Global Satellite Earth Observation Market Report Released
The Satellite Earth Observation Market Size is forecast to grow from $7.7 billion in 2021 to $14.1 billion by 2030, at a Compound Annual Growth Rate (CAGR) of 7% during the forecast period, according to a new report from Spherical Insights & Consulting. The expansion of satellite Earth observation is due to the increased usage of Earth observation satellites in a variety of end-use industries, and the integration of digital data analysis and geospatial data fusion have all contributed to the market value increase.
Based on the payload type, the satellite Earth observation market is categorized into SATCOM, EO/IR, Communication, Imaging, and Navigation. The SATCOM segment accounts for the largest market size during the forecast period. It is anticipated that the Satcom transceiver has the greatest market. The expansion of the Satcom transceiver market has been spurred by the increasing need for transcontinental coverage across different networks. The Satcom equipment is utilized mostly for applications including the monitoring of the weather, the observation of military targets, navigation, and communications. The expansion of cloud-based services in ground mobility platforms and the growing need for high throughput satellite services are both contributing factors to the expansion of the Satcom equipment market during the course of the forthcoming forecast period.
When it comes to technology, the satellite Earth observation market is categorized into Optical and Synthetic Aperture Radar. The optical segment is expected to hold a higher CAGR during the forecast period, accounting for the greatest revenue in the market as Satellites equipped with optical technology are utilized in a variety of industries, including urban planning, agriculture, and the evaluation of damage caused by natural disasters, to name a few. Data is gathered by optical satellites with the use of sensors that can detect both visible light and near-infrared radiation. These are nadir viewing devices with a horizontal spatial resolution that can range anywhere from one to three hundred meters. It is anticipated that this will result in a significant increase in demand for optical technologies.
Satellite Earth Observation is Critical to Disaster Management
Based on application, the market is categorized into Infrastructure, Environment Monitoring, Energy, Natural Resources Monitoring, Maritime, Disaster Management, and Others. The disaster management segment is projected to hold a higher CAGR during the forecast period. The disaster management application is anticipated to be the frontrunner in the global market for satellite Earth observation. This is due to the ability of data and services to cater information regarding wildlife trends, land use patterns, tracking biodiversity, and managing natural resources, amongst other things; and help in attaining social, environmental, and economic sustainability.
The satellite Earth observation market has been segmented into five major regions: Asia-Pacific, Europe, APAC, Latin America, and MEA. This is because the military and defense industries have an increasing requirement for continuous connection, which has led to a high adoption rate of satellite communication equipment by the United States Department of Defense (DoD). In addition, the expansion of the industry is taking help from a wide variety of providers of satellite communication, such as Telesat, Viasat, Inc., and EchoStar Corporation. In addition, over the course of the next few years, the regional market is expected to rapidly develop as a result of the modernization of the military's communication infrastructure. Asia-Pacific to hold a higher CAGR during the forecast period.
Major vendors in the Global Satellite Earth Observation Market include Airbus SAS, Ball Corporation, DigitalGlobe, L3Harris Technologies Inc., Lockheed Martin Corporation, OHB System AG, Thales Group, and Boeing.
(Infographics provided with Spherical Insights & Consulting news release)