The report released by the World Economic Forum delves into the economic potential of Earth Observation (EO) technologies across various sectors.

• EO refers to collecting information about activities and characteristics on Earth, both natural and artificial, including physical, chemical, biological and human systems. EO includes:
  • Remotely-sensed data which is collected from satellites, piloted aircraft, etc.
  • In-situ data is gathered from GPS-enabled devices, Internet-of- things sensors, etc.

Economic opportunities of EO

It would contribute $3.8 trillion to global gross domestic product between 2023-2030. Industries that would gain most from EO–

• Agriculture:  to reduce consumption through precision agriculture.
• Electricity and utilities: to forecast the energy potential and operations management for new solar, wind and hydropower sites.
• Mining: to search for rare Earth minerals in old mines and enhance lithium exploration.

Climate opportunities of EO

EO applications have the potential to reduce over 2 billion tonnes of CO2 annually by 2030. Some applications:

• Early warning: better characterize wildfire risk and to spot wildfires faster.
• Environmental impact monitoring: Satellites and aircraft-borne EO sensors can monitor Greenhouse gases.

Challenges

limited awareness of EO applications, shortage of specialized talent, fragmented standards and difficulty navigating the complex EO marketplace, etc.