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The Europe - Satellite-based Earth Observation (EO) Market size is estimated to grow at a CAGR of 10.44% between 2023 and 2028. The market size is forecast to increase by USD 1.67 billion. The growth of the market depends on several factors such as the growing use of satellites for environmental monitoring, rise in spending on space programs and entry of private players and advances in satellite earth observation technologies. Our report examines historical data from 2018 - 2022, besides analyzing the current market scenario.
This report extensively covers market segmentation by application (urban development and cultural heritage, agriculture, climate, energy and raw materials, and others) and type (VAS and data). It also includes an in-depth analysis of drivers, trends, and challenges.
Europe Satellite-based Earth Observation (EO) Market Forecast 2024-2028
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Our researchers studied the data for years, with 2023 as the base year and 2024 as the estimated year, and presented the key drivers, trends, and challenges for the market. Although there has been a disruption in the growth of the market during the COVID-19 pandemic, a holistic analysis of drivers, trends, and challenges will help companies refine marketing strategies to gain a competitive advantage.
The rise in government funding for space programs is expected to be a major factor that will impact the Europe - satellite-based earth observation market t. The entry into force of the Space Regulation brought many structural changes to the EU Space Programme and led to the creation of the EU Agency for the Space Programme (EUSPA). Furthermore, with the entry of various private players in satellite industries, the demand for satellite-based earth observation solutions is expected to increase substantially during the forecast period. Private players, including SpaceX, Orbital Sciences, and Airbus, have made low-cost orbital launches possible.
For instance, In H2 20221, ESA announced a new mission to discover earth-like planets. It's the third exoplanet exploration mission of ESA, with European aerospace company Airbus securing the contract to build the satellite. This makes it easier for service providers and operators to set up satellite-based infrastructure for earth observation which can have positive impact on Europe - satellite-based earth observation market growth. Thus, the above-mentioned factor is expected to increase the demand for satellite-based earth observation, which will drive the growth of the market during the forecast period.
Satellite-based earth observation has found significant applications in aerospace and maritime surveillance and intelligence in the commercial industry. Satellite-based earth observation satellites and SAR instruments are widely used for providing oceanic /imagery, traffic data, and route charting. SAR is a form of radar that is used to create 2D and 3D /images of objects on the Earth's surface. The instrument is widely used to determine the geographical location of a ship in the open sea, apart from real-time monitoring of ships, critical route identification in case of emergencies, sea ice monitoring, detection of oil spills, and strategic surveillance. Satellites such as TerraS AR-X (Germany), Radarsat-2 (Canada), and Sentinel-1 (ESA) are used to provide /images for maritime surveillance globally.
However, with the growing severity of natural disasters globally, governments are increasingly adopting satellite-based earth observation for the early detection of disasters, formulation of disaster management strategies, and relief and assistance efforts. Satellite-based earth observation can be effectively used for detecting floods, droughts, tsunamis, and forest fires which may support Europe - satellite-based earth observation market growth. Thus, the above-mentioned factor is expected to increase the demand for satellite-based earth observation, which will propel the market growth during the forecast period.
Satellite operators are required to follow an established regulatory and communication framework set by a country or region. As most countries have their own framework for satellite communication, there is often a lack of standardization or conformity among operators from different countries. This results in interoperability issues when working with cross-country or regional platforms. Most countries implement their own data strategies for sensitive data, such as satellite imaging and geographical features, and may restrict access to competitors. This challenge increases in complexity as the number of intermediaries involved in the generation of observation data and its modification increases.
In addition, the lack of a standardized framework to integrate or share data from various satellites affects the coordination among databases. Though the standards of operation within most EU countries are uniform due to joint project development and launch, which are mainly carried out under the purview of the ESA, data and service providers and satellite operators outside the EU may face challenges when entering the market which can limit earth observation market growth. Thus, such factors are expected to negatively impact the growth of the market in focus during the forecast period.
The urban development and cultural heritage segment is estimated to witness significant growth during the forecast period. The urban development and cultural heritage segment plays a crucial role in the earth observation market. Urban development and cultural heritage segments focus on using satellite /imagery and data to monitor and manage urban growth, infrastructure expansion, and the preservation of cultural heritage sites.
