EUSPA publishes The EO and GNSS Market Report - January 2024 [Feb/2024]

The European Union Agency for the Space Programme (EUSPA) has published the second issue of the EUSPA EO and GNSS Market Report in January 2024.

The report follows a structure similar to the one adopted in the previous editions, touching on GNSS and EO global downstream markets both from the revenues and size perspective, aimed at supporting space businesses in the downstream sector. This with a special focus on their application in 15 different market segments.

Both GNSS and EO application markets revenues are expected to grow thanks majorly to revenues generated from added value services. The GNSS downstream market revenues are forecasted to more than double in ten years from 2023, going from 260 billion to 580 billion euros. 

Revenues of added-value services in the GNSS market are expected to drive the growth in the upcoming decade. The market of devices, still experiencing an upward trend, will instead become more mature in its nature. The maturity of the device market will be counterbalanced by the increasing innovation in the service market, having an overall CAGR of 8% in ten years’ time. Most of the GNSS devices shipped are forecasted to belong to the segments of Consumer Solutions and Automotive (for the 92%). Professional markets such Agriculture, Cultural Heritage and Infrastructure will join the dominant mass markets in revenues determination for the GNSS market.

In 2023, the global revenues from EO data and value-added services amounted to €3.4 billion and were led by the top three segments of Climate, Environment and Biodiversity; Agriculture; and Urban Development and Cultural Heritage. However, projections suggest significant growth in the Insurance and Finance segment, with an expected increase of 165% in the revenue contribution from 2023 to 2033, reaching almost €900 million.

The value-added services also represent the largest component of the EO market growth, representing the 80% share of the forecasted EO global revenues for 2033 (5 out of the 6 billion revenues predicted), mainly generated in North America. Both the demand and the supply side of the EO downstream market are expected to continue to be led by North America, immediately followed by Europe. While North America EO industry dominates the EO market supply in the fields of data acquisition, distribution and processing branches of EO, the European industry leads the last stage of value chain, correspondent to analysis, insights and decision support.

For more information and access to the full market report by EUSPA, please click here.