Novaspace, the new name of the merged companies Euroconsult and SpaceTec Partners, has published the 17th edition of its Earth Observation Data and Services Market and projects the market to exceed $8 billion by 2033.
Contributing factors to the growth include “AI, cloud computing, and advanced downlink capabilities.” Novaspace states that the market in 2023 was valued at $5 billion. Notably, the services segment is projected to grow from $3.1 billion to $4.9 billion.
Leading the way in revenues is “North America leads with 44% of global revenues, while Asia is set to grow rapidly, reaching 23% by 2033, with key markets in Japan, India, and South Korea.” Europe had 22% of global revenues. Asia will surpass Europe by 2033 in global revenues.
Novaspace says defense will be one of the “critical drivers behind the market’s sustained expansion” along with advanced Earth observation products.
With respect to defense, the reports states that “defense investments in Earth observation data are set to grow by $1.1 billion by 2033, driven by higher budgets and service-based models.
Alexis Conte, Manager at Novaspace and the lead author of the report said, “Market growth isn’t just about replacing aerial geolocation systems. It’s about scaling up EO monitoring capabilities to provide actionable insights over time. This focus on tracking and analyzing activities at scale is driving both technological and market innovations.”
The full report starting at €6,000 is available on the Novaspace website and covers eight regional markets, nine vertical applications with 32 sub-applications.
