The firm has predicted 5,401 Earth Observation satellites will be launched between 2024 and 2033.
The global Earth Observation (EO) satellite market is poised for significant expansion in the coming decade, with the number of EO satellites in orbit expected to nearly triple. The manufacturing market is projected to grow by 40%, while the value of the launch market is anticipated to increase by 55%.
According to the latest Earth Observation Satellite Systems report from Novaspacea merger between Euroconsult Group and SpaceTec Partnersan estimated 5,401 EO satellites will be launched between 2024 and 2033. This marks a 190% increase from the 1,864 satellites launched in the previous decade.
The market’s growth is being fueled by the miniaturisation of technology, which allows a new generation of EO satellites to carry a wide range of instruments. These include Very High Resolution (VHR) and Very Very High Resolution (VVHR) Multispectral, Synthetic Aperture Radar (SAR), Hyperspectral, Greenhouse Gas (GHG) monitoring, Electronic Intelligence (ELINT)/RF and Meteocean sensors. Miniaturisation is also enabling the deployment of smallsat constellations across various orbits, including Very Low Earth Orbit (VLEO) and inclined trajectories.
The expansion of the EO upstream market is supported by a growing ecosystem of satellite manufacturers and payload providers, along with advancements in computational capacity and data analytics. These innovations have led to the development of low-cost platforms and payloads that can deliver high-quality operational services, previously achievable only with larger satellites.
Manufacturing revenues are expected to reach $131bn, with launch revenues projected to hit $40.1bn over the next decade. This growth is predominantly driven by government customers, with global investments in economic recovery and innovation, including new civil constellation programmes in countries like Italy, South Korea and the UAE, accelerating this trend.
“The rapid advancements in technology and increasing investments by governments worldwide are setting the stage for a dynamic and robust EO satellite market,” said Novaspace Expert, “This growth presents significant opportunities for both government and commercial operators to leverage new capabilities and services.”
The 2024 edition of the Earth Observation Satellite Systems report offers detailed forecast reviews based on recent budget announcements, defence programmes, and civil initiatives. It also provides insights into business opportunities and challenges for commercial operators globally. The report covers global EO satellite demand dynamics and forecasts for the next decade compared to the previous decade, including an overview of the satellite manufacturing market and ecosystem. A key focus is on the manufacturing and launch markets and their anticipated evolution over the next 10 years for commercial, civil government, and unclassified defence satellites.
