From 2016 -2020, the earth observation market exhibited steady growth at a CAGR of 7.8%, with the defence sector playing an important role in driving demand. The market was valued at US$ 3.7 Bn in 2016 and grew to US$ 5.0 Bn by 2024. According to extensive analysis by the team at Fact.MR having expertise in the ICT domain, demand for earth observation systems will be on the higher side over the coming years. Rising application of satellite imagery will the demand for earth observation systems.
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This is attribute to the fact that investments for hardware infrastructure of earth observation systems are on the rise in most prominent regions. Further, where almost every industry was thumped in FY-2020 during the COVID-19 pandemic, demand for EOS was growing against the flow, owing to multiple applications related to satellite imagery data. By 2031, the earth observation industry is estimated to observe high growth at a CAGR of around 9.0%, along with escalating growth in valuation to US$ 7.3 Bn.
Key players in the market are functioning actively and strengthening their resources and networks. Extensively investments are being done by market players to strengthen their infrastructure with a vision to acquire a large chunk of the market share.
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What are the Constraints for Earth Observation Companies?
With the current technology, we are able to launch satellites into orbit and also control them to analyse data. However, technological requirements for earth observation and space exploration are still in the upgrading and developing phase. Stakeholders are investing in the development of infrastructure. With advancements in technology such as implementation of big data for data analysing, artificial intelligent data processing will improve overall efficiency.
Earth observation systems are an expensive affair, and infrastructure requirements for these systems are complex and a highly skilled workforce is required. Data derived from space is encrypted and requires high skills in programming languages, and the employees should also be proficient in big data, data science, and other related fields. Companies in this market need to spend substantially in order to be competent in the market. This is one restraint that could hamper opportunities for earth observation to some extent.
Region-wise analysis:
Which is a Prominent Region for Earth Observation Systems?
North America is the prominent region when it comes to earth observation systems. North America is expected to account for more than a quarter of the overall market share by the end of the forecast period. The reason behind this dominance is many factors, including advancements in space technologies such as reusable rockets and others. In addition, government support towards aerospace is huge, as North America’s ex-president Donald Trump has officially added. Space Force, as a branch of the U.S. Armed Services, has made this region prominent and is also expected to bring lucrative opportunities for earth observation system manufacturers.
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The Earth Observation System (EOS) market report answers important questions which include:
- What does the status of the Earth Observation System (EOS) market look like after the forecast period?
- Which region has the highest contribution to the global Earth Observation System (EOS) market and why?
- Which players remain at the top of the global Earth Observation System (EOS) market?
- What opportunities are available for the Earth Observation System (EOS) market players to expand their production footprint?
- Which segment has the maximum impact on the global Earth Observation System (EOS) market?
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