Global Earth Observation Systems Market Is Expected To Grow At A Cagr Of Approximately 9% Over The Next Decade
North America accounts for a majority market share in earth observation systems, followed by Europe. This is due to its highly developed space technology such as reusable rockets. Also, the main use of earth observation systems is defence, which is another reason for North America’s dominance of the global market. Key players are functioning actively and investing heavily in infrastructure development, resulting in increased data efficiency, reliability, and flexibility. Advancements in technological architecture are critical to market expansion.
As per a revised report published by Fact.MR, the earth observation system (EOS) market is anticipated to surpass US$ 5 Bn valuation in 2021, and is poised to expand at a CAGR of around 9% over the next ten years.
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Key Takeaways from Market Study
- The global EOS market is expected to grow 2.4X in value by 2031.
- Value-added services as a solution capture the highest share of more than half of the global market, and are set to create an absolute $ opportunity of around US$ 3 Bn by 2031.
- Among the applications, infrastructure has been the fastest-growing segment, owing to rise in penetration of EOS across multiple industries over the past decade. Defence holds the highest market share with more than 40%, and is expected to expand at around 9.5% CAGR through 2031.
- North America is set to dominate market revenue in 2021, and is expected to gain 180 BPS points by the end of 2031.
- Europe is the second-largest market for EOS, with more than 22% global market share, but is expected to lose 56 BPS by the end of 2031.
“Investments infrastructure applications can be highly beneficial to EOS suppliers over the coming years,”says a Fact.MR analyst.
Key Market Segments Covered
- Commercial Data
- Value-added Services
- Earth Observation Systems for Defence & Intelligence
- Earth Observation Systems for Infrastructure & Engineering
- Earth Observation Systems for Environment and Natural Resource Monitoring
- Earth Observation Systems for Power & Energy
- Earth Observation Systems for Location-based Services
- Earth Observation Systems for Maritime
- Earth Observation Systems for Disaster Management
- Earth Observation Systems for Agriculture
- North America
- Latin America
- East Asia
- South Asia & Oceania
- Middle East & Africa
How Big are the Opportunities in Aerospace & Earth Observation?
Advancements in space and rocket technology along with the use of reusable rockets have brought many opportunities for the aerospace market. With the help of reusable satellites, the cost of satellite launches has reduced significantly. Before these, the cost of a satellite launch was nearly US$ 200 Mn, but after reusable rockets, it came down to US$ 60 Mn. With this decline in the prices of satellite launches, opportunities for earth observation systems escalated.
Nowadays, mass production of satellites has become a trend in the aerospace domain. With the adoption of mass production of satellites, cost of manufacturing a satellite has been significantly reduced. Initially, the cost of individual manufacturing per satellite was nearly in the range of US$ 500 Mn. With the help of mass production, it is estimated to be US$ 500,000 per satellite. Through these analytics of cost per manufacturing satellite and mass production of satellites, EOS manufacturers are expected to come across lucrative opportunities over the coming years