A new report highlights the transformative impact of Earth Observation (EO) data on global growth and environmental sustainability. Developed in collaboration with Deloitte and drawing insights from industry leaders, the report underscores the substantial economic and environmental benefits of EO technology.
Key Findings
• EO data usage could contribute up to $3.8 trillion to global GDP by 2030, marking a significant increase from $266 billion.
• The application of EO data has the potential to annually reduce greenhouse gas emissions by 2.2 gigatonnes, equivalent to the emissions of 476 million cars.
•By 2030, the Asia Pacific region is poised to lead in capturing EO’s value, with projected revenues reaching $315 billion. Africa and South America are anticipated to experience substantial growth in this regard.
• Sectors such as agriculture, electricity and utilities, government, insurance, mining, oil and gas, and supply chain and transport are expected to derive approximately 94% of the total value from EO data by 2030.
•EO data facilitates innovation, efficiency, and risk management across industries globally.
Insights
EO data is a crucial component of the Fourth Industrial Revolution, converging with technologies like artificial intelligence and digital twins to drive economic prosperity and sustainable growth.
Industries including agriculture, mining, oil and gas, government, electricity, supply chain and transport, and insurance and financial services stand to benefit significantly from EO data, enabling improved decision-making and risk mitigation.
EO data can empower farmers to enhance crop yield and sustainability, while enabling insurance providers to mitigate environmental risks and make sustainable investment decisions.
Challenges and Recommendations
Challenges include low awareness about EO, a shortage of skilled workers, and market navigation difficulties.
Addressing these challenges requires smart policies, cross-industry collaboration, increased demand, advancements in supporting technologies, and standardized EO data usage.
The report underscores the transformative potential of EO data in driving economic growth, enhancing environmental sustainability, and fostering innovation across industries.
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