According to the MarkNtel Advisors' research report, "Global Satellite-Based Earth Observation Market Analysis, 2021," the market can grow at a CAGR of 9% during 2021-26. The demand for earth observation data is escalating to address the issues related to disasters, climate change, and global populations' challenges.
Further, the development of equipment for gathering geographical information has resulted in their performance enhancement and increasing adoption rate for satellite-based earth observation, thereby fueling the market growth.
Satellite-based earth observation can provide real-time information on atmospheric changes, including weather forecasting for predicting cloud cover, checking water resource availability, and identifying petroleum & mineral deposits.
Key questions answered in the study
Weather Segment Exhibits Fastest Growth
Based on the End-user verticals, the market segments into Defense & Intelligence, Infrastructure & Engineering, Agriculture, Energy & Power, and weather. Among these, the weather segment is likely to grow significantly during the forecast period. The data gathered using satellite-based earth observation satellites help predict and monitor weather & climatic changes.
Further, it has various applications across several sectors, such as the agriculture industry, aviation, and tourism sector. The increasing vulnerability of densely populated urban areas to natural climatic disasters has resulted in the surging demand for reliable weather forecasts, thereby fueling the need for satellite-based earth observation satellites for weather forecasting.
"Global Satellite-Based Earth Observation Market Analysis, 2021" provides comprehensive, qualitative, and quantitative insights on the market potential, key factors impacting the market growth, hotspots, and available opportunities for Satellite-Based Earth Observation providers across the globe. Moreover, the report also encompasses the key strategic imperatives for the competitors' success and strategic factorial indexing measuring competitor's capabilities on 16 parameters, which will help companies formulate 'Go to Market' strategies and identify the blue ocean for their offerings.
Asia-Pacific Exhibits Fastest Growth
The Asia-pacific market is likely to register the fastest growth in the Global Satellite-Based Earth Observation market during 2021-26 due to the surging adoption of data obtained from satellite-based earth observation satellites by the military & defense sector and government agencies in Asia Pacific countries. This data is also beneficial for disaster management, map creation, urban planning, etc.
Moreover, there are significant investments by the government to support the launch of commercial satellites. Thus, these factors further contribute to the overall growth of the global Satellite-Based Earth Observation market in the forecast period, reveals MarkNtel Advisors in their research report "Global Satellite-Based Earth Observation Market Analysis, 2021."
According to MarkNtel Advisors, the major leading players in the global Satellite-Based Earth Observation market are Satcom Technologies, UrtheCast Corp., GeoOptics Inc., Airbus Defense and Space, MDA Corp., Planet Labs Inc., PlanetIQ LLC, Harris Corporation, ImageSat International NV, and Maxar Technologies.