Portland, OR, Sept. 13, 2022 (GLOBE NEWSWIRE) -- According to the report published by Allied Market Research, the global satellite-based earth observation market generated $5.7 billion in 2021, and is projected to reach $11.3 billion by 2031, growing at a CAGR of 7.2% from 2022 to 2031. The report offers a detailed analysis of the top winning strategies, evolving market trends, market size and estimations, value chain, key investment pockets, drivers & opportunities, competitive landscape and regional landscape. The report is a useful source of information for new entrants, shareholders, frontrunners and shareholders in introducing necessary strategies for the future and taking essential steps to significantly strengthen and heighten their position in the market.
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Satellite-Based Earth Observation Industry Report Coverage & Details:
| Report Coverage | Details |
| Forecast Period | 2022–2031 |
| Base Year | 2021 |
| Market Size in 2021 | $5.7 billion |
| Market Size in 2031 | $11.3 billion |
| CAGR | 7.2% |
| No. of Pages in Report | 310 |
| Segments Covered | Product Type, Satellite Orbit, End-Use, And Region |
| Drivers | Increase in demand for high-resolution imaging services |
| Surge in need to generate remarkable insights on EO data | |
| Opportunities | Significant surge in demand for big data technology |
| Persistent advancements in earth observation satellite technologies | |
| Restrains | Rise in utilization of alternative earth observation technologies |
| Lack of skilled and trained professionals |
COVID-19 Scenario:
- The global satellite-based earth observation market experienced a negative impact due to prevalence of lockdowns in various countries around the world.
- Owing to the strict regulatory instructions and restrictions from governments, there was delay development and launches of satellites, slowdown in the operation of the key players, and a shortage of components.
- There was a temporary ban on the import and export of raw materials. Reduction in the workforce and unavailability of skilled and trained professionals in organizations further aggravated the impact on the market.
- However, with persistent technological advancements and reduced COVID-19 restrictions, the market is expected to recoup soon.
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The report offers detailed segmentation of the global satellite-based earth observation market based on product type, satellite orbit, end-use, and region. The report provides a comprehensive analysis of every segment and their respective sub-segment with the help of graphical and tabular representation. This analysis can essentially help market players, investors, and new entrants in determining and devising strategies based on the fastest growing segments and highest revenue generation that is mentioned in the report.
Based on product type, the value-added services segment held the dominating market share in 2021, holding more than four-fifths of the global market, and is expected to maintain its leadership status during the forecast period. In addition, the same segment is expected to cite the fastest CAGR of 7.5% during the forecast period. The other segments analyzed in the market include the EO data segment.
Based on satellite orbit, the low Earth orbit segment held the largest market share in 2021, holding more than 90% of the global market, and is expected to maintain its leadership status during the forecast period. In addition, the same segment is expected to cite the fastest CAGR of 7.3% during the forecast period. The other segments analyzed in the market include medium earth orbit and geostationary orbit segment.
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Based on region, the market across North America held the dominating market share in 2021, holding more than two-fifths of the global market, and is expected to maintain its leadership status during the forecast period. The Asia-Pacific region, on the other hand, is expected to cite the fastest CAGR of 8.2% during the forecast period.
The key players analyzed in the global satellite-based earth observation market report include Airbus S.A.S., Furuno Electric Co., Ltd., L3Harris Technologies, Inc., Inmarsat Global Limited, Intelsat S.A., Israel Aerospace Industries (IAI), Lockheed Martin Corporation, Planet Lab, Raytheon Technologies Corporation, Skywatch, STMicroelectronics N.V., The Boeing Company, and Thales Group.
The report analyzes these key players in the global satellite-based earth observation market. These market players have made effective use of strategies such as joint ventures, collaborations, expansion, new product launches, partnerships, and others to maximize their foothold and prowess in the industry. The report is helpful in analyzing recent developments, product portfolio, business performance, and operating segments by prominent players in the market.
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