The global aerial imaging market is expected to reach USD 2.24 billion by 2020, according to a new study by Grand View Research, Inc. Growing demand in emerging application areas including natural resources management, energy, and disaster prevention is expected to drive the market over the next six years. Increased need for geospatial information and imagery data is also expected to fuel demand over the forecast period.
Adoption of location-based services (LBS) for navigation, remote monitoring, navigation and mobile advertizing is expected to give impetus to the aerial imaging market. Adverse weather conditions and related environmental factors may prevent accurate imaging data collection. Security and privacy concerns among users are also expected to hamper market growth over the next six years.
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Further key findings from the study suggest:
Commercial applications are expected to witness high growth over the forecast period; they accounted for over 15% of the market in 2013. This can primarily be attributed to high adoption by the tourism industry. Planning 3D or 2D seismic surveys for alleviating safety and environment risks is expected to favorably impact the energy segment.
Aerial construction progress images are used by architects and engineers for infrastructure development activities. Deploying aerial drones in place of manned helicopters for reducing overall cost is expected to be a key growth opportunity. The agriculture sector benefits from this technology through application in drainage planning and farmland management.
North America accounted for majority of the global market share in 2013. High demand from the agriculture and forestry segment is expected to be the chief growth driver for the regional market. Demand from government agencies employing this technology for research purposes is also expected to fuel the market over the next six years. High demand across application areas is estimated to propel the Asia Pacific aerial imaging market.
Companies operating in the aerial imaging market may have in-house systems and platforms; alternatively, they may also procure these from suppliers. Continued investments in R&D and technological innovation have been the key strategic initiatives undertaken by major industry participants. Key market players include Blom ASA, Fugro EarthData, Google Inc, Pictometry International, GeoVantage, Inc., Kucera International, Digital Aerial Solutions, Ofek Aerial Photography, Eagle View Technologies, etc.