The global aerial imaging market features a fairly fragmented landscape as the top five players held a meagre combined market share of 15.4% in 2016, notes Transparency Market Research (TMR). These leading companies are EagleView Technologies Inc., Google Inc., Nearmap Ltd., NRC Group ASA, and Fugro N.V. Most prominent players are actively engaged in bringing technological advancement in services. Several of them are also capitalizing on the synergy of collaborations to bolster their ecosystem of offerings, which will help them consolidate their position in the market.
TMR observes that in the coming years top players are in all likelihood will focus on mergers and acquisitions to gain competitive edge over others. Numerous players are developing smart geo-intelligence solutions to meet the prevailing and emerging needs of end-use industries.
The global aerial imaging market stood at US$1.36 billion in 2016 and the opportunities are expected to reach a worth of US$4.58 billion by the end of 2025. During the forecast period of 2017- 2025, the global market is projected to proliferate at a robust CAGR of 14.60%.
Among all application areas of aerial imaging, geospatial technology led the pack in 2016 by contributing the dominant revenue share. The trend is expected to stay prominent in the coming years as well. This can be attributed to its widespread demand among various end users across the globe.
Geographically, North America led the global market in 2016 and is anticipated to retain its lead throughout the assessment period. The growth is underpinned by the extensive demand for aerial imaging solutions in the rapidly expanding agriculture and forestry industry in the region.
Diverse Range Of Applications Underpinning Overall Expansion of Market
The rising demand for aerial imaging in a diverse range of applications is a key factor driving the global market. The growing adoption of aerial imaging services in business projects in areas including disaster risk estimation, archeology, defense and security, cartography, journalism, construction and development, and tourism is accentuating the market. The demand is attributed to the need for high-resolution imagery in these areas.
Rapid advances being made in unmanned systems and sensors used in aerial imaging are aiding in the attractive expansion of the market. The global market is also expected to reap substantial gains from striking advancements in automated drone technologies which has expanded the potential of the aerial imaging.
The rising popularity of location-based services (LBS) among consumers for the purposes of information, entertainment, or security is fueling the growth of the market. Advancement made in LBS software and apps augur well for the market. Moreover, the substantially rising adoption of aerial imaging in geospatial technology is boosting the market.
Burgeoning Demand in Government Sector pave way for Lucrative Avenues
The application of aerial imaging solutions in the defense and security sectors has increased manifold, thereby accentuating market growth. The growth of the market, however, is constrained by the mounting concern of privacy, public safety, and national security arising out of the application of aerial imaging technologies. Nevertheless, the attractive demand for aerial imaging in the government has opened several potential avenues in the global market. The growing application of aerial imaging in the improvement of town planning, homeland security, energy exploration, and management of the environmental changes.