Satellite-based Earth Observation Market in Europe 2019-2023 | Key Insights and Forecasts | Technavio
LONDON--(BUSINESS WIRE)--Nov 20, 2018--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 . However, the growth momentum of the market is expected to decelerate due to a decline in the year-over-year growth.
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Technavio has released a new market research report on the satellite-based earth observation in Europe for the period 2019-2023. (Graphic: Business Wire)
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 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.
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.
Technavio’s sample reports are free of charge and contain multiple sections of the report such as the market size and forecast, drivers, challenges, trends, and more.
Some of the key topics covered in the report include:
Market LandscapeMarket ecosystem Market characteristics Market segmentation analysis
Market SizingMarket definition Market size and forecast
Five Forces Analysis
Geographical SegmentationRegional comparison Key leading countries
Vendor LandscapeVendors covered Vendor classification Market positioning of vendors Competitive scenario
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PUB: 11/20/2018 12:07 PM/DISC: 11/20/2018 12:07 PM