The Global Satellite-Based Earth Observation market is likely to grow at a CAGR of around 7% during 2021-26. Satellite-based earth observation is a remote-sensing technique that helps provide data obtained from satellites orbiting around the planet. This data is further beneficial for several applications, including urban planning, rural development, forestry, mineral prospecting, and disaster management. Earth observation is a promising & fastest-growing field and has an extensive range of applications across various verticals, such as preci¬sion farming, natural resource monitoring, and urban monitoring.
Earth observation based on satellite offers value-added solutions to businesses regarding asset management, which is likely to boost the market growth. The development of equipment for collecting satellite data has resulted in a substantial performance enhancement, thereby fueling the market.
Due to the sudden spread of the COVID-19 pandemic, the global satellite-based earth observation has been adversely due to the imposition of lockdown and temporary shutdown that has hampered the production process of new satellites across the world. Along with this, R&D activities have also been affected by the lockdown imposed. However, as the lockdown uplifted, the market is likely to grow steadily in the forecast timeline.
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Based on the End-User vertical segments into Defense & Intelligence, Infrastructure & Engineering, Agriculture, Energy & Power, and Weather. Among these segments, the Defense and Intelligence sector is likely to soar during the forecast period due to the wide-range utilization of satellite data for defense and intelligence applications by governments for land surveillance activities, airfield monitoring, and crime mapping.
The major industrial players in the global Satellite-Based Earth Observation market are Airbus Defense and Space, Satcom Technologies, GeoOptics Inc., ImageSat International NV, Planet Labs Inc., PlanetIQ LLC, UrtheCast Corp., Harris Corporation, MDA Corp., and Maxar Technologies.
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