Aerial Imaging Market Size Future Growth and Advantages
Market Overview:
Aerial Imaging Market Size is expected to reach USD 8.52 Billion by 2030, registering a CAGR of 14.2% during 2020-2030.
Aerial imaging refers to the acquisition of meaningful data using different platforms, including fixed-wing aircrafts, unmanned aerial vehicles (UAVs) or drones, and helicopters. The applications of aerial imaging can be found almost across all growing industries. The companies operating in these industries use aerial imaging techniques to generate aerial images and process them to produce digital spatial models of the target region.
The increasing adoption of aerial imaging technology across various industries and growing location-based services (LBS) and real-time location systems (RTLS) are primarily driving the growth of the aerial imaging market size. Additionally, increasing advancements in aerial imaging technology are driving the growth of the market.
Over the last few years, the adoption of aerial imaging solutions for various industrial applications has increased worldwide. Much of this increasing adoption growth rate can be attributed to the land surveying industry. The land surveying industry has been employing aerial imaging techniques to explore terrains and landscapes with the aid of 3-D models. Moreover, the energy industry is implementing aerial imaging solutions to monitor and inspect large energy equipment to ensure their longevity and safety.
Key Players:
Blom Norway AS (Norway), Fugro N.V. (Netherlands), SZ DJI Technology Co., Ltd. (China), Nearmap Limited (Australia), EagleView Technologies Inc. (US), Digital Aerial Solutions, LLC (US), Aerobotics, (Pty) Ltd. (South Africa), DroneDeploy, Inc. (US), Cooper Aerial Surveys Co. (US), GeoVantage, Inc. (US), Kucera International, Inc. (US)
Market USP
Capability to accomplish results with reduced risk and efficient workflow
Market Segmentation:
By Platform Type
The UAVs/Drones Segment is Expected to Grow at the Fastest Rate: The UAVs/drones segment is expected to register the highest CAGR during the forecast period, 2021 to 2027. The growth can be attributed to the increasing adoption of UAVs/drones for various industrial applications, including precision agriculture, aerial remote sensing, surveying and mapping, and insurance claim verification. The rise in military expenditure on the acquisition of advanced UAVs/drones for surveillance and border monitoring is also likely to drive the demand for UAVs/drones.
The Fixed-Wing Aircrafts Segment Expected to Generate Significant Revenues During the Forecast Period: The fixed-wing aircraft are used for applications where there the weather conditions are unfavourable and operational efficiency matters the most. Additionally, they have a longer flight time as compared to other aerial imaging platforms. Since they can be operated optimally even at high altitudes with much lesser turbulence than UAVs, they can be used for manned aerial imaging missions without any hassle.
By Application
The Land Surveying Segment is Expected to Witness Considerable Growth in the Market: Land surveying using aerial imaging techniques has great potential to offer for professionals. Aerial imaging techniques help carry out the same quality of topographic surveys as those collected using conventional methods. Additionally, aerial imaging-based surveying is cost-effective and requires a significantly lesser number of specialists on the ground. With the growing demand for aerial imaging techniques for land surveying, the land surveying segment is expected to witness considerable growth in the coming years during the forecast timeline.
The Energy Equipment Segment Accounted for a Significant Share in 2020: Aerial imaging solutions play a significant role in the monitoring, inspection, and maintenance of large energy equipment. In the present times, large energy firms utilize aerial imaging solutions for monitoring thermal, hydroelectric, wind, solar, and nuclear power assets and equipment more safely and effectively as compared to the traditional methods. Additionally, more frequent inspection and monitoring are possible with the aid of aerial imaging solutions. Owing to these factors, the energy equipment segment accounted for a significant share in the global aerial imaging market Size in 2020 and is expected to generate high revenue in the coming years.
The Agriculture Segment is Expected to Generate Significant Revenues During the Forecast Period: The agriculture sector is slowly being transformed through the adoption of aerial imaging solutions for a wide range of applications, including field mapping, crop scouting, agricultural photography, precision agriculture, and agriculture insurance inspection.
At present, a small fraction of the farming population or farm owners is employing these solutions for leveraging data from aerial imaging platforms to create Orth mosaic maps of their fields and farms. Additionally, the newer and advanced platforms come equipped with multi-spectral cameras, thereby allowing end users to determine normalized difference vegetation index (NDVI) for understanding important agricultural factors, including field performance and crop health, in a much deeper way. Therefore, the increasing adoption of aerial imaging systems and solutions in the agriculture industry is expected to generate significant revenues in the coming years during the review period.
The Defense Segment Dominated the Aerial Imaging Market Size in 2020: The defense segment held the majority market share in 2020. The growing adoption of UAVs/drones for identifying challenges pertaining to terrorism and locating vulnerable areas precisely. Drones enable the military to augment and bolster their capabilities, thus enabling them to counter the growing challenges related to national security and terrorism and subdue terror. Therefore, the defense segment is forecasted to dominate the global aerial imaging market Size during the review period.
Regional Analysis:
Additionally, many developed economies utilize aerial imaging techniques to minimize fatalities during natural disasters and explore areas that are difficult and dangerous to enter. The LBS and RTLS market has also helped the aerial imaging market Size grow. These solutions help process large chunks of geospatial data and understand the changing business trends through real-time insights. Thus, the increasing adoption of aerial imaging solutions, coupled with the growing need for location-based services and real-time location systems, are expected to drive the growth of the aerial imaging market in the coming years during the forecast period.
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