Satellite Earth Observation Market Poised for Continued Growth
The Global Satellite-based Earth Observation Market was valued at $2.7 billion in 2020, and it is expected to reach $44 billion by 2026, according to data analyzed by Mordor Intelligence. The report "Satellite-Based Earth Observation Market - Growth, Trends, Covid-19 Impact, and Forecasts (2021 - 2026)" anticipates a CAGR of approximately 8.5% over the forecast period (2021 - 2026).
Satellite-based earth observation is done with the help of satellites orbiting around the planet to view and identify environmental changes, map making, etc. The satellite-based earth observation technology captures and stores information from satellites relating to the physical, biological, and chemical compositions of the Earth for monitoring, surveillance, and decision-making in various verticals, such as defense and intelligence, infrastructure and engineering, natural resource management, energy and power, and disaster management.
In order to see how Earth-observing missions could be further used to explore the effects of COVID-19, the European Space Agency issued a new call for proposals whose aim is to see how satellite data can be used, for example, to map changes around transport networks, commercial ports, and heavy industry such as oil refineries.
According to the report, the satelliet Earth observation industry is continually developing, anticipating a seamless integration of new technologies, sensing modalities, and unconventional data sources. As the demand for earth observation data explodes to address the global population's challenges, climate change, disasters, etc., the need for capturing the earth observation data on various scales, including small scale to large scale, increases, thereby increasing the demand for satellite-based Earth observation.
North America is anticipated to dominate the market studied, during the forecast period, due to the highest number of ongoing research studies and investments in the market, the presence of a sophisticated infrastructure to undertake space programs, and the quickest and highest adoption of commercial satellite imaging across various industries in the region.
(Source: Mordor Intelligence news release. Image from file)