LONDON--(BUSINESS WIRE)--The satellite-based earth observation market in Europe is expected to post a CAGR of nearly 14% during the period 2019-2023, according to the latest market research report by Technavio. However, the growth momentum of the market is expected to decelerate due to a decline in the year-over-year growth.
A key factor driving the growth of the market is the growing use of satellites for environmental monitoring. Satellites are increasingly being used for environmental monitoring. This is because of their ability to accurately monitor weather, environmental changes, geographical features of the Earth, and climatic conditions over a huge surface area. Such monitoring activities cannot be easily carried out using earth-bound observation stations. Earth observation satellites can provide almost real-time updates on cloud and wind activities and atmospheric occurrences that are crucial for providing weather forecasts to end-users.
This market research report on the satellite-based earth observation market in Europe 2019-2023 also provides an analysis of the most important trends expected to impact the market outlook during the forecast period. Technavio classifies an emerging trend as a major factor that has the potential to significantly impact the market and contribute to its growth or decline.
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In this report, Technavio highlights the growing demand for small satellites as one of the key emerging trends in the satellite-based earth observation market in Europe:
Satellite-based earth observation market in Europe: Growing demand for small satellites
The number of small satellites that were launched into orbit increased significantly in the last decade. Small satellites are available in sizes that are considerably smaller than traditional satellites and may weigh as low as 2.2 pounds. The manufacture of small satellites costs less and requires low capital investments.
“The demand for small satellites is high for applications such as scientific exploration and earth observation. This is because their low cost allows the deployment of several satellites, which enables the simultaneous measurement and collection of real-time data. The global small satellite market will grow significantly during the forecast period because small satellites are cost-effective and reduce the cost of missions. The growing adoption of miniaturization by satellite manufacturers is also increasing the availability of small satellites,” says a senior analyst at Technavio for research on aerospace.
Satellite-based earth observation market in Europe: Segmentation analysis
This market research report segments the satellite-based earth observation market in Europe by type (data and VAS) and geographical regions (Russian Federation, UK, and Rest of Europe).
The VAS segment held the largest market share in 2018, accounting for over 59% of the market. This type segment is expected to dominate the global market throughout the forecast period.
Russian Federation led the market in 2018 with a market share of over 44%. This region is expected to dominate the market through 2023, followed by the rest of Europe and the UK respectively.
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Some of the key topics covered in the report include:
Market Landscape
- Market ecosystem
- Market characteristics
- Market segmentation analysis
Market Sizing
- Market definition
- Market size and forecast
Five Forces Analysis
Market Segmentation
Geographical Segmentation
- Regional comparison
- Key leading countries
Market Drivers
Market Challenges
Market Trends
Vendor Landscape
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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