Thursday, 15 June 2017

Aerial Imaging Market : Increasing Popularity of Aerial Imagery to Reflect Positively on Market’s Growth

The global aerial imaging market is highly fragmented in nature, finds a new report by Transparency Market Research (TMR). The top five companies, namely, Fugro N.V., NRC Group ASA, Nearmap Ltd., Google Inc., and EagleView Technologies Inc., held only 15.4% of the overall market in 2016. With a large pool of players, the market demonstrates a competitive landscape.

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The leading players are focusing especially on technological improvements and integrated and joint innovation to build a new ecosystem to strengthen their presence in this market. Over the coming years, they are likely to be more involved in mergers and acquisitions for the expansion of their businesses, states the research study.

As per TMR’s estimations, the opportunity in the global market for aerial imaging is likely to expand at a CAGR of 14.60% during the period from 2017 to 2025, rising from US$1.36 bn in 2016 to US$4.58 by the end of the forecast period. Geospatial technology has emerged as the key application area of aerial imaging and is expected to continue like this over the forthcoming years, states the research report.

Government Sector to Continue as Key End User of Aerial Imaging Technique

The research report considers the commercial, civil engineering, military, forestry and agriculture, energy, insurance, and the government sectors as the key end users of aerial imaging across the world. The government sector has emerged as the leading consumer of aerial imaging technique and is expected to remain so over the forecast period. The increasing usage of aerial imagery in various applications, such as homeland security, improvement of town planning, energy sector exploration, and monitoring and management of environmental changes, is the key factor behind the dominance of this segment. The commercial and the forestry and agriculture sectors are also expected to witness a high-paced adoption of aerial imaging in the near future.

Geographically, the report segments the worldwide aerial imaging into North America, the Middle East and Africa, Europe, Asia Pacific, and South America. North America led this market in 2016, with US$575.9 bn in revenues. Researchers expect this regional market to continue to lead over the next few years on the grounds of the rising adoption of aerial photography in the agriculture and forestry industry. The rising advancements in automated drone technology and the increasing number of merger and acquisitions among key player in this region are also projected to boost the North America market for aerial imaging in the years to come, reports the study.

Increasing Application of Aerial Imaging in Various Industries to Boost Growth

“The increasing adoption of aerial imagery in various end-use industries is the most prominent driving force behind the growth of the global aerial imaging market,” says an analyst at TMR. Aerial imaging has found its applications in a number of industries, such as archeology, disaster risk estimation, cartography, defense and security, construction and development, journalism, tourism and intelligence surveillance and reconnaissance (ISR), and its application range is likely to expand in the year so come, leading to a substantial rise of this market over the next years.

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The increasing advancements in drone/UAV technology and the rising popularity of location-based services are also anticipated to propel this market in the near future. However, the growing concerns over privacy, public safety, and national security may limit the adoption of aerial imaging, impacting the market’s growth over the forecast period, notes the study.

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Transparency Market Research (TMR) is a global market intelligence company providing business information reports and services. The company’s exclusive blend of quantitative forecasting and trend analysis provides forward-looking insight for thousands of decision makers. TMR’s experienced team of analysts, researchers, and consultants use proprietary data sources and various tools and techniques to gather and analyze information.

 TMR’s data repository is continuously updated and revised by a team of research experts so that it always reflects the latest trends and information. With extensive research and analysis capabilities, Transparency Market Research employs rigorous primary and secondary research techniques to develop distinctive data sets and research material for business reports.

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