Asia Pacific aerial imaging market is projected to register an accelerated growth at a CAGR of over 16% during the forecast period.
Sellbyville, DE -- (SBWIRE) -- 10/11/2018 -- Asia Pacific aerial imaging market is projected to register an accelerated growth at a CAGR of over 16% during the forecast period. With the emergence of low-cost alternatives for aerial imaging in the form of UAVs/drones, their adoption in the emerging economies in the region is expected to increase considerably over the coming five years. Also, with the presence of some of the leading global drone manufacturers in China, the market growth is likely to be supported by the strong sales and distribution network of these manufacturers in the Asia Pacific region.
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Oblique imaging segment is expected to exhibit accelerated growth over the forecast timeline with a CAGR of over 15%. This excellent growth is attributed to the benefits of better determination of feature elevations and coverage of more ground area compared to vertical imaging taken from the same altitude with the same focal length.
World Aerial Imaging Market is set to grow from its current market value of $1.7 billion to more than $4 billion by 2024, growing at a CAGR of 12%.
Industry Growth drivers –
- Rapidly growing popularity of UAVs for aerial imaging
- Increasing usage of aerial imaging in defense applications
- Growing incidents of natural disasters
- Consistent advancements in aerial camera systems
- Venture capital investment in drone technology
The urban planning segment is projected to register the fastest growth of over 17% between 2018 and 2024 due to the increasing adoption of aerial photography by government institutions for improving road planning, real estate management, and land use calculations. As aerial images provide city planners with regular up-to-date information on traffic patterns, buildings, railroads, bridges, water features, and other urban infrastructure components, their utility for urban planning is expected to grow significantly over the forecast period.
The military & defense market is expected to exhibit the fastest growth between 2018 and 2024 with a CAGR of over 15%. This high growth is attributed to the large-scale adoption of aerial imaging platforms in the defense sector for applications such as mission simulation, mission planning, and air defense planning. Aerial images are also used for mapping applications, wherein the maps are used for planning military operations and enabling ground-based combat troops to find their way.
The UAV/drone platform held a major market share of around 71% in 2017 due to its rapidly growing adoption of the platform for aerial imaging in a diverse set of sectors including government, construction, oil & gas, military & defense, and agriculture. UAVs prove to be a cost-effective alternative to helicopters and fixed-wing aircraft for aerial imaging, which enables their adoption for small-scale and low-budget imaging applications. There has been a significant decline in the usage of traditional aerial photography platforms, such as parachutes, balloons, kites, and vehicle-mounted poles, due to the advent of drone technology that serves as a reliable alternative for capturing aerial images in varying climatic conditions.
The vertical imaging segment held the majority share of the aerial imaging market in 2017 due to the major utility of the imaging practice in geospatial mapping applications. As vertical aerial images provide useful data for preparing precise digital models of terrains, they are widely used for mapping functions by government institutions.
The geospatial mapping segment dominated the aerial mapping market in 2017 due to the extensive applications of different aerial imaging modalities in geospatial mapping functions. Aerial images are utilized for photogrammetric mapping services that use remote sensing technologies and photogrammetry to produce geospatial mapping deliverables.
North America is projected to account for the majority market share of around 42% by 2024 due to large-scale investments in aerial imaging technologies by major market players such as Google and government institutions such as the Federal Aviation Administration (FAA) in the U.S. Due to the rapid adoption of UAVs for imaging applications in the agriculture sector in the U.S., the region is expected to witness a steady growth between 2018 and 2024.
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Some of the key players operating in the aerial imaging market are Cooper Aerial Surveys, Google, Eagle View Technologies, Kucera International, Nearmap, Digital Aerial Solutions, Airobotics, 3D Robotics, DroneDeploy, Fugro, GeoVantage, DJI, Getmapping, PrecisionHawk, AeroVironment, Inc., Cyberhawk Innovations Limited, DJI, Getmapping PLC, Landiscor Aerial Information, NRC Group ASA, Yuneec International, AeroVironment, Inc., Cyberhawk Innovations Limited, Digital Aerial Solutions, LLC, Global UAV Technologies, Hoverfly Technologies, Inc., Kucera International Inc.
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