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Satellite-Based Earth Observation Market is expected to grow at 8.4% CAGR between 2021-2031
The global Satellite-based earth observation market was valued at $3.1 Billion in 2020. Growing at a high CAGR of more than 8.4% between 2021 and 2031, it is estimated to reach $7.6 Billion by 2031
By: Sheer Analytics and Insights
The demand for satellite-based earth observation is increasing due to the rising demand for geolocation data and patterns generated on earth. Previously when these were used only for weather monitoring and environmental changes, their scope has increased widely in the past six years. Many government organizations and private companies are purchasing the data based on observation for their business purposes.
With increasing demand projected for economic and complex EO missions, the launching organizations, earth observation private companies' industries and many businesses using these data are likely to profit from the significant returns. The primary trend is the increasing use of satellite-based earth observations in oil and gas surveillance, logistics, people transport and supply chain surveillance, day to day military surveillance, project-based surveillance based on natural resources and its ability to evaluate situations during changing weather conditions rapidly.
Satellite-based earth traction is highest from the North American region, with more than 53% in 2020. More than 1,500 earth observation satellites are expected to be launched in the coming ten years, and around 60% of these are expected to be launched only by the 'U.S.'. However, not all satellites are expected to launch, and the threat of integration threatens. Earth observation demand patterns in different fields have given a pathway to space organizations for launching satellites as per the needs.
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Some of the major trends and developments are listed below: