Widening Application Base Set to Boost the Satellite-based Earth Observation Market in APAC Through 2020, Says Technavio
By Business Wire News
By Business Wire News
According to the latest market research report by Technavio, the satellite-based earth observation (EO) market in APACis expected to reach USD 2.65 billion by 2020.
In this report, Technavio covers the present scenario and growth prospects of the satellite-based earth observation market in APAC for 2016-2020. To calculate the market size, the report considers revenue generated from the following:
- Data and VAS, which include image and data processing as well as information products.
- EO applications in the agriculture, insurance, and manufacturing industries. For instance, insurance companies use satellite data of flood-affected areas to find out the number of casualties. The same data is useful for government agencies while providing disaster relief.
- EO applications and services in defense and intelligence, energy and natural resources, government authorities, living resources, and navigation and location-based services (LBS).
“EO satellites are used to access data and satellite images related to civil construction, weather forecasts, agriculture, climate, disasters, and biodiversity. As of January 2014, around 190 satellites were orbiting the planet. It is estimated that over 350 EO satellites will be placed in Earth’s orbit between 2015 and 2022 due to the broad application base of EO satellites,” said Rakesh Panda, one of Technavio’s lead industry analysts for M2M and connected devices research.
“Companies across the world are foraying into the market due to high requirements for remote sensing and meteorology across industries such as mining, oil and gas, agriculture, defense and intelligence, and forestry. Almost 45 countries have already launched EO satellites for a variety of purposes. Among them, China holds a 25% share in the space fleet,” added Rakesh.
Leading countries of the satellite-based earth observation market in APAC
- Rest of APAC
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Satellite-based EO market in China
The satellite-based EO market in China was valued at USD 326.3 million in 2015. The satellite-based EO market in China will rapidly grow during the forecast period, driven by the increase in investments in space programs and rise in the demand for EO data and VAS in APAC. China is the major revenue contributor to this market. In 2013, China invested almost USD 11 billion in the space program, which is the second largest in the world. The country is working on an indigenous high-definition observation project called Gaofen. The project was initiated in 2010, with a plan to send 14 EO satellites before 2020. China launched Gaofen-1 in 2013, Gaofen-2 in 2014, and Gaofen 4, Gaofen 8, and Gaofen 9 in 2015.
Satellite-based EO market in Japan
The satellite-based EO market in Japan was valued at USD 76.3 million in 2015. The satellite observation market in Japan is still in its nascent stage but will grow steadily during the forecast period. Images gathered from EO satellites are used in applications such as oil and gas explorations, agriculture, defense, and disaster management in the country. In addition, some start-up companies are also planning to launch EO on microsatellites in space. For instance, Axelspace plans to put 50 EO microsatellites in the orbit from 2017-2020. The images gathered from these satellites will be widely used in applications such as agriculture and surveillance of oil fields.
Satellite-based EO market in India
The satellite-based EO market in India was valued at USD 76.2 million in 2015. The satellite-based EO market in India will grow rapidly during the forecast period. Images gathered from EO satellites are widely used in applications such as disaster management, agriculture, mining, oil and gas, and living resources in the country. The EO satellite, Nisar, which is the result of a collaboration between ISRO (India) and NASA (US) is set to be placed in the orbit by 2021. Nisar will be used for remote sensing purposes.
Satellite-based EO market in Rest of APAC
The satellite-based EO market in Rest of APAC, which comprises of Australia, South Korea, Malaysia, and Indonesia was valued at USD 164.7 million in 2015. The market is expected to grow steadily during the forecast period. Antrix, ISRO’s commercial arm, signed agreements with clients in seven countries to launch 25 satellites during 2016-2017. These include 12 with the US, four with Germany, three with Algeria, three with Canada, and one each with Indonesia, Japan, and Malaysia.
Browse related reports:
- Global Remote Sensing Satellite Market 2016-2020
- Global Satellite-based Earth Observation Market 2015-2019
- Global Satellite Ground Station Equipment Market 2016-2020
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