Paris, Washington D.C., Montreal, Yokohama, May 7, 2015 - According to Euroconsult's newly released report, Earth Observation Requirements & Solutions in Latin America, the Latin American Earth observation market is undergoing significant expansion brought about by growing demand for Earth observation data and services, and governments' growing investment into the application to support this demand and help to develop national Earth observation industries. In this regard, the region is considered one of the most dynamic markets globally.
As of 2014 combined national investment into Earth observation systems developed is $193 million. This number is expected to increase substantially as further countries in the region are expected to invest in the application, and current investing countries expand their satellite portfolios. Consequently, the number of Earth observation satellites launched from Latin American programs is anticipated to grow to more than 25 over the coming decade, compared to just six launched in the last ten years.
Demand for Earth observation data has also increased significantly. "The data market in Latin America is estimated at $145 million in 2014; nearly half of all data sales are attributed to the defense sector, with natural resources monitoring, infrastructure and engineering, and energy following," said Ricardo Topham, Consultant at Euroconsult and editor of the report. "Brazil represents the largest national market, totaling a third of all data sales, followed by Mexico."
Demand is foreseen to continue to grow strongly, with a 10% CAGR forecast over 2014-2024, leading to a $355 million commercial data market. Multiple factors are expected to support this growth: