Earth Observation Satellite Data And Service Market To Witness Astonishing Growth By 2023

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Earth Observation Satellite Data and Service Market To Witness Astonishing Growth by 2023

Earth observation satellite, data and service are used for varied application including agriculture, cartography, natural resources survey, and disaster management, among others. During the forecast period, earth observation satellite, data and service market is expected to witness huge growth as the demand for EO satellites is rising. The growth is expected to be driven by increasing funds and investments in developing advancements in satellite payload, data extraction and data visualization. The global earth observation satellite, data and service market has been segmented into satellite manufacturing, earth observation data and earth observation value added service (VAS) market. The satellite manufacturing includes the revenue generated by the earth observation satellite manufacturing, EO data market includes the revenue generated by the satellite operators either through direct selling resellers, or distributors; and EO VAS market includes the revenue generated by the companies providing service such as software, data analytics, data visualization, and platforms; over EO data.

Different types of subsystems are being used in the earth observation satellites including payload, structure, telecommunication, on-board computer, power system, attitude control system, and propulsion system. Payload is responsible for providing core functionality of earth observation satellite. The major applications of earth observation satellite include meteorology, environmental monitoring, cartography, agriculture, and natural resources survey, among others. The following figure represents the subsystems in the earth observation satellite.

Earth observation data and service is utilized by government and defense, forestry and fishery, energy and natural resources, archeology and civil infrastructure, agriculture, and others end user. In 2017, the market was dominated by government and defense end user, due to high utilization of data and service in addressing surveillance, environmental, and sustainability issues. However, other (enterprises, insurance and financial service, travel, media and entertainment, retail and e-commerce) end user is expected to witness highest growth during the forecast period, driven by technological advances in earth observation data and service that can cater customized requirement of these industries.

The introduction of advanced earth observation satellite, data, service is anticipated to bring about radical changes in the satellite and launch vehicle manufacturing business. Ongoing efforts by industry players to develop high-end propulsion systems for future applications (example, deep space missions) is expected to give boost to this industry. Furthermore, given the huge growth in the small satellites and advancement towards reusable launch vehicles, it is expected that the earth observation satellite, data and service market will observe larger number of key strategic developments happening during the forecast period.

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With significant increase in earth observation satellite constellation, along with advancement in sensors and instruments technologies, there has been a huge growth in the earth observation satellite, data and service market. However, interoperability issues regarding integration of software tools with the enterprise solution and lack of standardization in the regulations pertaining to development of earth observation satellites cover are the major challenges for the market.

Since decades, earth observation satellites have been guiding the monitoring and surveillance of dedicated assets operated and owned by government agencies. Commercial operators, manufacturers and service providers have now identified the opportunities in earth observation market and there has been a paradigm shift in the industry, with high performing commercial satellites catering to the needs of the government and the military. Commercial satellites like GeoEye, WorldView, IKONOS, and Quickbird constellations, among others now have the capacity to capture images of 0.5m resolution which has led to commercial companies working closely with government agencies. Currently, the most disruptive trend existing into the market is venturing of startups with the aim of combining information technology with earth observation thus turning the space into a profitable commodity.

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