The aerial imaging market is evaluated at US$2.076 billion for the year 2019 growing at a CAGR of 15.72% reaching the market size of US$4.985 billion by the year 2025. Aerial imaging refers to photography which is done through a flying object. Numerous platforms can be used for taking photographs which may include drones, helicopters, balloons, and others. The technology used in the process of taking these images may include both hardware and software. The market for aerial imaging is being driven by the fact that the applications of aerial photography have been increasing at a rapid pace across the several end-user applications. Aerial imaging solutions have been gaining a lot of traction as it serves as an efficient solution for a number of purposes that includes designing routes, map renovations, and volume calculations among others. The burgeoning application of aerial imaging across the construction sector due to the modernization of the construction sector plays a significant role in shaping up the market growth during the course of the next five years. Furthermore, the growing adoption of aerial imaging for efficient disaster management is also propelling the business growth opportunities for the manufacturers of these solutions over the next five years.
The advancement in the imaging technology and the growing penetration of 360-degree vision cameras, LiDAR systems further enable the efficient deployment of these systems as these cameras and systems often deliver high resolution and outstanding results, which also serves as an opportunity for the aerial imaging market to witness a throughout the course of the next five years. The booming penetration of UAVs across several sectors including defense, agriculture, oil and gas, and others is further spurring the demand for aerial imaging solutions over the forecast period. The outbreak of COVID is further expected to somewhat positively impact the market growth owing to the fact that it is expected that this technology may serve as a fruitful option for governments and organizations to manage the outbreak of this disease. This can be backed up by the fact that in March 2020, Hexagon’s Geosystems division announced the launch of the HxGN Content Program is making the aerial image library of the U.S and Europe free to be used for by government agencies and NPOs for the management of the outbreak of COVID-19. This, in turn, is expected to augment the deployment of more aerial imaging solutions, which in turn is projected to positively impact the market growth to some extent. However, the economic crisis in many parts of the world caused by the outbreak of the disease is expected to hamper the public investments in this field. Also, the halt in the operations across several industry verticals such as construction, media, and entertainment among others due to several government restrictions is expected to moderately impact the market growth during the short run.
The market for aerial imaging is projected to be driven by the fact that governments across the globe are taking several steps to ease the regulatory requirements for the promotion of this technology. For instance, in March 2020, the Defence Ministry of India announced the development of a latest paperless system to cut down the delays in permissions for aerial photography or remote sensing surveys with a primary aim to give quicker permissions and improve the efficiency of aerial surveys.
The aerial imaging market has been segmented on the basis of application, end-user, offering, and geography. By application, the classification of the market has been done based on disaster management, geospatial mapping, energy and resource management, surveillance and monitoring, and others. By the end-user, the segmentation of the market has been done on the basis of government, military and defense, construction, agriculture, and others. Geographically, the market has been distributed into North America, South America, Europe, Middle East and Africa, and Asia Pacific.
Disaster Management to witness a promising growth
By application, the disaster management application of aerial imaging solutions is expected to witness a promising growth throughout the course of the next five years primarily due to the fact that these solutions are being increasingly adopted for the assessment of magnitude which is caused by any disaster. Furthermore, the overall climatic conditions across the globe are deteriorating due to global warming. This, in turn, has further propelled the occurrence of natural disasters in many parts of the world. Thus, the burgeoning requirements for effective and efficient disaster management the penetration of technology is increasing, which is further expected to positively impact the growth of this segment during the forecast period.
The surveillance and monitoring segment is projected to hold a significant share in the market owing to the fact that the growing terrorist attacks, thefts, and robberies have led to an increased focus by the governments of several countries to increase their focus towards the improvement of the homeland security which further leads to increased investments in surveillance and monitoring solutions.
Government to hold a significant share
By the end-user, the government segment is projected to hold a significant share in the market throughout the forecast period. The wide applications of these solutions across the government sectors for numerous applications that include homeland security, geospatial surveys, and urban planning among others are some of the key factors bolstering the significant share of this segment during the next five years. Also, the increased focus towards efficient disaster management is further expected to bolster market growth until the end of the forecast period.
The growth in defense spending especially in the developing economies owing to rising regional tensions and increased security threats has further led to the adoption of the latest technologies as the up-gradation of the existing infrastructure is required in many countries. Thus, the increased defense budgets is further expected to amplify the growth of this segment during the next five years.
The agriculture segment is expected to show a promising growth due to the fact that these solutions are being increasingly adopted on account of the growing adoption of modern agricultural techniques which involves the adoption of drone technology, and sensor technologies for their assistance in several functions such as soil health, fertility levels among others.
Software to show healthy growth
By offering, the software segment is projected to grow substantially over the course of the next five years. The software consists of systems that convert the collected information into meaningful data, for instance, software for running the cameras, sensors, and software for processing the images as well. The growth of this segment is primarily attributed to the increased spending in the adoption of hardware solutions across several sectors. Additionally, the growing participation by market players in the launch of new and advanced platforms further supplements the growth of this segment during the next five years. For instance, in June 2020, Kespry, one of the world’s leading drone-based aerial intelligence solution providers announced the update of its Summer 2020 Aerial Intelligence platform focusing on the enhancement in the mining, construction, and insurance industries with new tools and integrations.
Hardware is expected to hold a considerable share in the market. The major factor supplementing the significant share of this segment is the considerably high costs of hardware solutions. Furthermore, the launch of new solutions by several players in the market further supports its growth over the course of the next five years. For example, Phase One Industrial, a well-known company operating in the aerial imaging sector announced the launch of its 280MP Aerial Solution in March 2020. This solution has an image coverage of more than 20,000 megapixels which further enables high-quality aerial survey productivity and is also compact in size and lightweight.
North America to hold a significant share
Geographically, the North American region is projected to hold a healthy market share owing to the early adoption of technology. Furthermore, the wide adoption of UAVs across the different sectors throughout the region is further positively impacting the market growth during the next five years. However, the APAC region is expected to show considerable growth primarily due to the increasing awareness regarding the utility of this technology in many countries such as China, India, and Indonesia among others.
Prominent/major key market players in the Aerial Imaging market include Fugro, Cooper Aerial, and Digital Aerial Solutions among others. The players in the Aerial Imaging market are implementing various growth strategies to gain a competitive advantage over its competitors in this market. Major market players in the market have been covered along with their relative competitive position and strategies and the report also mentions recent deals and investments of different market players over the last few years. The company profiles section details the business overview, financial performance (public companies) for the past few years, key products and services being offered along with the recent deals and investments of these important players in the Aerial Imaging market.