Data collected by space-borne, Earth-orbit monitoring equipment, such as satellites and space shuttles, is known as ‘space data’, and is a rapidly expanding resource. The most exciting form of space data is space-based Earth observation data (SBEO) – data gathered from satellites looking back at the surface of Earth.
While previously the purview of governments, the entry of private industry into the space economy has seen the number of satellite launches rise and prices fall, making SBEO more accessible, which in turn will open new avenues of innovation across many industries. With six times as many satellites to be launched in the coming decade as were launched in the previous, past trends are predicted to continue with the greatest impact of more readily accessible SBEO occurring in those industries yet to incorporate SBEO, such as agriculture and aquaculture, medicine, retail, and mining.
Varyingly estimated at around $400 billion in 2021, the global space economy is expected to grow to more than $1.2 trillion over the next 20 years. Currently, the Australian space economy is valued at $4.8 billion and projected to outperform both other sectors of the Australian economy and its peers within the space economy. Much of the projected growth in the Australian space economy is expected to be fuelled by the collection, processing, and application of SBEO.
Space data’s applications are vast. Watch our video below to discover what space data can do for you.