The global market for aerial imaging, estimated at $2.7 billion last year, is expected to reach a revised size of $8.1 billion by 2030, according to a report by analytics firm Research and Markets.
The aerial imaging market is expected to grow at a compound annual growth rate (CAGR) of 14.9% between 2022 and 2030, the report said.
Aerial imaging technology is often used by the insurance industry, especially in the aftermath of natural disasters when it may be difficult to conduct in-person assessments of damaged properties.
UAV and drone, one of the segments examined in the report, is predicted to see a CAGR of 16.3% and hit $4.6 billion in 2030, Research and Markets said. Accounting for the ongoing pandemic recovery, the fixed-wing aircraft segment is predicted to grow at a revised CAGR of 14.5%.
The aerial imaging market in the US was estimated to be worth $843.7 million in 2022.
In China, the aerial imaging market is predicted to reach $1.4 billion by 2030 with a CAGR of 17.3% between 2022 and 2030.
Japan’s aerial imaging market is expected to grow at a CAGR of 12.7% over the period, while Canada’s market is expected to grow at a CAGR of 14.5%.
In Europe, Germany’s aerial imaging market is slated to grow at a 14.6% CAGR, Research and Markets said.
