Global Earth Observation Satellite Market is showing chances of registering growth during the forecast period of 2020 to 2023, believes experts from Market Research Future (MRFR). The market has growth-inducing factors like the rise in investment for various defense-related projects, surveillance, scientific-projects, and others. The inclusion of top-class technologies to lessen the cost of the procedure, growing participation from private bodies, collaborations, and others are expected to boost the market. In fact, the changing space industry is expected to ensure better growth.
The market is not showing much signs of restraints due to the ongoing pandemic attack, reveals a special COVID-19 analysis.
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OHB SE (Germany), Airbus Defence and Space (U.S.), JSC Information Satellite Systems (Russia), Lockheed Martin (U.S.), Boeing Defense Space & Security (U.S.), Thales Alenia Space (France), Orbital ATK (U.S.), Space Systems/Loral (U.S.), and Space Exploration Technologies Corp. (U.S.) are some of the prominent names inspiring the Earth Observation Satellite Market growth with their strategic strength. These companies mostly rely on moves including mergers, acquisitions, better planning for investments in research and development, innovations, collaborations, and others. MRFR also tried in recording the latest moves initiated by these companies to understand how much their impact will influence the market flow.
In June 2020, SEOSAT-Ingenio, the Spanish high-resolution land imaging mission, has received its latest results and they are showing good prospects. It is currently at the Airbus premise in Madrid, Spain awaiting a proper packing and shipping of it to Europe’s Spaceport in French Guiana. Its final technical review and successful tests are backing the mission. If performed successfully, then it would be remarkable milestone for the Earth observation satellite’s ride into orbit using a Vega rocket.
In June 2020, Azerbaijan’s satellite operator Azercosmos announced that it had inked a deal with the UAE-based satellite service provider to expand its portfolio that involves international tie-ups. This collaboration will focus on transmitting data using the Azerspace-1 satellite. This will also help the company in expanding its base in the Middle East and North Africa regions.
However, the market is not witnessing much change due to the COVID-19 impact. Certain crises are there like the issues dealing with transportation and manufacturing, but it is not set to influence the market on a grand scale.
Global Earth Observation Satellite Market for earth observation satellite has been segmented based on payload type and application. These segments are loaded with data sieved by expert analysts and they have been backed by various charts, graphs, and all on volume and revenues. This can create a space for a better understanding of the market and help in charting courses for the future.
By application, the global study on the earth observation satellite market has been segmented into infrastructure, environmental monitoring, maritime, energy, natural resource monitoring, disaster management, and others. The environment monitoring has the largest share in the market. Increasing demand for real-time data related to weather forecast and climate pattern is expected to boost the market.
By payload type, the global market study on the earth observation satellite market has been segmented into SATCOM, EO/IR, Communication, navigation, and imaging. The SATCOM has the largest market share.
North America has the scope to dominate the market as the regional market is benefiting from the contributions made by the US. The US has increased its expenditure in the sector to get support for its defense and surveillance activities. Also, the inclusion of private companies is expected to bolster the regional growth.
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