The Earth Observation Market is projected to reach a value of over US$ 5 Bn in 2021 and is expected to grow at a CAGR of almost 9% over the following ten years, according to an updated analysis released by Fact.MR.
North America leads the world in the sales of earth observation systems, with Europe ranking in second. This is due to its highly developed space technologies, such as reusable rockets.. Another factor contributing to North America’s domination of the worldwide market is the fact that defence is the primary use for earth observation equipment. The infrastructure is being developed with significant investment from key parties, which has boosted data dependability, flexibility, and efficiency. For the industry to grow, technical advancements in architecture are essential.
Key Market Segments Covered
- Commercial Data
- Value-added Services
- Earth Observation Systems for Defence & Intelligence
- Earth Observation Systems for Infrastructure & Engineering
- Earth Observation Systems for Environment and Natural Resource Monitoring
- Earth Observation Systems for Power & Energy
- Earth Observation Systems for Location-based Services
- Earth Observation Systems for Maritime
- Earth Observation Systems for Disaster Management
- Earth Observation Systems for Agriculture
- North America
- Latin America
- East Asia
- South Asia & Oceania
- Middle East & Africa
Key Takeaways from Market Study
- By 2031, the value of the worldwide EOS market is anticipated to increase 2.4X.
- More than half of the worldwide market is already served by value-added services, which are expected to generate an absolute $ potential of around US$ 3 billion by 2031.
- Due to the increased use of EOS across several sectors over the past ten years, the infrastructure application category has had the fastest growth among the applications. With a market share of more than 40%, defence is predicted to grow at a rate of about 9.5% CAGR until 2031.
- In terms of market revenue, North America is anticipated to rule in 2021 and to increase by 180 BPS points by the end of 2031.
- With more than 22% of the worldwide market, Europe is the second-largest market for EOS, but it is predicted that by the end of 2031, it would have lost 56 BPS.
The research provides comprehensive answers to the following important queries about market expansion:
- Which legal requirements must be met in order to operate legally and access the market?
- What elements can provide market vendors with a danger, an opportunity, or uncharted territory?
- Which geographical areas are anticipated to provide novel prospects for entering the market?
- What are the chances and prospects for the market to survive the difficulties and disruptions?
To produce better, more effective equipment and lower costs, major companies in this market are constantly investing in technical developments and R&D. For example, SpaceX has significantly contributed to the development of reusable rockets, which has significantly decreased the cost of remanufacturing. As a result, businesses are able to carry out their space projects and launches more effectively, for less money, and with greater data flexibility. These advancements will propel market growth in the medium- to long-term forecast period.
More Valuable Insights
In its latest release, Fact.MR provides a fair study of the global market for earth observation systems, including historical demand data (from 2016 to 2020) and projections for the years 2021 to 2031. Across six major regions of the world, the study provides crucial market insights based on solution (commercial data and value-added services) and application (defence, infrastructure, environment and natural resource monitoring, power & energy, location-based services, maritime, disaster management, and others) (North America, Latin America, Europe, East Asia, South Asia & Oceania, and the Middle East & Africa).
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