With sales projected to reach US$ 1,379.7 million in 2021, the global market for digital elevation models is expected to rise at a spectacular rate. By 2029, it is projected to have a strong Compound Annual Growth Rate (CAGR) of 16.9% and a valuation of US$ 4,750.0 million.
The growing requirement to monitor water and mineral assets and to plan ahead for barrier construction in real-world applications is creating significant growth opportunities for providers of digital elevation models. By the end of 2019, digital elevation models are predicted to sell for more than $1 billion globally, and they will grow at a remarkable 16% CAGR through 2029.
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Drivers and Opportunities:
The Digital Elevation Model Market commands a substantial 10% market share within the Geographic Information System (GIS) industry on a global scale. This surge can be attributed to the escalating adoption of digital elevation model software across an array of applications. Notably, it plays a pivotal role in hydrological modeling, bathymetric analysis, disaster prevention, infrastructure development, agriculture, 3D visualization, 3D mapping, gravity measurements, terrain correction, and more.
A particularly promising growth avenue lies in the increasing adoption of digital elevation model services. Services such as rendering 3D visualization, DEM maps in 2D or 3D CAD, creating building layouts, and generating relief maps, as well as rectification of satellite images, are expected to witness lucrative expansion throughout the forecasted period.
Competitive Landscape – Regional Trends:
As the Digital Elevation Model Market surges ahead, it presents an intricate competitive landscape. Regional trends are a significant facet of this growth narrative. Diverse geographical regions are experiencing unique patterns of adoption and implementation, driving the market’s evolution.
Restraints:
While the Digital Elevation Model Market is poised for substantial growth, it does face certain limitations and challenges. These encompass technological constraints, data accuracy issues, and regulatory hurdles. Nevertheless, innovative solutions are continuously emerging to address these restraints, offering a silver lining for market expansion.
Region-wise Insights:
Region-wise insights into the Digital Elevation Model Market illuminate the varied dynamics at play. Differing regional priorities, economic conditions, and infrastructure demands contribute to the nuanced development of this market across the globe.
Category-wise Insights:
Within the Digital Elevation Model Market, various categories are emerging with distinct growth trajectories. Understanding these category-wise insights is critical for stakeholders seeking to capitalize on specific opportunities within the market.
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Digital Elevation Model Market Outlook by Category
By Tools:
- Firstly, Digital Elevation Model Software
- Secondly, Digital Elevation Model Services
- Furthermore, Rendering 3-D Visualization
- Additionally, DEM Maps in 2D or 3D CAD
- Moreover, Building Layouts and Relief Maps
- In addition, Rectification of Satellite Images and Aerial Photograph
- Besides, Drainage and Sight Analysis
By Application:
- On the one hand, Hydrological Modeling and Bathymetric Analysis
- On the other hand, Disaster Prevention
- Similarly, Infrastructure
- Likewise, Agriculture
- Equally important, 3D Visualization
- Additionally, Mapping
- Notably, Gravity Measurements Terrain Correction or Reduction
By Industry:
- Correspondingly, Telecommunication
- Similarly, Planning and Construction
- Likewise, Transportation and Tourism
- Additionally, Oil and Mining
- Furthermore, Aviation
- Moreover, Geological
- In addition, Weather
- Lastly, Military and Defence
Region:
- Firstly, North America
- Secondly, Latin America
- Additionally, Western Europe
- Moreover, Eastern Europe
- Furthermore, Asia Pacific Excluding Japan
- Equally important, Japan
- Besides, Middle East and Africa
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Author:
Sudip Saha is the managing director and co-founder at Future Market Insights, an award-winning market research and consulting firm. Sudip is committed to shaping the market research industry with credible solutions and constantly makes a buzz in the media with his thought leadership. His vast experience in market research and project management a consumer electronics will likely remain the leading end-use sector cross verticals in APAC, EMEA, and the Americas reflects his growth-oriented approach to clients.
He is a strong believer and proponent of innovation-based solutions, emphasizing customized solutions to meet one client’s requirements at a time. His foresightedness and visionary approach recently got him recognized as the ‘Global Icon in Business Consulting’ at the ET Inspiring Leaders Awards 2022.
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