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The urban development and cultural heritage segment was the largest and was valued at USD 631.62 million in 2018. Additionally, satellite data can be used to monitor and assess the impact of climate change on cultural heritage sites. Rising sea levels, increased flooding, and extreme weather events pose risks to coastal and low-lying cultural sites. Satellite /images can provide valuable information on erosion, land subsidence, and encroachment, allowing authorities to implement appropriate measures and mitigate risks. The Cultural Heritage Agency of the Netherlands utilizes satellite-based earth observation to monitor historical sites and landscapes, including fortifications, castles, and archaeological sites which results in Europe - satellite-based earth observation (EO) market expansions . Thus, such advantages are expected to increase the adoption of satellite-based earth observation in the urban development and cultural heritage segment, which will propel the growth of the urban development and cultural heritage segment in the Europe - satellite-based earth observation marke during the forecast period.
Based on type, the market has been segmented into VAS and data. The VAS segment will account for the largest share of this segment.?The VAS segment plays a crucial role in the Europe - satellite-based earth observation (EO) market. These services go beyond the provision of raw satellite data and offer additional insights, analysis, and tailored solutions to meet the specific needs of customers. Furthermore, VAS enables the monitoring of solar power plants and wind farms, ensuring optimal performance, fault detection, and maintenance planning. By leveraging these VAS, renewable energy companies can maximize their energy generation capacity and improve overall operational efficiency. Thus, the abovementioned advantages are expected to increase the adoption of VAS in satellite-based earth observation, which will propel the growth of the VAS segment in the satellite-based earth observation market in Europe during the forecast period.
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
ACRI ST - The company offers satellite based earth observation system that provides solutions for satellite mission simulations and environmental forecast prototyping, provides decision making support to public agencies and local authorities, and operates environmental data centers.
We also have detailed analyses of the market’s competitive landscape and offer information on 20 market companies, including:
ACRI ST, Airbus SE, Antrix Corp. Ltd., Assimila Ltd., BAE Systems Plc, BMT Group Ltd., CGI Inc., cloudeo AG, Eagle View Technologies Inc., EarthDaily Analytics, Geo/image, GeoOptics Inc., Global Surface Intelligence Ltd., Imagesat International I.S.I Ltd., Kleos Space S.A., Lockheed Martin Corp., Maxar Technologies Inc., OHB System AG, Orbital Insight Inc., and Thales Group
Technavio report provides an in-depth analysis of the market and its players through combined qualitative and quantitative data. The analysis classifies companies into categories based on their business approaches, including pure-play, category-focused, industry-focused, and diversified. Companies are specially categorized into dominant, leading, strong, tentative, and weak, based on their quantitative data analysis.
The Europe Satellite-based Earth Observation (EO) Market report forecasts market growth by revenue and provides an analysis of the latest trends and growth opportunities from 2018 to 2028.
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Europe Satellite-based Earth Observation (EO) Market Scope |
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Report Coverage |
Details |
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Page number |
166 |
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Base year |
2023 |
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Historic period |
2018-2022 |
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Forecast period |
2024-2028 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 10.44% |
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Market Growth 2024-2028 |
USD 1.67 Billion |
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Market structure |
Fragmented |
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YoY growth 2023-2024(%) |
9.55 |
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Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
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Key companies profiled |
ACRI ST, Airbus SE, Antrix Corp. Ltd., Assimila Ltd., BAE Systems Plc, BMT Group Ltd., CGI Inc., cloudeo AG, Eagle View Technologies Inc., EarthDaily Analytics, Geo/image, GeoOptics Inc., Global Surface Intelligence Ltd., Imagesat International I.S.I Ltd., Kleos Space S.A., Lockheed Martin Corp., Maxar Technologies Inc., OHB System AG, Orbital Insight Inc., and Thales Group |
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Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, Market condition analysis for the forecast period. |
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Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
We can help! Our analysts can customize this market research report to meet your requirements. Get in touch
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Application
7 Market Segmentation by Type
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
Research Framework
Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.
INFORMATION SOURCES
Primary sources
Secondary sources
DATA ANALYSIS
Data Synthesis
Data Validation
REPORT WRITING
Qualitative
Quantitative
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