The Earth Observation sector is the most represented in satellite-based applications (products and services that use data from satellites processed by digital technologies). Today there are 421, the majority of the 1008 surveyed worldwide, followed by applications of satellite navigation (384) and satellite communication (203).
On the new business side, in 2022 Space Economy startups raised 8 billion euros globally, a slowdown after the exploits of the previous two years (with almost 14 billion euros collected in 2021), due to geopolitical instability, the financial markets and the slowdown in SPAC (Special Purpose Acquisition Company) operations, which were settled in February 2022.
«The Space Economy – explain the heads of the Observatory of the School of Management of the Milan Polytechnic Paolo Trucco and Franco Bernelli Zazzera – is assuming an increasingly strategic role both in the dynamics of cross-sectoral innovation involving companies, and in industrial policy of the more advanced countries. After years of gestation, there are now clear signs that the Italian New Space Economy is on the launch pad, ready to play an increasingly central role in Europe as well».
«From a technological point of view, two macro-trends are completely revolutionizing this market – add Angelo Cavallo and Antonio Ghezzi, respectively Director and Scientific Director of the Space Economy Observatory -. The first is the advent of miniaturized systems combined with standardization which has allowed the start of mass production of some systems, favoring the diffusion of nano-satellites weighing less than 10 kg, with a considerable reduction in the time and resources required as well as savings the cost of launching into orbit. The second macro-trend is fractionation, which makes it possible to meet the needs of new users in the space sector and is essential for the provision of some services, such as In-Orbit Services».
The Earth Observation market – 65% of the total turnover of this sector is linked to national or supranational public bodies, space agencies and local public bodies such as regions, provinces and municipalities. The remaining 35% is instead attributable to the demand from Large companies, Pm and Startups which are the first to invest in Earth Observation. The main areas of application concern various sectors: from agriculture to forestry and fishing, from energy to public utility services, construction and infrastructure. From finance, insurance, legal and environment to wildlife.