Global Aerial Imaging Market: Snapshot
The global market for aerial imaging has been witnessing a substantial growth over the past few years, thanks to the increased adoption of advanced drone/unmanned aerial vehicle (UAV) in the defense and various other industries. The growing footprint of aerial imaging solutions across various applications, such as cartography, construction and development, defense and security, and intelligence surveillance, is another important factor, bolstering the growth of this market.
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The worldwide aerial imaging market stood at US$1.36 bn in 2016 and is anticipated to register a CAGR of 14.6% from 2017 to 2025, reaching a value of US$4.58 bn by the end of 2025. The rising popularity of location-based services and various technological developments in the field of advanced aerial camera systems and drone technology are expected to propel this market substantially over the forthcoming years.
Adoption of Aerial Imaging to Remain Higher in Geospatial Technology
Aerial imaging finds a widespread application in energy, natural resources management, geospatial technology, construction and development, defense and intelligence, disaster response management, conservation and research, and media and entertainment. Geospatial technology has been reporting a greater application of aerial imaging. In 2016, it emerged as the leading application area of aerial imaging with a share of 21.5% in terms of revenue contribution.
The defense and security sector also has always been a prominent consumer of aerial imagery and geospatial data. The usage of aerial imagery in this sector has now increased significantly due to the high level of awareness among consumers and the availability of high-resolution aerial imagery from numerous suppliers. The construction and development, geospatial technology, and natural resource management are likely to surface as promising applications areas of aerial imaging over the next few years.
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North America to Retain Supremacy
The global market for aerial imaging boasts of an extensive presence across North America, the Middle East and Africa, Europe, Asia Pacific, and South America. With US$575.9 bn in revenues, North America dominated the overall market in 2016. Thanks to the rise in the agriculture and forestry industry, this regional is likely to remain leading over the years to come. Since aerial photography helps farmers to identify their crops and take decisions regarding whether or not to increase the water supply to the crops, its application in farming has increased, reflecting greatly on the overall market.
The Europe market for aerial imaging stood second in 2016 and is anticipated to continue in this position in the near future. The growing usage of aerial imagery for monitoring the aquatic vegetation, increasing developments in imagery Intelligence solutions, and the rising number of organizations in Europe involved in collection of aerial photography are stimulating this regional market.
The Asia Pacific Aerial Imaging market is being driven by the escalating usage of aerial images for ground water mapping purposes while the increasing application of aerial imagery in the tourism industry is boosting the Middle East and Africa market. The South America market is likely to gain from the steady growth of the agricultural and the industrial sectors in the years to come.
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NRC Group ASA, Fugro N.V., Digital Aerial Solutions LLC, Nearmap Ltd., Google Inc., EagleView Technologies, Inc., Cooper Aerial Surveys Co., Landiscor Real Estate Mapping, GeoVantage Inc., and Kucera International Inc. are the most prominent players in the global aerial imaging market.
Increase in Research and Development Activities to Boost Growth of Aerial Imaging Market
The extensive adoption of unmanned aerial vehicles (UAV) or drones for defense and commercial activities may bring tremendous growth opportunities for the aerial imaging market through the forecast period of 2017-2025. The utilization of aerial imaging across a large number of applications such as defense, security, cartography, construction, surveillance, and others may bring promising growth for the aerial imaging market during the assessment period of 2017-2025.
- The aerial imaging market will derive maximum growth from the defense and security sector. The data collected through aerial imaging is used for creating flight simulation environments. The creation of these environments enables the aircraft pilots to adjust to the actual terrain conditions on the field. Thus, this aspect is increasing the demand for aerial imaging across the defense and security sector.
- The escalating need for effective damage monitoring measures caused due to natural disasters may also prove to be growth accelerators for the aerial imaging market. Aerial imaging helps in addressing the requirements in a timely manner during these disasters. Thus, all these factors help in sowing the seeds of growth across the aerial imaging market.
- The research and development activities across the aerial imaging market have increased substantially. The players in the aerial imaging market are improving aerial imaging through these activities which will eventually increase their revenues. The growing cost-effectiveness in terms of capturing aerial images may further bring considerable growth for the aerial imaging market.
- The demand for aerial imaging and drone-based surveillance systems increased greatly during the early months of the COVID-19 pandemic. The need to keep a check on the people due to lockdown restrictions urged the need for these systems. Thus, the demand for aerial imaging increased but the production was low due to the closure of manufacturing facilities and production units. Nevertheless, the ease in lockdown restrictions will ensure growth revival for the aerial imaging market.
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