Satellite-Based Earth Observation Market Report
The satellite-based earth observation market was valued at $5.7 billion in 2021, and is estimated to reach $11.3 billion by 2031, growing at a CAGR of 7.2% from 2022 to 2031.
According to a new report from Research and Markets, North America is expected to dominate the satellite-based earth observation market going forward, with government and military organizations using satellite imaging for mapping, military reconnaissance, disaster management, and others. The increasing number of terrorist attacks and natural disasters, along with growing requirement for communication of sensitive information in such situations has increased the adoption of satellite-based earth observation.
Numerous companies are awarding contracts for the development of nanosatellites which can be launched into low earth orbit to provide earth observation data, fueling the growth of the low earth orbit segment. In April 2022, Promethee, a satellite operator, contracted NanoAvionics to build the first nanosatellite for the company's planned constellation of earth observation nanosatellites and image analysis platform.
"ProtoMethee-1" will be based on NanoAvionics' flight-proven 16U nanosatellite bus M16P and is planned for launch in low earth orbit (LEO) towards the end of 2023. The Protomethee-1 will provide data and images from its constellation which will be useful in forest fire detection, water management, and urban planning.
Big Data Bolstering Satellite-Based Earth Observation Market
The growth of the satellite-based earth observation market has propelled due to surge in demand for big data technology to generate accurate insights on EO data, advancements in earth observation satellite technologies, and high-demand for high-resolution imaging services. However, rise in utilization of alternative earth observation technologies and lack of skilled & trained personnel are the factors that hamper the growth of the market. Furthermore, growth in investments by several governments in space technology is the factor expected to offer growth opportunities during the forecast period.
As an example, in June 2022, NASA awarded a $6 million, 12-month contract extension to Spire Global to deliver earth observation data. Under this contract, Spire will continue to deliver a comprehensive catalog of earth observation data, associated metadata, and ancillary information from its constellation of more than 100 multipurpose satellites. The earth observation data will include surface data, atmospheric data, and space weather data.
(Source: Research and Markets news release. Images provided and from file)