Spain Satellite-based Earth Observation Market Size

Spain Satellite-based Earth Observation Market Analysis

The Spain Satellite-based Earth Observation Market size is expected to grow from USD 0.26 billion in the current year to USD 0.41 billion in the next five years, at a CAGR of 9.78% during the forecast period. The Spain Satellite-based earth observation market has been witnessing substantial growth in the past few years due to major market vendors such as SATLANTIS, Alen Space, etc., coupled with the growing demand from various end-user sectors.

• The Span satellite-based Earth-observation market has been witnessing significant growth in the past few years owing to substantial investments in the space sector and various launches of Earth-observation satellites in line with the National Satellite Earth Observation Program. Further, the growing environmental concerns, coupled with an increasing focus on the defense and security sector, are driving the satellite-based earth observation market in the country.
• Moreover, the continuous technological innovation in the satellite-based earth observation market from major market vendors in the country to offer solutions for environmental challenges is driving the market in the country. For instance, through disruptive technological Earth Observation capabilities, SATLANTIS offers the market complete solutions to address today's challenges, such as sustainability, digitization, and optimization of multiple economic sectors. Further, companies such as Open Cosmos offer earth observation satellites to collect critical Earth data for economic, environmental, or security decisions.
• Furthermore, the government is making significant strides in promoting, implementing, and developing research, technological development, and innovation in space, security, and national defense, which is expected to benefit the studied market growth in Spain positively. For instance, in March 2023, Spain's Council of Ministers voted to allow the Spanish Space Agency (AEE) to start operations on March 7. The newly created space agency will guarantee Spain's strategic action in space, both from the point of view of its technological development and the use of space in areas such as earth observation, security, geolocation, and telecommunications.
• Additionally, in the past, the country has launched Earth observation satellites such as PAZ, which provides Earth observation capabilities for multiple civilian applications, from maritime monitoring and infrastructure planning, to high-resolution mapping in Spain. Further, the country's government also launched several initiatives to boost the demand for satellite-based earth observation solutions in the coming years. For instance, PERTE Aerospace pursues establishing a space technology program to generate new innovative and industrial capacities of its own that provide services related to the environment and the cohesion of the territory.
• The COVID-19 pandemic has negatively impacted the studied market due to the country's lockdowns, which resulted in slowing down product deliveries and mission deployments in the earth observation field. However, post-pandemic, the satellite-based earth observation market is analyzed to grow significantly due to the increasing technological advancements in the earth observation field coupled with the growing participation from the major market vendors in the earth observation sector in the country.