During the session dedicated to the market perspective at Φ-week, Steve Bochinger from Euroconsult delivered an extremely positive view of the future Earth observation market with emerging new verticals, albeit not completely free from potential complications.

ESA’s Geraldine Naja showed how ESA, with its newly established Directorate of Commercialisation, Industry and Procurement, will take a new approach to supporting European industry, taking benefits from worldwide commercial and New Space opportunities.

During his talk, Marc Nolla Harvey, Director of Strategic Initiatives at SAP, said simply, “Earth observation benefits companies by allowing them to make more profit, be more efficient and be more sustainable.”

And, Raffaele Mauro, General Partner at Primo Space Fund, a venture investor organisation focused on the space business, explained the why private investors such as venture capitalists increasingly see the New Space economy as a very interesting investment target, which explains the current boom in private investment.

Environmental, social and governance, or ESG, criteria are also increasingly important to companies, their investors and other stakeholders. With growing concern about companies’ ethical and sustainability practices, Earth observation has a critical role to play.

While ESG certification picks up pace, the growth in Europe’s market for Earth observation is also closely linked the European Commissions’ Green Deal – which aims to transform the EU into a modern, resource-efficient and competitive economy, ensuring no net emissions of greenhouse gases by 2050. Businesses and industry in many sectors such as agriculture, energy, insurance, security, are clearly using Earth observation to help in their efforts to curb greenhouse emissions and adopt more sustainable and profitable practices.