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Satellite-Based Earth Observation Global Market Report 2022: Surge in Demand for Big Data Technology Bolsters GrowthDUBLIN, Jan. 25, 2023 /PRNewswire/ -- The "Satellite-Based Earth Observation Market By Product Type, By Satellite Orbit, By End-use: Global Opportunity Analysis and Industry Forecast, 2021-2031" report has been added to ResearchAndMarkets.com's offering.
According to the report, "Satellite-Based Earth Observation Market," the satellite-based earth observation market was valued at $5.7 billion in 2021, and is estimated to reach $11.3 billion by 2031, growing at a CAGR of 7.2% from 2022 to 2031. North America is expected to dominate the global satellite-based earth observation market in 2021. Government and military organizations using satellite imaging for mapping, military reconnaissance, disaster management, and others. The increasing number of terrorist attacks and natural disasters, along with growing requirement for communication of sensitive information in such situations has increased the adoption of satellite-based earth observation. Numerous companies are awarding contracts for the development of nanosatellites which can be launched into low earth orbit to provide earth observation data, fuels the growth of the low earth orbit segment. For instance, in April 2022, Promethee, a satellite operator, contracted NanoAvionics to build first nanosatellite for the company's planned constellation of earth observation nanosatellites and image analysis platform. "ProtoMethee-1" will be based on NanoAvionics' flight-proven 16U nanosatellite bus M16P and is planned for launch in low earth orbit (LEO) towards the end of 2023. The Protomethee-1 will provide data and images from its constellation which will be useful in forest fire detection, water management, and urban planning. The growth of the global satellite-based earth observation market has propelled due to surge in demand for big data technology to generate accurate insights on EO data, advancements in earth observation satellite technologies, and high-demand for high-resolution imaging services. However, rise in utilization of alternative earth observation technologies and lack of skilled & trained personnel are the factors that hamper the growth of the market. Furthermore, growth in investments by several governments in spac technology is the factor expected to offer growth opportunities during the forecast period. Key Benefits For Stakeholders
Key Market Segments
By Satellite Orbit
By End-use
By Region
Key Market Players
Key Findings of the Study
Key Topics Covered: CHAPTER 1: INTRODUCTION For more information about this report visit https://www.researchandmarkets.com/r/ldxtl0 About ResearchAndMarkets.com ResearchAndMarkets.com is the world's leading source for international market research reports and market data. We provide you with the latest data on international and regional markets, key industries, the top companies, new products and the latest trends. Media Contact: Laura Wood | +353-1-481-1716 | [email protected] Logo: https://mma.prnewswire.com/media/539438/Research_and_Markets_Logo.jpg View original content:https://www.prnewswire.com/news-releases/satellite-based-earth-observation-global-market-report-2022-surge-in-demand-for-big-data-technology-bolsters-growth-301729626.html SOURCE Research and Markets |