Satellite-based Earth Observation Market Outlook 2024-2032 According to the latest research report, the global satellite-based earth observation market size reached US$ 3.5 Billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 5.6 Billion by 2032, exhibiting a growth rate (CAGR) of 5.3% during 2024-2032.
Global Satellite-based Earth Observation Market Trends:
The global market is being majorly driven by the surging demand for geospatial data in sustainable urban planning and rural development projects, fuelled by continuous advancements in satellite technology. In line with this, the escalating demand for real-time information for diverse applications, such as environmental monitoring, natural resource management, disaster response and management, is further propelling market growth. Moreover, the growing adoption of smart and precision farming practices, driven by the significant reduction in arable land and rising food security concerns, is creating lucrative market opportunities. Additionally, the rapid utilization of high-resolution satellite imagery data in aerospace and defense applications is also serving as a significant growth-inducing factor for the market.
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The market is further being fueled by the rapid expansion of the space industry, resulting in a rising number of space exploration activities. In addition to this, the growing adoption of autonomous vehicles is further fueling the demand for satellite-based earth observation systems for more effective car navigation systems. Apart from this, the expanding volume of air traffic is leading to the rapid utilization of space-based technologies to ensure efficiency and security in international civilian aircraft, which, in turn, is further driving the market.
Some of the other factors contributing to the market include a significant rise in investments for innovative satellite technology, the growing implementation of forest protection laws, a considerable increase in surveillance and crime mapping activities, and extensive research and development (R&D), merger and acquisition (M&A), and collaborative strategies adopted by key players.