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Satellite-Based Earth Observation Market to grow by USD 7.6 Billion(2024-2028), driven by satellites for advanced environmental monitoring, AI transforming trends – Technavio

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NEW YORK, Dec. 14, 2024 /PRNewswire/ — Report with the AI impact on market trends – The global satellite-based earth observation market size is estimated to grow by USD 7.6 billion from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of over 10.67%  during the forecast period. Use of satellites for advanced environment monitoring is driving market growth, with a trend towards growing demand for small satellites. However, competition from alternate technologies  poses a challenge. Key market players include Airbus SE, Antrix Corp. Ltd., BAE Systems Plc, Eagle View Technologies Inc., Geoimage, Global Surface Intelligence Ltd., Imagesat International I.S.I Ltd., Kleos Space S.A., L3Harris Technologies Inc., Lockheed Martin Corp., Maxar Technologies Inc., Northrop Grumman Corp., OHB SE, Orbital Insight Inc., Orbital Micro Systems, Planet Labs PBC, PlanetiQ, Raytheon Technologies Corp., Thales Group, and EarthDaily Analytics.

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Satellite-based Earth Observation Market Scope

Report Coverage

Details

Base year

2023

Historic period

2018 – 2022

Forecast period

2024-2028

Growth momentum & CAGR

Accelerate at a CAGR of 10.67%

Market growth 2024-2028

USD 7604.6 million

Market structure

Fragmented

YoY growth 2022-2023 (%)

9.78

Regional analysis

North America, APAC, Europe, South America, and Middle East and Africa

Performing market contribution

North America at 42%

Key countries

US, Canada, China, Russia, and UK

Key companies profiled

Airbus SE, Antrix Corp. Ltd., BAE Systems Plc, Eagle View Technologies Inc., Geoimage, Global Surface Intelligence Ltd., Imagesat International I.S.I Ltd., Kleos Space S.A., L3Harris Technologies Inc., Lockheed Martin Corp., Maxar Technologies Inc., Northrop Grumman Corp., OHB SE, Orbital Insight Inc., Orbital Micro Systems, Planet Labs PBC, PlanetiQ, Raytheon Technologies Corp., Thales Group, and EarthDaily Analytics

Market Driver

The Satellite-based Earth Observation market is thriving, with trends in defense sector applications, border monitoring, disaster management, and military missions. Big data technology and high-resolution imaging services are driving innovation, while reusable rockets and high-altitude balloons reduce launch costs. Civil engineering construction, agriculture & forestry, transportation, real estate, and urban planning sectors benefit from satellite imagery. Defense & intelligence, homeland security, and infrastructure security are key government sector applications. Space economy growth includes commercial space activities, private spaceflight industry, telecommunication services, and open-source data. Startups and global corporations like Satellogic, GeoterraImage, Imagesat International, MDA Corporation, Planet Labs, and others are expanding technological capabilities with high-resolution cameras and remote sensing technology. Applications include weather occurrences, climate change mitigation, natural resource management, and disaster management. Market restraints include highly trained workers, encrypted data, and big data processing costs. Orbits provide data sources for Earth-imaging satellites, GNSS radio occultation, mapping, natural resources survey, and more. Satellite analytics offer insights into the macroscopic environment, supporting science, research, and development for defiance, urban development, and smart city initiatives. Market growth includes space programs, population reference bureau, and infrastructure facilities. Technological advancements in satellite imagery, meteorology, cartography, ocean salinity, ice thickness, agricultural health, air quality, and orbits contribute to market expansion. 

In the last decade, the number of small satellites, or SmallSats and CubeSats, launched into Earth’s orbit has seen a substantial rise. Ranging from a shoebox to a washing machine in size and weighing as little as 10 kilograms, these satellites offer a cost-effective and low-capital investment alternative. The affordability of SmallSats has fueled their popularity, particularly in scientific research and Earth observation applications. A larger constellation of these satellites can significantly enhance data collection capabilities. 

