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.
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.
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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
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“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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