ROCKVILLE, MD / ACCESSWIRE / May 6, 2020 / The global earth observation market is forecasted to exhibit a steady CAGR of 5% during the forecast period (2020-2029), according to a market study by Fact.MR. Factors predominantly fueling the growth are escalating geopolitical tensions, and increasing expenditure on defense sectors. Furthermore, earth observation bolsters in applications such as disaster management, environmental studies, and nature conservation.
With governments focusing on developing the aforementioned sectors, the spending is expected to propel the growth of the earth observation market during the forecast period. In addition, numerous commercial enterprises in power and energy, infrastructure, and maritime sectors are leveraging the benefits of earth observation, thereby further processing market growth. However, the outbreak of COVID-19 is remodeling government priorities, which are expected to impact the steady growth of the market.
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“While the governments are not primarily focusing on defense, the earth observation systems can be utilized to shed light on other societal and economic changes currently taking place. Europe Space Agency (ESA), is studying the usage of earth-observing missions to explore the effects of COVID-19,” finds the Fact.MR study.
The value-added services segment is expected to double its market value on the back of a surge in applications such as natural resources management, engineering infrastructures, defense, and big data among others. The growth of the segment is also invigorated by commercial sales in businesses.
The defense sector will remain the most lucrative end-use segment for the earth observation market. The sector’s dominance is majorly due to various governments favoring the use of data-oriented services for defense activities.
Environmental and resource monitoring is forecasted to triple its market value, on the back of propelling demand in change detection analytics among educational and private research institutions.
Location-based systems are expected to exhibit a higher growth rate as compared to other systems backed by a growing number of applications in emerging markets.
North America & Europe are projected to remain the leading regional markets, and will collectively account for nearly 2/3rd of the global earth observation market.
Asia Pacific is anticipated to register tremendous growth during the forecast period, owing to investments by nations such as India and China in commercial data systems to provide space for geospatial solutions to commercial businesses.
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Solutions covered: Commercial data and value added service
Applications covered: Defense, infrastructure, environment, and natural resourcing monitoring, power and energy, location-based system, and maritime & disaster management
Regions Covered: North America, Latin America, Europe, Japan, APEJ, and Middle East & Africa
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Expert analysis, actionable insights, and strategic recommendations of the veteran research team at Fact.MR helps clients from across the globe with their unique business intelligence requirements. With a repository of over thousand reports and 1 million+ data points, the team has scrutinized the ICT sector across 50+ countries for over a decade. The team provides unmatched end-to-end research and consulting services. Fact.MR’s latest ICT market research reports and industry analysis help businesses navigate challenges and take critical decisions with confidence and clarity amidst breakneck competition.
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