Global Earth Observation Satellite Market is growing with the rapid pace; mainly due to the indelible efficacy of these satellites demonstrated in monitoring and predicting climatic patterns, estimation of crop yields, assessing damage during natural disasters, surface geology mapping, estimation of mineral deposits, and availability of water sources.
Simultaneously, growing investments in SATCOM and increasing demand for electro-optical imaging systems coupled with the increasing investments in ISR payloads are providing impetus to the market growth. As a result, the earth observation satellite market is escalating on the global platform.
Acknowledging the increasing traction, this market is witnessing currently, Market Research Future (MRFR) in its recently published study report asserts that the already booming earth observation satellite market will demonstrate an upsurge growth by 2023, registering 9% CAGR over the forecast period (2017-2023).
Additional factors substantiating market growth include continued efforts to improvise navigation and observation systems, growing access to high-quality equipment driven by investments in developing countries, and increasing electronic support to identify potential natural calamities. The proliferation of connected and portable smart devices is driving the demand for advanced high-performance communication and secures networking technologies.
Furthermore, enhanced security services and growing investments by the government and increasing need to upgrade aging equipment are expected to boost the market growth. The increased demand for advanced image-enhancing equipment will encourage manufacturers to improve the quality of satellite-based earth observation images.
Moreover, factors such as emerging satellite constellations, cloud computing, high-resolution data, re-usable satellite launch vehicles, and technological improvements in satellite imagery are fostering the market growth exceptionally.
On the other hand, factors such as multiple standards in devices and the high initial investment cost alongside some of the shortfalls such as unwanted coordination among different databases, reusability, customization, and isolation of various satellites from one another are expected to act as a headwind for the market growth during the review period.
Nevertheless, the changing landscape in the space industry will positively impact the market growth of earth observation, especially in downstream activities. Besides, increasing number of joint ventures and acquisitions are going to gain important tactical aspect especially in the downstream companies that are focused on securing new data to ensure cost reduction in a commercial marketplace.
Earth Observation Satellite Market – Regional Analysis
Globally, the North American region is will be dominating the earth observation satellite market during the forecast period, due to the significant investments made in surveillance and monitoring technologies. The presences of global players which provide a competitive advantage to the U.S. and Canada along with the growing IT industry in these countries are driving the market in the region.
The Asia Pacific region stands the second position in the global earth observation satellite market in terms of both, the market size and revenues. Numerous companies operational in commercial verticals in media and entertainment and disaster management are acting as a tailwind pushing up the market growth.
Global Earth Observation Satellite Market – Competitive Analysis
The market of earth observation satellite appears to be competitive owing to the presence of numerous well-established players having the global presence. Mergers & acquisitions, Innovation, and brand reinforcement remain the key trends for the leading players. Matured players compete based on reputation, services, and pricing. Market players are addressing the increasing demand with a wide range of solutions that are purpose-built for earth observation.
Some of the eminent leaders of the market include OHB SE (Germany), Airbus Defence and Space (U.S.), Boeing Defense Space & Security (U.S.), Lockheed Martin (U.S.), JSC Information Satellite Systems (Russia), Orbital ATK (U.S.), Thales Alenia Space (France), Space Exploration Technologies Corp. (U.S.), and Space Systems/Loral (U.S.).
Industry/ Innovation/ Related News:
September 16, 2018 – The Indian Space Research Organization (ISRO) launched its heavy-weight rocket, the Polar Satellite Launch Vehicle (PSLV), into orbit carrying two earth observation satellites of Britain’s Surrey Satellite Technology Limited.
India is striving to gain a larger share in the global space industry for more than USD 300 Bn., which places the nation as a global low-cost provider of services in space. PSLV-C42 is the first fully commercial trip of the year for the ISRO.
Global Earth Observation Satellite Market Research Report Information by Applications (Infrastructure, Environment Monitoring, Energy, Natural Resources Monitoring, Maritime, Disaster Management, & Others), Payload Type, and Region–Global Forecast to 2023 @ https://www.marketresearchfuture.com/reports/earth-observation-satellite-market-5968