Market Overview:
The aerial imaging market comprises of products such as cameras, sensors, radars, LiDAR, and others. Aerial imaging is the process of taking photographs from an aircraft or other flying objects like unmanned aerial vehicles (UAVs), helicopters, balloons, and others. It is used to capture visual records, conduct mapping, monitor crop/infrastructure, and enhance situational awareness. Aerial imaging helps obtain a bird’s-eye view and collects geospatial data and information. It has applications across sectors such as agriculture, environmental protection, urban planning, telecommunication, research, and others.
Market key trends:
One of the key trends in the aerial imaging market is the increasing adoption of drones for aerial imaging. Drones allow taking high-resolution images and videos from unique angles. They provide real-time monitoring and analysis. Drones help gather data swiftly over large areas cost-effectively. They are convenient to deploy for aerial surveys, 3D mapping, and inspection purposes. With the advancement of drone technologies, their payload capacity, flight duration, and reliability have increased over the years. This has augmented their usage for various commercial applications including agriculture, surveillance, and inspection.
Porter’s Analysis
Threat of new entrants: The global aerial imaging market requires high initial investments in manned and remotely piloted aircraft as well as sophisticated image processing hardware and software. This poses significant entry barriers for new players.
Bargaining power of buyers: With the presence of several aerial imaging service providers globally, buyers have moderate to high bargaining power in the market. Buyers can negotiate on price and demand customization in imaging technologies and services.
Bargaining power of suppliers: The global aerial imaging market has a concentration of suppliers for aircraft, cameras, sensors, and imaging software. This gives suppliers moderate bargaining power over buyers in terms of pricing and supply.
Threat of new substitutes: While new technologies like satellite imaging, drones, and ground-based cameras are evolving as substitutes, aerial imaging still provides unmatched capabilities in high resolution and real-time surveillance. This reduces the threat of substitutes.
Competitive rivalry: The global aerial imaging market is highly competitive due to the presence of global and regional players. Market consolidation through mergers and acquisitions is intensifying competitive rivalry.
The global Aerial Imaging Market Size is estimated to be valued at US$ 3439.29 Mn in 2023 and is expected to exhibit a CAGR of 15.% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Key Takeaways
The global aerial imaging market is expected to witness high growth, exhibiting a CAGR of 15.% over the forecast period, due to increasing demand from government agencies for monitoring and surveillance activities.
The North America region is expected to continue dominating the aerial imaging market during the forecast period. Favorable government policies supporting the adoption of UAVs and technological advancements are fueling market growth in the region. Asia Pacific is expected to emerge as the fastest-growing region in the aerial imaging market led by increasing infrastructural development and urbanization in countries like China and India.
Key players operating in the aerial imaging market include Google, Inc., Kucera International, Inc., NRC Group ASA, GeoVantage, Inc., Fugro N.V., Landiscor Real Estate Mapping, Digital Aerial Solutions, LLC, Cooper Aerial Surveys Co., Nearmap Ltd, EagleView Technologies, Inc. Major players are focusing on partnerships, mergers, and new product launches to expand their product portfolios and global footprint.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it