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(MoneyNewsWire.Net, May 30, 2018 ) The satellite based earth observation market is expected to reach about 7 billion by 2023. The satellite based earth observation market, despite the high initial cost of investment and the firm governmental control and dependence, is an emerging market today and is projected to grow exponentially in the next decade. The satellite-based earth observation technology involves the capture and storage of information from satellites relating to the physical (structure and features), biological and chemical compositions of the Earth for monitoring, surveillance and decision-making in various verticals, such as Defense and Intelligence, Infrastructure and Engineering, Natural Resource Management, Energy and power, Disaster Management, location-based and navigation services, Information Management System, etc. Increased number of commercial makers and launchers, like SpaceX and Lockheed Martin have marginally reduced the average price of the earth observing satellites. This situation coupled with a race between governments to become dominant in space technologies is providing a better outlook to the satellite based earth observation market in the near future.
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Commercial Users to Spearhead the Growth in Demand
The amount of governmental control and regulations in the form of data policy and norms for safety and security purposes has resulted in the Government occupying the majority share in the market for a long time now. However, in more developed economies, such as North America and Europe, a good number of corporate players have emerged consistently with the increase of digitalisation and sales of mobile gadgets and equipment. The rise in the demand for data, improvement in technology, the evolution of high-resolution data, awareness of satellite-based products, and an increase of consumer-oriented products, like Google Earth has led to the expansion of the earth observation market in the recent times.
With Asia Pacific countries like India, China, and Japan, providing better prospects for the growth of space-related projects and research the cost of launching satellites into the orbits are reducing marginally which are benefiting the commercial players. According to the statistics form the UCS Satellite database, in 2017, the number of earth observation satellites launched by commercial/civil users (175) exceeded the number of earth observation satellites launched by any government/military organisations (19), for the first time. The figures indicate not only the increase in demand for EO satellites in the commercial space but also a critical shift in the market that is more tending towards the commercial players.
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Key Developments in the Market
September 2017 - Airbus announced that their four new very high-resolution satellites, which together will form the Pléiades Neo constellation, is on schedule for launch in 2020. The new satellites are expected to join the already existing Airbus constellation of optical and radar satellites to offer enhanced performance and high reactivity
Key Companies Mentioned:
Airbus Defense and Space, Deimos Imaging, SL, Dettwiler & Associates Ltd., Digital Globe, Inc., GeoOptics, Inc., ImageSat Inyternational N.V, Skybox Imaging, Inc., MDA Corp., Planet Labs, Inc., PlanetIQ LLC, Rapid Eye A.G., UrtheCast Corp.,
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Current and future satellite based earth observation market outlook in the developed and emerging markets
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The segment that is expected to dominate the market
Regions that are expected to witness the fastest growth during the forecast period
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