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Market Challenges

The Satellite-based Earth Observation market is thriving, with applications in various sectors including defense, border monitoring, disaster management, military missions, and civil engineering construction. Defense and intelligence agencies use high-resolution imagery for reconnaissance and security purposes. In the civil sector, satellite imagery is essential for urban planning, infrastructure security, and homeland security. Agriculture, forestry, transportation, real estate, and telecommunication services also benefit from satellite imagery for monitoring and analysis. Challenges in this market include the high cost of launching and producing satellites, the need for highly trained workers, and the secure handling of encrypted data. Reusable rockets and mass production are potential solutions to reduce launch costs. The use of satellite imagery extends to non-military purposes such as environmental monitoring, meteorology, cartography, and natural resource management. The market is driven by technological capabilities, including high-resolution cameras and remote sensing technology. However, market restraints include recessions, space programs, and competition from drones, high-altitude balloons, and unmanned aerial vehicles. Startups like Satellogic, GeoterraImage, Imagesat International, MDA Corporation, Planet Labs, and global corporations are investing in satellite imagery and analytics for various industries. The market also includes spy satellites and open-source data for scientific research and development. The space economy is growing with commercial space activities and the private spaceflight industry. The market is expected to grow further with smart city initiatives, infrastructure facilities, population growth, and the need for climate change mitigation and natural catastrophe prevention.The satellite-based Earth observation market faces notable competition from emerging high-altitude observational technologies, including UAVs, drones, and stratospheric balloons (stratolites). These balloons can carry telescopes and sensors, ranging from lightweight to heavy, up to 40,000 meters, offering cost-effective Earth observation for service providers and researchers. Stratolites are also beneficial for validating satellite data, as they experience less interference. Companies like Google and World View Enterprises invest in high-altitude balloon R&D, posing a growing threat to satellite-based Earth observation. This trend is expected to expand, with applications in weather forecasting and meteorological data acquisition.

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Segment Overview

This satellite-based earth observation market report extensively covers market segmentation by

Application 1.1 Defense1.2 Weather1.3 LBS1.4 Energy1.5 OthersType 2.1 VAS2.2 DataGeography 3.1 North America3.2 APAC3.3 Europe3.4 South America3.5 Middle East and Africa

1.1 Defense-  The defense segment held a substantial share in the global satellite-based Earth observation market in 2023. This trend is attributed to increasing defense spending on satellite technologies for surveillance, security, and intelligence purposes by emerging nations like China, India, and Russia. In September 2022, Airbus SE secured 15-year contracts with the Czech Republic and Netherlands defense ministries to provide satellite communications. The Czech Republic and Netherlands armed forces will utilize two and three channels, respectively, of Airbus’ UHF military communications hosted payload on EUTELSAT 36D. Launch scheduled for 2024, such agreements strengthen civil contractors’ presence in the military domain. The defense segment is projected to witness growth through hybrid procurement, combining public-private partnerships and proprietary application/data purchase framework contracts, due to budgetary constraints, low utilization rates, and industry competitiveness enhancement.

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Research Analysis

The Satellite-based Earth Observation market is a dynamic and growing industry that provides valuable insights and data about the Earth through various applications. This market caters to diverse sectors including Defense, Border monitoring, Disaster management, Military missions, and Civil engineering & construction. High-resolution imaging services are essential for Defense & intelligence, Agriculture & forestry, Transportation, Real estate, and Urban planning. Big data technology plays a crucial role in processing and analyzing vast amounts of satellite imagery. Reusable rockets and alternative earth observation methods like high-altitude balloons, Unmanned Aerial Vehicles (UAVs), and drones are also gaining popularity. The market encompasses Telecommunication services, Space economy, Commercial space activities, and the Private spaceflight industry. Satellite imagery is used for various purposes such as Infrastructure security, Homeland security, Border mapping, and Infrastructure development.

