EO Market Revenue Expected to Reach Nearly $7.24 Billion by 2030
EO Market Revenue Expected to Reach Nearly $7.24 Billion by 2030
Market Intelligence Published by Stellar Market Research
A market intelligence and competitive landscape report on the Commercial Earth Observation Market has been published by Stellar Market Research. Over the forecast period 2023-2030, the analysts say the Commercial Earth Observation Market revenue is expected to grow at a CAGR of 8.1 percent, reaching nearly $7.24 billion by 2030.
The commercial earth observation market involves collecting information about Earth's systems through remote-sensing technologies and direct-contact sensors. North America holds the largest market share in 2023 thanks to the presence of major key players and technological advancements.
Global Connectivity and Data Accessibility Improved global connectivity, including broadband internet and cellular networks, enables real-time data transmission and access to Earth observation data from remote locations.
Public-Private Partnerships and Collaboration between government space agencies, private satellite operators, data analytics companies and end users facilitate technology transfer, research and the development of new Earth observation capabilities.
The commercial earth observation sector is rapidly advancing in satellite technology, computing capabilities and accessibility, making these services increasingly affordable and usable for farmers worldwide. The market is poised for significant growth, but several challenges need to be addressed.
The United States leads North American Commercial Earth Observation market with NASA and SpaceX driving a highly developed space industry. Supportive government policies and funding further bolster Earth observation programs.