Dublin, Nov. 26, 2020 (GLOBE NEWSWIRE) -- The "Satellite-based Earth Observation Market - Growth, Trends, Forecast (2020 - 2025)" report has been added to ResearchAndMarkets.com's offering.
The global satellite-based Earth observation market was valued at USD 2,743.6 million in 2019, and it is expected to reach USD 4,427.2 million by 2025, registering a CAGR of 8.5% during 2020-2025.
Earth observation based on satellite offers value-added solutions to the businesses regarding the technical process, asset, and data management, which is likely to boost the market growth. Enhancement of equipment for geographical information and image processing has led to enormous improvisation in the performance and price of the tools, owing to which the adoption rate is increasing, thereby fueling the market.
The use of the generated satellite images for various industries across diverse economic sectors and with a wide range of new applications, lower technology barriers, and the emergence of SMEs and startups in the imagery analytics market has brought a large-scale diversity in the market.
However, despite many advantages offered through the data collected and value-added services from Earth observation, the presence of open data, like EOSDIS from the US, Copernicus from Europe, etc. is likely to act as a strong challenge to the market growth.
Key Market Trends
Increasing Need to Generate Big Data to Offer Accurate Insights into Earth Observation
The earth observation industry is continually developing, anticipating a seamless integration of new technologies, sensing modalities, and unconventional data sources. As the demand for earth observation data explodes to address the global population's challenges, climate change, disasters, etc., the need for capturing the earth observation data on various scales, including small scale to large scale, increases, thereby increasing the demand for satellite-based Earth observation.
The big Earth observation data has gradually promoted the development of global industries, research institutions, and application sectors, which has had a profound impact on the study of the Earth system contributing to human activities, environmental monitoring, and climate changes, and also provided abundant data resource for the construction of digital Earth.
Further, the increasing demand for data analytics to provide accurate insights of the earth observation across various industries according to their requirements demands a large amount of data. The organizations majorly believed that the large the amount of data, the more accurate insights could be generated. This has significantly driven the demand for the market studied, as satellites can capture data on a broader scale and for a more extensive area.
North America to Hold the Largest Market Share
North America is anticipated to dominate the market studied, during the forecast period, due to the highest number of ongoing research studies and investments in the market, the presence of a sophisticated infrastructure to undertake space programs, and the quickest and highest adoption of commercial satellite imaging across various industries in the region.
Due to the strong support from the federal government, in the form of grants to academic institutions and companies, to develop highly advanced satellite imaging devices, the market studied is estimated to expand further in the region.
New and innovative satellite operators are entering the market especially in the US, new data sources are emerging, including the unmanned aircraft systems (UAS) and crowd or citizen sources using mobile technologies and large IT companies such as Google and Amazon are seeking to establish global.
The region has united states, which has been a prominent player in the aerospace industry. Recently in December 2019, the White House Office of Science and Technology Policy released an updated plan for US Earth observation calling for improved coordination, greater engagement with the private sector and efforts to assess the value of the data. Through the plan, the US Group on Earth Observations seeks to improve coordination of activities, including satellite missions and in-situ observations.
The US National Oceanic and Atmospheric Administration (NOAA) is the owner and steward of enormous amounts of climate and earth observation data. Although most of NOAA's data are open, only a small share have been easily accessible.
The satellite-based earth observation market is highly competitive and moving toward fragmented stage, because of the presence of many players in the market. The major players in the market are Airbus Defense and Space, MDA Corp., UrtheCast Corp., and Harris Corporation, among others.
Key Topics Covered:
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET DYNAMICS
4.1 Introduction to Market Drivers and Restraints
4.2 Market Drivers
4.2.1 Increasing Need To Generate Big Data to Offer Accurate Insights into Earth Observation
4.3 Market Restraints
4.3.1 Increasing Use of Alternative Earth Observation Technologies
4.4 Value Chain Analysis
4.5 Industry Attractiveness - Porter's Five Force Analysis
4.6 Analysis of Impact of COVID-19 on the Market
5 TECHNOLOGY SNAPSHOT
6 MARKET SEGMENTATION
6.2 End-user Vertical
6.2.1 Defense and Intelligence
6.2.2 Infrastructure and Engineering
6.2.4 Energy and Power
6.2.5 Other End-user Verticals
7 COMPETITIVE LANDSCAPE
7.1 Company Profiles
7.1.1 Airbus Defense and Space
7.1.2 Satcom Technologies
7.1.3 GeoOptics Inc.
7.1.4 ImageSat International NV
7.1.5 MDA Corp.
7.1.6 Planet Labs Inc.
7.1.7 PlanetIQ LLC
7.1.8 UrtheCast Corp.
7.1.9 Harris Corporation
8 INVESTMENT ANALYSIS
9 MARKET OPPORTUNITIES AND FUTURE TRENDS
For more information about this report visit https://www.researchandmarkets.com/r/nok12l
Research and Markets also offers Custom Research services providing focused, comprehensive and tailored research.
CONTACT: CONTACT: ResearchAndMarkets.com Laura Wood, Senior Press Manager email@example.com For E.S.T Office Hours Call 1-917-300-0470 For U.S./CAN Toll Free Call 1-800-526-8630 For GMT Office Hours Call +353-1-416-8900