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APAC Satellite-based Earth Observation Market CAGR Growth of 16.79% by 2020
July 5, 2016 | PRNewswireEstimated reading time: 1 minute
Research and Markets has announced the addition of the "Satellite-based Earth Observation Market in APAC 2016-2020" report to their offering.
The report forecasts the satellite-based earth observation (EO) market in APAC to grow at a CAGR of 16.79% during the period 2016-2020.
Commenting on the report, an analyst from the research team said: A key trend which is expected to have a big impact on growth is the increased lift-off of nano-and microsatellites. The increased launch of nano-and microsatellites in large constellations is an emerging trend that will gain considerable traction in the future. The rising demand for hyperspectral imaging systems and enhanced computational and communication systems enables nano- and microsatellite providers such as Planet Labs and Skybox Imaging to launch nano and microsatellites into space. These small satellites are used for precise tracking and spotting in navigation and mapping applications.
According to the report, a key growth driver is the widening application base of EO satellites. EO satellites are used to access data and satellite images related to civil construction, weather forecast, 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. 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.
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