LONDON--(BUSINESS WIRE)--Technavio analysts forecast the global satellite-based earth observation market to grow at a CAGR of around 14% during the period 2018-2022, according to their latest market research report. However, the growth momentum of the market is expected to decelerate due to a decline in the year-over-year growth.
The growing demand for small satellites is one of the major trends being witnessed in the global satellite-based earth observation market. The number of small satellites being launched into the orbit has witnessed a significant increase in the past decade. These small satellites are also known as SmallSats or CubeSats. The small size of these satellites is accompanied by their low cost and low capital investment that are the key factors driving their demand across various applications.
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In this report, Technavio analysts highlight the use of satellites for advanced environment monitoring as a key factor contributing to the growth of the global satellite-based earth observation (EO) market:
Global satellite-based earth observation market: Use of satellites for advanced environment monitoring
Satellites are used for environmental monitoring because of their ability to monitor the macroscopic environment, hidden features, and short-term and long-term weather events that cannot be discerned through ground-based observation alone. Observation satellites can provide real-time, round-the-clock information on atmospheric features and occurrences that are vital for accurate weather forecasting, including temperature, wind, and weather patterns.
According to a senior analyst at Technavio for machine to machine (M2M) and connected devices, “The use of satellites for advanced environmental condition monitoring is now gaining prominence with applications such as greenhouse gas emissions, changes in polar ice, deforestation, observation of wildfires, and coral bleaching. Advances in sensing and imaging technologies in the past decade have led to the development of superior satellites for environmental monitoring.”
Global satellite-based earth observation market - defense segment leads the market
This market research report segments the global satellite-based earth observation market by application (defense, weather, LBS, energy, agriculture, mining, insurance, disaster management, transport and logistics, living resources, and telecommunication and utilities), type (VAS and data), and geography (the Americas, APAC, and EMEA). It provides an in-depth analysis of the prominent factors influencing the market, including drivers, opportunities, trends, and industry-specific challenges.
Among the application segments, the defense segment held the largest market share in 2017, contributing to nearly 35% of the market. The market share occupied by this segment is expected to decrease by almost 5% by 2022. However, this application segment will dominate the global market throughout the forecast period.
The Americas was the leading region for the global satellite-based earth observation market in 2017. It accounted for a market share of approximately 51%. It was followed by EMEA and APAC. APAC is expected to project the fastest growth during the period 2018-2022.
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- Market ecosystem
- Market characteristics
- Market segmentation analysis
- Market sizing
- Market size and forecast
Five Forces Analysis
- Regional comparison
- Key leading countries
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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