Market Research Overview

The Satellite-based Earth Observation market encompasses various applications including defense sector, border monitoring, disaster management, military missions, and civil engineering construction. Big data technology plays a crucial role in processing high-resolution imagery for defense & intelligence, agriculture & forestry, transportation, real estate, and urban planning. Reusable rockets and high-altitude balloons are transforming the space economy, enabling commercial space activities and private spaceflight industry. Telecommunication services and satellite imagery are essential for government sector initiatives, smart city development, and infrastructure security. Earth-imaging satellites provide valuable data sources for meteorology, cartography, ocean salinity, ice thickness, agricultural health, air quality, and natural resource management. Technological capabilities include high-resolution cameras, remote sensing technology, and satellite analytics. Market growth is driven by the need for natural catastrophe prevention, climate change mitigation, and scientific research and development. However, market restraints include highly trained workers, encrypted data security, big data management, launch costs, and satellite production. Startups and global corporations are investing in satellite imagery, orbits, and data sources to address various industries and applications. Satellogic, GeoterraImage, Imagesat International, MDA Corporation, Planet Labs, and others are leading the way in satellite innovation. Non-military purposes include environmental monitoring, weather occurrences, and open-source data. Space programs and urban development are also significant markets for satellite-based Earth observation.

Table of Contents:

1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation

ApplicationDefenseWeatherLBSEnergyOthersTypeVASDataGeographyNorth AmericaAPACEuropeSouth AmericaMiddle East And Africa

7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

Contacts

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/

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Nucleus Software Strengthens its Senior Leadership in South East Asia (SEA): Announces Mukul Agrawal as Regional Sales Head – SEA

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SINGAPORE, Dec. 20, 2024 /PRNewswire/ — Nucleus Software, India’s leading provider of robust digital lending and transaction banking solutions to the global financial services industry, today announced the appointment of Mukul Agrawal as Regional Sales Head for South East Asia (SEA). With over three decades of extensive sales experience across the SEA region, Mukul brings deep expertise in fintech solutions, including core banking and lending.

Mukul’s expertise spans driving business growth, crafting innovative solutions for financial institutions, and implementing strategies that enhance operational efficiency and customer experience. As SEA accelerates its digital transformation in financial services, Nucleus Software, with more than 30 years of expertise in banking technology, continues to empower banks and financial institutions with innovative solutions that drive seamless, customer-centric banking experiences to meet the evolving needs of this dynamic market.

“We are delighted to welcome Mukul Agrawal to the Nucleus Software family. With his extensive experience and deep expertise in financial services industry, Mukul will be a key driver in our efforts to strengthen our presence in SEA. His leadership will be crucial in accelerating our growth and ensuring that we continue to lead the way in delivering innovative, customer-centric solutions to the financial services industry,” said Vishnu R. Dusad, Managing Director and Co-founder of Nucleus Software.

This strategic appointment aligns with Nucleus Software’s ongoing initiative to enhance its global sales organization, ensuring a consistent customer experience while expanding market reach. The company is also intensifying its on-the-ground presence across SEA to better serve its clients. In his new role, Mukul will lead business expansion and manage the product portfolio, applying his strategic vision and customer-focused approach to drive the region’s digital transformation in financial services.

“I am thrilled to join Nucleus Software, a pioneer in delivering transformative solutions for the global financial services industry. I look forward to collaborating with the exceptional teams across SEA to accelerate growth, deepen client partnerships, and deliver innovative, future-ready solutions. Together, we will explore new opportunities and drive impactful outcomes for our customers in the region. Guided by the core principles of integrity, innovation, and customer-centricity, we are committed to delivering solutions that build trust and create long-lasting value,” said Mukul Agrawal, Regional Sales Head – SEA, Nucleus Software.

Mukul is an accomplished professional with an MBA from the prestigious IIM Ahmedabad and a B.Tech. A lifelong learner, he combines academic excellence with a passion for personal growth. Outside of his professional endeavors, Mukul is an avid sports enthusiast. His hobbies include golfing, swimming, and maintaining a robust fitness regimen. He is also keen on exploring new technologies, reading, and traveling, which help him stay well-rounded and inspired both personally and professionally.

