Asia-Pacific is projected to be the fastest growing aerial imaging markets during the forecast period due to the increase in economic growth, rapid industrialization, and growth in number of natural disasters such as landslide, earthquakes, and floods in countries such as India, China, Japan, Singapore, and others.
Aerial Imaging Market Report, published by Allied Market Research, forecasts that the global market is expected to garner $2,836.2 million by 2022, registering a CAGR of 12.9% during the forecast period 2016-2022. Government sector is expected to be the dominant end user in the market throughout the forecast period. North-America is expected to dominate the global aerial imaging market during the forecast period.
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The adoption of aerial imaging has increased in various sectors such as agriculture & forestry, energy & resource management, tourism, research, and media & entertainment among others. In addition, adoption of location-based services (LBS) for navigation & remote monitoring is expected to drive the growth of the aerial imaging market. However, use of satellite imagery as an alternative, and stringent government regulations regarding national security restrain the market growth. Advancement in imaging technologies and equipment such as 360-degree vision cameras, UAVs, LiDAR systems, 3D mapping software would provide numerous opportunities for the growth and development of the aerial imaging market.
In 2015, the government sector accounted for the maximum revenue share in the overall aerial imaging market due to increase in application of aerial imaging in homeland security, environmental studies, urban planning and disaster management. Collection of data related to land, property, and other geospatial information at national level boosts the market growth for aerial imaging in the government sector. In addition, the energy segment is forecast to be the fastest growing segment, and is projected to grow at a CAGR 14.4% during the forecast period owing to the need of collection of information regarding topology, inspection of transmission line, solar farms, wind farms, and security of power plants.
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The application of geospatial mapping is projected to maintain its dominance in the overall aerial imaging market during the forecast period due to the increasing use of aerial imaging in the formation of enhanced, digitally scanned, and multidimensional maps & charts of earths surface. These maps are used by experts for study of land-use pattern, archaeological sites, environmental conditions, and others. Furthermore, the others segment comprising habitat, power line, advertising, & photography is anticipated to grow at a CAGR of 14.3% during the forecast period due to the growth in adoption of aerial imaging among advertising, film shooting, commercial photography, habitat distribution, and power line & substation management.
North America accounted for majority of the global market share in 2015, and is expected to maintain its dominance during the forecast period. Adoption of advanced technologies including UAVs and PAMS (Personal Aerial Mapping System) is expected to boost sales in this region. LAMEA is projected to grow at a significant CAGR of 14% during the forecast period due to increasing government investment in the growth of geospatial industry in the region.
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Key Findings of Aerial Imaging Market
- In 2015, government segment dominated the overall aerial imaging market in terms of revenue, and is projected to grow at a CAGR of 10.9% during the forecast period.
- Energy segment is expected to grow at a remarkable CAGR of 14.4% from 2016 to 2022.
- Geospatial mapping application segment is projected to generate the highest revenue in the market during the forecast period.
- In 2015, North America generated the highest revenue among all regions in the aerial imaging market.
Blom ASA, Eagle View Technologies, Inc., Digital Aerial Solutions, LLC, Cooper Aerial Surveys Co., Landiscor Aerial Information, BLOMASA, and Kucera International Inc. are some of the prominent players in the market. Market players have focused on product launch and partnerships for strengthening their position in the market. For instance, In October 2015, Fugro Earthdata, Inc. signed a contract with National Grid, one of the biggest energy management companies in the global to offer aerial mapping services for electricity transmission systems.
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