Earth Observation Market May Reach $14.6 Billion by 2034
Annual Growth Forecast at Eight Percent Through the Period
Analysis of the global Earth observation market finds the market could reach a valuation of $6.8 billion in this year, and increase to $14.6 billion by 2034. According to this recently updated research report by Fact.MR, the market is projected to expand at 8% CAGR through the period.
“High emphasis on reduction in the cost of building and launching satellites into orbit making Earth observation systems more accessible, thus driving market growth.”
Fact.MR analyst
Integration of digital data analysis and geospatial data have contributed to the expansion of the market. Earth observation technology collects and stores information from satellites, allowing scientists to monitor and analyze changes in the environment and create maps. This technology is being increasingly used in applications that impact human life and the environment.
Capabilities of commercial satellites are being integrated into the military communication networks of nations worldwide. This is because governments are making more efforts to accommodate the increased communication requirements for a variety of applications. Increasing demand for efficient monitoring of vast land areas is driving the Earth observation market growth. This growth is attributable to the need to manage and observe natural resources, urban development, agricultural activities, environmental changes, and security concerns on a global scale. The global Earth observation market is expanding at a noteworthy pace due to technological advancements, increased usage across industries, and the growing need for efficient monitoring of Earth's resources and environment.
“High emphasis on reduction in the cost of building and launching satellites into orbit making Earth observation systems more accessible, thus driving market growth,” says a Fact.MR analyst.
Innovations in satellite technology, remote sensing methodologies, data analytics, and machine learning are the causes of Earth observation systems' affordability and accessibility. Due to these systems' ability to provide high-resolution, real-time data, demand is growing across a variety of industries.
Numerous scientific research projects, such as climate studies, atmospheric research, biodiversity monitoring, and geological surveys, employ data from Earth observation. This increases our comprehension of the Earth's systems. The advantages that enterprises and governments receive from Earth observation systems are fueling the growth of the Earth observation industry.