For more information, please visit: www.nucleussoftware.com

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Prytime Medical Announces Key Prolonged REBOA Advancements to Treat Maternal Hemorrhage

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BOERNE, Texas, Dec. 20, 2024 /PRNewswire/ — Prytime Medical, The REBOA Company™, is proud to announce significant strides made in 2024 to improve maternal care. These accomplishments underscore the company’s unwavering commitment to ensuring that no mother should bleed to death. Key highlights include:

Empowering Women with High-Risk Pregnancies

After years of hoping for a fourth child, Jessica Barnhart’s pregnancy took a dangerous turn with a c-section scar ectopic pregnancy and placenta accreta spectrum (PAS). Facing life-threatening risks, Jess found hope with Dr. Robert Cohen of Medical City Dallas, who provided a clear care plan that included the pREBOA-PRO™ catheter. Despite the challenges, including the potential for life-threatening hemorrhage, Jess chose Dr. Cohen’s team. Following a complex delivery supported by extended aortic occlusion times and central aortic pressure monitoring technology, Jess had dramatically reduced hemorrhage, and she and her baby Quin survived. Today, Quin is a healthy toddler, and Jess credits Dr. Cohen’s care and innovative treatment with saving her life and keeping her family whole.

In an effort to raise awareness and improve patient outcomes, Prytime Medical continues to partner with survivors like Jess Barnhart to share and amplify their stories. These personal experiences help inform and inspire others facing high-risk pregnancies, particularly those with PAS conditions.

To read more survivor stories, visit www.prytimemedical.com/obstetric-hemorrhage.

Replacing Opinion with Data: 54 Obstetric Hemorrhage Cases in 2024

In 2024, 54 mothers with Placenta Accreta Spectrum (PAS)-related conditions have benefited from Prytime Medical’s pREBOA-PRO™ catheter, marking a significant increase in the use of the pREBOA-PRO™ catheter for obstetric hemorrhage management since 20231. These cases, including procedures at Medical City Dallas and several additional planned cases, demonstrate the expanding role of REBOA in addressing complex obstetric emergencies.

Dr. Robert Cohen (Medical City Dallas): “As the need for pREBOA-PRO™ in PAS cases continues to grow, the ability to pause bleeding & stabilize my patients is proving to be a critical tool in saving lives and improving maternal outcomes.”

Expansion of Clinical Collaboration: New Partnerships with Leading Hospitals

Prytime Medical has expanded its reach in 2024 by partnering with two new leading hospitals to integrate prolonged safe hemorrhage control into the management of obstetric hemorrhage and PAS. These collaborations are pivotal in advancing the role of REBOA in maternal care, allowing more healthcare providers to implement advanced hemorrhage control techniques.

Dr. Mehmet Genc (UF Shands): “Prolonged REBOA has transformed the way we approach high-risk pregnancies. It’s become an essential part of our strategy for managing life-threatening obstetric hemorrhage, and we see tremendous potential for its future use.”

Research Contributions: New Publications on Prolonged REBOA & Obstetric Hemorrhage

Dr. Robert Cohen and his team at Medical City Dallas have contributed three significant publications in 2024, further validating the clinical benefits of prolonged REBOA in obstetric hemorrhage. These papers, focusing on the application of prolonged REBOA in obstetrics, add to the growing body of evidence supporting its ability to improve maternal outcomes in severe hemorrhage scenarios.

Peer-to-Peer Collaboration: Multicenter Calls on Obstetric Hemorrhage

This year, Prytime Medical facilitated four peer-to-peer multicenter calls where clinicians from around the world shared their experiences with prolonged REBOA in obstetric hemorrhage cases. These collaborative events serve as a valuable platform for best practices, new techniques, and the evolving role of prolonged REBOA in managing obstetric emergencies.

For more information about the quarterly Obstetric Hemorrhage Multicenter Call, visit www.prytimemedical.com/obstetric-hemorrhage.

