Escalating geopolitical tension has heightened global defense expenditure. Investments have ramped up for technological products and services including earth observation. Further, governments across the globe have also increased their focus on disaster management, environmental studies and nature conservation which is expected to be pivotal to the growth of earth observation in the projection period. Apart from defense and governments who are the key clientele for earth observation, several commercial enterprises including power and energy, infrastructure and maritime are also considering the advantages of earth observation, which is expected to impact the market. On this premise, the earth observation market is poised to witness steady growth of 5% over the forecast period (2019-2029)
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Key Takeaways of Global Earth Observation Market
- Value added services are anticipated to retain their dominance over commercial data. The market for the former is expected to grow 2X largely on account of surge in demand from infrastructure and environment monitoring over the forecast period.
- North America & Europe collectively hold nearly 2/3rd of the total earth observation market. However Asia Pacific will grow at a stellar 10% CAGR which is higher than the overall global average.
- Environmental and resource monitoring segment will grow nearly 3X during the forecast period, owing to surge in demand in change detection analytics by educational and private research institutions.
- Use of commercial data and value added services by earth observation in infrastructure is anticipated to grow 2X during the forecast period. However, location based systems will grow at an astounding 10% CAGR.
- United States expenditure on earth observation for defense related data contributes to nearly 1/4th of the total commercial data sales.
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Market Leaders to Maintain Hegemony with Disruptive Technologies
During the last decade, entry by some new players with disruptive technologies like IOT, AI and agile systems have made the market more fragmented. Top players in the market including Airbus Defence and Space, GAF, and Skylab are expected to lose their shares as the new competitors foray into the competition framework. New companies like Planet Labs and Urthecast have moved one step ahead by acquiring existing assets of Blackbridge and Deimos Imaging respectively. To tackle the evolving competition, large players have put forth their funds for continuous up-gradation in their existing technology through research and development.
Find More Valuable Insights on the Global Earth Observation Market
Fact.MR, in its new offering, provides an unbiased analysis of the global market for earth observation, with historical data on demand (2014-2018) and expected projections for the period (2019-2029). The earth observation report discloses compelling insights into the demand for earth observation based on solution i.e. (commercial data and value added service) and application (defense, infrastructure, environment and natural resourcing monitoring, power and energy, location-based system, maritime and disaster management) across 7 key regions and 22 + countries.
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