Earth Observation Market to Grow by $7.60 Billion Through 2028
Earth Observation Market to Grow by $7.60 Billion Through 2028
Advanced Environmental Monitoring a Primary Driver
The Satellite-based Earth Observation Market size is expected to increase by $7.60 billion, accelerating at a CAGR of over 10.67% through 2028. 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.
According to a recently-released report from Technavio, 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.
According to the report, advancements in satellite sensors and constellations result in substantial daily earth observation data. ome satellites alone produce over 4TB of imagery data daily, enhancing precision in monitoring various Earth activities. These escalating data volumes necessitates big data analytics adoption in the satellite-based EO sector.
The report indicates that new businesses focusing on processing and analyzing satellite imagery may contribute to market growth during the forecast period.
However, the market could still encounter significant headwinds. Technavio found that regulatory diversity across countries is a challenge for satellite operators and hampers cross-border interoperability, and a lack of standardization and conformity among operators from different regions complicates collaboration on Earth observation platforms.
Additionally, varied national data strategies for sensitive information like satellite imagery and geography create complexity in data management, and 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 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.