North America accounts for a majority market share in earth observation systems, followed by Europe. This is due to its highly developed space technology such as reusable rockets. Also, the main use of earth observation systems is defence, which is another reason for North America’s dominance of the global market. Key players are functioning actively and investing heavily in infrastructure development, resulting in increased data efficiency, reliability, and flexibility. Advancements in technological architecture are critical to market expansion.
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As per a revised report published by Fact.MR, the earth observation system (EOS) market is anticipated to surpass US$ 5 Bn valuation in 2021, and is poised to expand at a CAGR of around 9% over the next ten years.
Key Takeaways from Market Study
- The global EOS market is expected to grow 2.4X in value by 2031.
- Value-added services as a solution capture the highest share of more than half of the global market, and are set to create an absolute $ opportunity of around US$ 3 Bn by 2031.
- Among the applications, infrastructure has been the fastest-growing segment, owing to rise in penetration of EOS across multiple industries over the past decade. Defence holds the highest market share with more than 40%, and is expected to expand at around 9.5% CAGR through 2031.
- North America is set to dominate market revenue in 2021, and is expected to gain 180 BPS points by the end of 2031.
- Europe is the second-largest market for EOS, with more than 22% global market share, but is expected to lose 56 BPS by the end of 2031.
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Fact.MR has studied the EOS market with detailed segmentation on the basis of solution, application, and region.
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Key players in this market are continuously investing in technological advancements and research & development to come up with improved and efficient equipment and cost reduction. For instance, SpaceX has made a significant contribution to reusable rockets, which drastically reduced the costs of remanufacturing. This allows companies to perform their space programs and launches with better efficiency, lower costs, and improved flexibility of data acquired. These advancements will propel market growth in the medium- to long-term forecast period.
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