The aerial imaging market is projected to show prominent growth avenues in the upcoming period. One of the most important factors supporting this projection is continuous technological developments and increased adoption of internet of things (IoT) in wide range of industries. Drones and unmanned aerial vehicles (UAVs) are well accepted during recent times. Key reason for this acceptance is their capabilities to capture superior quality images. These tools are helping in a wide range of industries. Some of the popular applications of aerial imaging include surveying the infrastructure development.
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While aerial imaging equipment were mainly used for security purposes in the defense sector, there is increased use of devices such as drones in various purposes presently. Some of the well-known purposes are wildlife observation, environmental studies, and entertainment industry. This scenario signifies the potential increased demand for products from the aerial imaging market.
A steady wave of investments from major players is observed in the aerial imaging market. This investment is aimed at strengthening their production capacities to fulfill rising demand for aerial imaging services. Some of the key consumer industries are defense, forestry and agriculture, sports and entertainment, research, energy, insurance, construction and real estate, and others.
The aerial imaging market is expected to gather revenues of around US$ ~5.8 bn by 2027, states latest research report from Transparency Market Research (TMR). The market will grow at a stupendous CAGR rate of around 14% during the forecast period of 2019–2027.
Rising Applications in Commercial and Industrial Sectors Pushing Demand
The aerial imaging market is projected to gain huge demand from commercial and industrial sectors. This rise in demand can be attributed to inclination of worldwide population toward using online channels to find out the product they need.
Many people prefer online shopping options than the traditional ones. This trend is pushing many industrial and commercial sectors for adoption of location-based services. These services help them in finding out the location of their target customers and offer relevant services. As a result, there is increased demand for aerial imaging from industrial and commercial sectors. This increased demand suggests opportunities in the global aerial imaging market to gather substantial revenues in the upcoming period.
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Increased Demand from Agriculture Industry Supporting Market Growth
Growing use of aerial imaging technology in agriculture industry is estimated to support in growing the demand for devices from the global aerial imaging market. Tools available in this market are helping farmers in overall crop management. For instance, aerial imaging can be used for monitoring crops and finding out any problems in initial stages of crop development.
Vendors working in the global of aerial imaging market are growing their investments in research activities. Doing so, they aim to improve the quality of the products they offer. Besides, numerous players are chasing the possibilities of alliances and partnerships to maintain their strong positions in the global aerial imaging market.
Some of the key players in the global aerial imaging market are Fugro N.V., Digital Aerial Solutions, LLC, NRC Group ASA, Google, Inc., Nearmap Ltd., Cooper Aerial Surveys Co., EagleView Technologies, Inc., GeoVantage, Inc., Landiscor Real Estate Mapping, Sanborn Map Company, Inc., and Kucera International Inc.