by purchasing report

Satellite-based Earth Observation Market 2024 – 2028: Key Segments:

The market is segmented by Application (Defense, Weather, LBS, Energy, and Others), Type (VAS and Data), and Geography (North America, APAC, Europe, South America, and Middle East and Africa).

The defense segment is expected to account for a major share of the market's growth during the forecast period. This particular segment stands to gain from increased investments in satellite technology, particularly for purposes such as surveillance, regional security, and intelligence gathering in emerging nations like China, India, and Russia.

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TOC:

1. Executive Summary
2. Market Landscape
3. Market Sizing
4. Historic Market Sizes
5. Five Forces Analysis
6. Market Segmentation by Application
7. Market Segmentation by Type
8. Market Segmentation by Geography
9. Customer Landscape
10. Geographic Landscape
11. Drivers, Challenges, & Trends
12. Company Landscape
13. Company Analysis
14. Appendix

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SOURCE Technavio