LONDON – Technavio analysts forecast the satellite-based earth observation (EO) market in Europe to grow at a CAGR of almost 15% during the forecast period, according to their latest report.
The research study covers the present scenario and growth prospects of the satellite-based earth observation market in Europe for 2017-2021. The market is segmented based on type (VAS and data) and geography (Russia, the UK, and rest of Europe).
The satellite-based earth observation market in Europe will grow steadily during the forecast period. The EU spends billions of dollars on earth observation programs. ESA organizes the data delivery for 30 satellites and above. The European Commission (EC) acts on behalf of the EU, which is responsible for the overall initiative for the requirements and management of the services. ESA creates a family of satellites called Sentinels, particularly for the operational needs of the Copernicus program. Many Sentinel satellites are expected to be launched under this program.
This report is available at a USD 1,000 discount for a limited time only: View market snapshot before purchasing
Buy 1 Technavio report and get the second for 50% off. Buy 2 Technavio reports and get the third for free.
Technavio ICT research analysts highlight the following three factors that are contributing to the growth of the satellite-based earth observation market in Europe:
Looking for more information on this market? Request a free sample report
Technavio’s sample reports are free of charge and contain multiple sections of the report including the market size and forecast, drivers, challenges, trends, and more.
Rising technological enhancement in satellite imagery
Aided by high-resolution cameras, satellite imaging has witnessed a considerable degree of improvement in its uses. Earth observation satellites now provide a substantial degree of information and are extensively used in the areas of defense, oil and gas exploration, mining, and meteorology.
Rohan Joy Thomas, a lead machine to machine (M2M) and connected devices research analyst at Technavio, says, “Vendors have strengthened their R&D efforts to develop innovative equipment, including superior lenses. They are also developing innovative remote sensing technologies and high-resolution cameras to improve the quality of images captured by satellites. In addition, Spot Image, along with GeoEye and DigitalGlobe, generates over 60% of the total revenue from the commercial sales of data.”
Increasing association with major earth observation public organizations
Considering the further development of EU-ESA functioning relationship, there is a high benefit to be gained from greater synergies with key European organizations of relevance to the GEOSS, particularly with ESA, EUMETSAT, and the EU.
“Rosetta mission of ESA, Earth observation and meteorology capabilities, such as Meteosat, and the commercial telecommunications and launch systems with the Ariane family and Vega are missions that are worth mentioning. Currently, Europe has the second-largest public space budget in the world with programs and facilities spanning several European countries,” adds Rohan.
Increasing government funding for space programs
Government spending on space programs had reduced significantly between 2009 and 2012. Before 2010, the spending had reduced due to the global economic recession of 2008-2009. In 2010, the sovereign debt crisis hit Europe subsequently, and the US initiated a budget law, which is a measure that cuts federal spending.
The EC focuses on three primary aspects that are security research, space research, and satellite navigation programs of Europe. ESA is the primary element in Europe consisting of 19-member states obliged to contribute an amount for core programs based on the GDP. ESA focuses on upgrading and developing its launch vehicles, earth observation activities, and space science missions.
Browse Related Reports:
Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.
With over 500 specialized analysts, Technavio’s report library consists of more than 10,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
If you are interested in more information, please contact our media team at email@example.com.