Satellite-based earth observation refers to satellites orbiting around the Earth to view, observe, and identify environmental change, map making, and other applications. The process utilizes remote sensing techniques to collect information on the Earth's chemical, physical, and biological aspects.
The main types of products included in satellite-based earth observation are earth observation (EO) data and value-added services. Earth Observation data (EO data) refers to the information gathered by satellites and other remote sensing platforms. The satellite orbits involved are low earth orbit, medium earth orbit, and geostationary orbit, with technologies included, such as optical and synthetic aperture radar. The types of payloads included are satellite communications (SATCOM), electro-optical or infra-red (EO or IO), communication, imaging, and navigation. These are used by several end-users, including defense and intelligence, infrastructure and engineering, agriculture, energy and power, and others.
The global satellite-based earth observation market is segmented -
1) By Product Type: Earth Observation (EO) Data, Value Added Services
2) By Satellite Orbit: Low Earth Orbit, Medium Earth Orbit, Geostationary Orbit
3) By Technology: Optical, Synthetic Aperture Radar
4) By Payload Type: Satellite Communications (SATCOM), Electro-Optical Or Infra-Red (EO Or IR), Communication, Imaging, Navigation
5) By End-User: Defense And Intelligence, Infrastructure And Engineering, Agriculture, Energy And Power, Other End-Users
The global satellite-based earth observation market is expected to grow from $5.63 billion in 2022 to $6.14 billion in 2023 at a compound annual growth rate (CAGR) of 9.1%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic. The war between these two countries has led to economic sanctions on multiple countries, surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and resulted in increased interest rates affecting many markets across the globe. The satellite-based earth observation market is expected to reach $8.33 billion in 2027 at a CAGR of 7.9%.
The increasing number of satellite launches is expected to propel the growth of the satellite-based earth observation market going forward. A satellite refers to a device launched into orbit around Earth or another celestial body for various purposes, including collecting information, navigation, and scientific research. Satellites are equipped with sensors to monitor and capture images of the Earth's surface for multiple uses, including weather forecasting and environmental and climate change monitoring. For instance, in March 2023, according to the United Nations Office for Outer Space Affairs, a US-based government agency, the number of objects launched into space increased from 1,810 in 2021 to 2,163 in 2022. Furthermore, in September 2022, according to the Government Accountability Office, a US-based independent and nonpartisan government agency, as of spring 2022, there were approximately 5,500 active satellites in orbit, and it is predicted that 58,000 more will be launched by 2030. Therefore, the increasing number of satellite launches is driving the growth of the satellite-based earth observation market.
Major players in the satellite-based earth observation market are Raytheon Technologies Corporation, Lockheed Martin Corp., Airbus SE, BAE Systems Plc, Thales Group, L3Harris Technologies Inc., Israel Aerospace Industries Ltd., Viasat, Maxar Technologies Inc., MDA Corporation, Planet Labs Inc., Spire Global, BlackSky Global, Iceye, EOS Data Analytics, RS Metrics, D-Orbit, Descartes Labs, UrtheCast, Orbital Insight, GHGSat, Satellogic SA, GomSpace, SkyWatch Inc., Global Surface Intelligence Ltd., PlanetiQ Inc., GeoOptics Inc., ImageSat International N.V, Capella Space, and HawkEye 360.
Technological advancements are a key trend gaining popularity in the satellite-based earth observation market. Major companies operating in the satellite-based earth observation market are focused on developing technically advanced solutions to sustain their position in the market. For instance, in November 2022, the Indian Space Research Organization (ISRO), an India-based national space agency, launched the Earth Observation Satellite-6 (EOS-6), the third-generation Indian satellite for monitoring the oceans. It contains three ocean observation sensors for the first time in this series: the Ku-Band scatterometer (SCAT-3), the Sea Surface Temperature Monitor (SSTM), and the Ocean Color Monitor (OCM-3). The advanced 13-channel OCM, which has a 1400 km swath and 360 m spatial resolution, will continuously monitor the planet's surface, and offer vital information on the distribution of ocean algae, which forms the base of the food chain in the marine ecosystem. With a high signal-to-noise ratio, the OCM-3 is anticipated to offer enhanced accuracy in daily phytoplankton monitoring with various operational and research applications, such as fishery resource management, ocean carbon uptake, dangerous algal bloom notifications, and climate studies.
In May 2023, Advent International, a US-based private equity company, and British Columbia Investment Management Corporation (BCI), a Canada-based investment company, acquired Maxar Technologies Inc. for $6.4 billion. The acquisition will help Advent International and British Columbia Investment Management Corporation (BCI) expand their long-term growth and wealth creation. Maxar will continue to be controlled, owned, and run out of the United States. Maxar Technologies Inc. is a US-based space technology company that manufactures Earth observation satellites.
North America was the largest region in the satellite-based earth observation market in 2022. The regions covered in satellite-based earth observation report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The countries covered in the satellite-based earth observation market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Italy, Spain, Canada.
The satellite-based earth observation market includes revenues earned by entities by providing weather forecasting, environmental monitoring, urban planning, and disaster studies. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
The satellite-based earth observation market research report is one of a series of new reports from The Business Research Company that provides satellite-based earth observation market statistics, including satellite-based earth observation industry global market size, regional shares, competitors with a satellite-based earth observation market share, detailed satellite-based earth observation market segments, market trends and opportunities, and any further data you may need to thrive in the satellite-based earth observation industry. This satellite-based earth observation market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.