Aerial Imaging Market- Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2018 - 2026
Albany, NY -- (SBWIRE) -- 10/11/2018 -- According to a recent market research report titled 'Aerial Imaging Market,' published by Transparency Market Research,the global aerial imaging market is anticipated to reach a market value of US$ 5,224.3 Mn by 2026, expanding at a CAGR of 13.8% during the forecast period, 2018 to 2026. According to the research study, North America held a prominent market share of approximately 44.5% of the global market in 2017. This is primarily due to advancements in technology such as development of Microsoft aerial digital cameras, personal aerial mapping systems (PAMS), and aerial archaeology and 360 degree panoramas.
Demand for High Quality and Cutting-edge Aerial Imagery, Highly Reliable Data, Advancements in Drone/UAV Technology, and Rise in the Number of Application Areas among End-use Industries are Driving the Global Aerial Imaging Market
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Rise in the adoption of personal aerial mapping systems (PAMS) is boosting the global aerial imaging market. Further, the use of aerial imaging for archaeological research has improved the study of ancient landscapes and historical sites. A vertical or oblique aerial image is captured to carry out archaeological surveys. Aerial photography has been considered one of the most comprehensive planning solutions for regional and local planning agencies. It provides an effective way to monitor project implementations during the entire process. The information from aerial imagery can be used precisely to document the construction status and eliminate unnecessary delays. Also, property owners are enhancing their properties' profile by using aerial imaging to improve market demand for them. Aerial imaging has proved to be a cost-effective and creative solution for engaging buyers of real estate. This in turn is paving the path for new market opportunities.
The global aerial imaging market has been segmented based on camera orientation, platform, end-use industry, and region. Based on camera orientation, the market has been classified into vertical and oblique. The oblique segment has been further sub-categorized into high oblique and low oblique. According to TMR analysis, the oblique aerial imaging segment holds a prominent market share and is estimated to expand at a CAGR of 14.5% in the coming years. This is because oblique aerial photographs can reduce costs involved in mapping, inventorying, and planning. In terms of platform, the global aerial imaging market can be categorized into manned aircraft, unmanned aircraft systems (UAS), and others (air balloon, kites, parachutes, etc.). The manned aircraft systems segment can be further sub-divided into fixed wing and rotary wing. The manned aircraft segment constitutes a key share of the market and is anticipated to expand at a CAGR of about 12.2% during the forecast period.
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Based on end-use industry, the global market can be segmented into government, defense, sports & entertainment, forestry & agriculture, energy, research, construction & real estate, insurance and others. According to the research study, rise in use of aerial imagery in various end-use sectors is one of the prominent drivers of the aerial imaging market. The government segment accounted for a dominant market share in 2017, while the insurance, forestry & agriculture, and construction & real estate segments are projected to expand at a rapid growth rate during the forecast period.
In terms of region, the market has been classified into North America, Europe, Asia Pacific, Middle East & Africa, and South America. According to TMR analysis, the aerial imaging market is currently dominated by North America, followed closely by Europe. The market in Asia Pacific is projected to expand at a moderate pace as compared to other regions during the forecast period. This is mainly due to rise in demand for aerial imagery services from the expanding defense, energy, and agricultural sectors in the region.