We present a comprehensive review of the current status of remotely sensed and in situ sea ice, ocean, and land parameters acquired over the Arctic and Antarctic and identify current data gaps through comparison with the portfolio of products provided by Copernicus services. While we include several land parameters, the focus of our review is on the marine sector. The analysis is facilitated by the outputs of the KEPLER H2020 project. This project developed a road map for Copernicus to deliver an improved European capacity for monitoring and forecasting of the Polar Regions, including recommendations and lessons learnt, and the role citizen science can play in supporting Copernicus’ capabilities and giving users ownership in the system. In addition to summarising this information we also provide an assessment of future satellite missions (in particular the Copernicus Sentinel Expansion Missions), in terms of the potential enhancements they can provide for environmental monitoring and integration/assimilation into modelling/forecast products. We identify possible synergies between parameters obtained from different satellite missions to increase the information content and the robustness of specific data products considering the end-users requirements, in particular maritime safety. We analyse the potential of new variables and new techniques relevant for assimilation into simulations and forecasts of environmental conditions and changes in the Polar Regions at various spatial and temporal scales. This work concludes with several specific recommendations to the EU for improving the satellite-based monitoring of the Polar Regions.