National Conference Engagement: Sponsorship & Attendance at Major OB Conferences

Prytime Medical sponsored and attended two leading national obstetric conferences in 2024. These conferences facilitated discussions on the latest technologies and treatment approaches in obstetrics, including the use of prolonged REBOA in hemorrhage management. These events highlight Prytime Medical’s dedication to advancing medical education and providing clinicians with up-to-date resources.

Commitment to Clinical Excellence: Prolonged REBOA Training for Obstetric Applications

Prytime Medical has conducted hands-on prolonged REBOA training sessions at prestigious academic centers like NYU Langone, UF Shands, and OhioHealth Riverside. These sessions aim to equip obstetric teams with the skills necessary to manage severe hemorrhage cases, ultimately improving preparedness and clinical outcomes.

“We are deeply committed to advancing care for obstetric hemorrhage patients,” said Heather Salinas, Women’s Health Program Manager at Prytime Medical. “Through education, collaboration, and rigorous research, we envision prolonged REBOA becoming the standard of care in obstetric hemorrhage management.”

For more information about Prytime Medical’s prolonged REBOA initiatives, including in Obstetric Hemorrhage, visit www.prytimemedical.com.

About Prytime Medical

Prytime Medical is dedicated to enhancing clinical outcomes for hemorrhagic patients by helping hospitals establish successful prolonged REBOA programs. The pREBOA-PRO™ catheter is a device used in trauma & obstetric hemorrhage to control bleeding, stabilize patients, and provide time for further treatment.

Contact:
Nicole Calvert
Marketing Manager
210-340-0116
ncalvert@prytimemedical.com
www.prytimemedical.com

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Chirisa Technology Parks welcomes Spencer Raymond as Chief Financial Officer

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Spencer Raymond will join Chirisa Technology Parks to support financing, financial management and operations related to CTP’s rapid delivery of high-performance, leading-edge facilities for hyperscale, HPC, and AI customers

RICHMOND, Va. and DUBLIN, Dec. 20, 2024 /PRNewswire/ — Chirisa Technology Parks (“CTP”) today announces that Spencer Raymond will join our senior leadership team as Chief Financial Officer in February 2025.

In his role as Chief Financial Officer, Mr. Raymond will be responsible for leading the day-to-day financial operations and affairs of the CTP including financial strategy, debt and equity capital formation, planning, compliance, reporting and analysis, financial and management reporting systems and financial risk management.

With over 20 years of experience, Raymond has delivered extensive shareholder value at high growth firms in the real estate and asset management industry.  In his most recent role as CFO of Rockpoint, he oversaw financial and operational areas driving AUM growth from $4 billion to $16 billion at peak.  In that role, he was responsible for a series of capital transactions, raising new debt and equity to facilitate the growth of the business.  Raymond was instrumental to the launch of a vertically integrated property-level services function, which now provides services on a national basis. He also oversaw the build-out of infrastructure related to many aspects of the firm’s operations.

Lee Hayes, President and CEO of CTP commented, “I am delighted to welcome Spencer as Chief Financial Officer of Chirisa Technology Parks.  His appointment is a bold statement of our intention to further accelerate the rapid growth of our business.  Our hyperscale customers are substantially expanding their AI/HPC footprints to meet the growing global demand for high performance computing.  In 2025, we will focus on the expansion of our leading-edge critical facility financing, development and management capability to meet this customer need.”

Prior to Rockpoint, Raymond was a pre-launch partner and co-founder of Pleasant Lake Partners, responsible for all business development, fundraising and investor relations, finance, operations and SEC compliance of the global opportunistic concentrated equity long-short fund. Prior to Pleasant Lake, Raymond was a pre-launch employee and ultimately Chief Financial Officer of Garrison Investment Group, a $4 billion AUM real estate and corporate middle market credit opportunity fund sponsor.

Raymond began his career at Ernst & Young as a senior audit team member.  He graduated Magna Cum Laude from Syracuse University Whitman School of Management and was captain of Men’s NCAA Division I Swim Team.  He has a broad and international perspective having lived in the USA, London, Singapore and Frankfurt.

Raymond will be based at our offices in Virginia, USA.

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