LONDON--(BUSINESS WIRE)--The satellite-based earth observation market size is poised to grow by USD 4.51 billion during 2020-2024, according to the latest report by Technavio. The report offers an up-to-date analysis regarding the current market scenario, latest trends and drivers, and the overall market environment. The report also provides the market impact and new opportunities created due to the COVID-19 pandemic. Download a Free Sample of REPORT with COVID-19 Crisis and Recovery Analysis.
The low cost and low capital investment have boosted the demand for small satellites for various applications. The lower cost of small satellites allows a higher number of satellites within a constellation and simultaneous measurement and collection of real-time data which makes it ideal for scientific explorations and Earth observations. Small satellites can accommodate an array of scientific measurement and communication instruments. Government organizations, private corporations, and scientific foundations use small satellites for specific applications, including weather observations and mineral exploration. The growing demand for small satellites, which is one of the critical satellite-based earth observation market drivers, will positively influence the market growth during the next five years.
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Report Highlights:
- The major satellite-based earth observation market growth came from the VAS segment. Satellite-based EO VAS is generally used by government agencies and the defense sector for city planning, weather forecasting, forestry mapping, and pollution monitoring. The growing adoption of VAS by private companies and organizations will fuel the growth of the satellite-based earth observation market in this segment.
- APAC will offer several growth opportunities to market vendors during the forecast period. The increasing adoption of EO data and services in several applications and industries and the growing use of location-based VAS will significantly influence satellite-based earth observation market growth in this region.
- The satellite-based earth observation market is concentrated. Airbus SE, GeoOptics, Inc., Hispasat, ImageSat International NV, L3Harris Technologies, Inc., Maxar Technologies Inc., Planets Labs Inc., PlanetiQ, Thales Group, and UrtheCast Corp. are some of the major market participants. To help clients improve their market position, this satellite-based earth observation market forecast report provides a detailed analysis of the market leaders.
- As the business impact of COVID-19 spreads, the satellite-based earth observation market 2020-2024 is expected to have Negative and Inferior growth. As the pandemic spreads in some regions and plateaus in other regions, we revaluate the impact on businesses and update our report forecasts.
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Use of Satellites for Advanced Environmental Monitoring will be a Key Market Trend
The use of satellites for advanced environmental monitoring will be a significant trend driving the growth of the satellite-based EO market. The use of observation satellites for environmental monitoring is increasing because of its ability to 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. Satellites are also being used for the monitoring and observation of greenhouse gas emissions, changes in polar ice, deforestation, wildfires, and coral bleaching. Moreover, technological advancements in sensing and imaging fields have enabled the development of superior observation satellites for environmental monitoring that can capture higher resolution images and measure several metrics. Hence, with the rising need for advanced environment monitoring, the demand for satellite-based earth observation will also increase.
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Satellite-based Earth Observation Market 2020-2024: Key Highlights
- CAGR of the market during the forecast period 2020-2024
- Detailed information on factors that will assist satellite-based earth observation market growth during the next five years
- Estimation of the satellite-based earth observation market size and its contribution to the parent market
- Predictions on upcoming trends and changes in consumer behavior
- The growth of the satellite-based earth observation market
- Analysis of the market’s competitive landscape and detailed information on vendors
- Comprehensive details of factors that will challenge the growth of satellite-based earth observation market vendors
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Executive Summary
- Market Overview
Market Landscape
- Market ecosystem
- Value chain analysis
Market Sizing
- Market definition
- Market segment analysis
- Market size 2019
- Market outlook: Forecast for 2019 - 2024
Five Forces Analysis
- Five Forces Summary
- Bargaining power of buyers
- Bargaining power of suppliers
- Threat of new entrants
- Threat of substitutes
- Threat of rivalry
- Market condition
Market Segmentation by Application
- Market segments
- Comparison by Application placement
- Defense - Market size and forecast 2019-2024
- Weather - Market size and forecast 2019-2024
- LBS - Market size and forecast 2019-2024
- Energy - Market size and forecast 2019-2024
- Other applications - Market size and forecast 2019-2024
- Market opportunity by Application
Market Segmentation by Type
- Market segments
- Comparison by Type placement
- VAS - Market size and forecast 2019-2024
- Data - Market size and forecast 2019-2024
- Market opportunity by Type
Customer landscape
- Overview
Geographic Landscape
- Geographic segmentation
- Geographic comparison
- North America - Market size and forecast 2019-2024
- APAC - Market size and forecast 2019-2024
- Europe - Market size and forecast 2019-2024
- South America - Market size and forecast 2019-2024
- MEA - Market size and forecast 2019-2024
- Key leading countries
- Market opportunity by geography
Drivers, Challenges, and Trends
- Market drivers
- Volume driver - Demand led growth
- Volume driver - Supply led growth
- Volume driver - External factors
- Volume driver - Demand shift in adjacent markets
- Price driver - Inflation
- Price driver - Shift from lower to higher priced units
- Market challenges
- Market trends
Vendor Landscape
- Overview
- Vendor landscape
- Landscape disruption
Vendor Analysis
- Vendors covered
- Market positioning of vendors
- Airbus SE
- GeoOptics, Inc.
- Hispasat
- ImageSat International NV
- L3Harris Technologies, Inc.
- Maxar Technologies Inc.
- Planets Labs Inc.
- PlanetiQ
- Thales Group
- UrtheCast Corp.
Appendix
- Scope of the report
- Currency conversion rates for US$
- Research methodology
- List of abbreviations
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