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Global aerial imagery market is forecasted to grow at a CAGR of 13.4% during 2017-2023
The aerial imagery market is expected to witness high growth due to its ability to provide instantaneous view, primarily required for town planning or construction of any water or thermal based project.
Global aerial imagery market size is projected to reach $3.5 billion by 2023, growing at a CAGR of 13.4% during 2017-2023. The market is growing mainly due to its ability to provide instantaneous view, primarily required for town planning or construction of any water or thermal based project. Improved vantage point, to provide magnified view of large areas from distant angles to see the features of the earth’s surface clearly in their actual context, is also a prime driver for its increased demand.
Insights on market segments
In terms of application, the aerial imagery market is categorized into disaster management, energy and resource management, surveillance and monitoring, conservation and research, and construction and development. The demand for aerial imagery for use in energy & resource management applications is expected to grow at the fastest rate, during the forecast period. However, with aerial imagery being predominantly used in various surveillance and monitoring purposes, this application segment is expected to continue generating the highest revenue in the global market, during the forecast period.
Technological advancement in the camera system is driving the growth of the market
Recent advancement in camera technology offer ultra-refined images with high pixels, which is another factor fueling the growth of the aerial imagery market. It has an advantage over satellite imagery that the new developed camera technologies can be implemented very quickly in aircraft or UAVs. High definition cameras are getting widely used for small scale or large-scale images as they provide high resolution with great precision. The market for aerial imagery is observing a makeshift in the use of cameras- from analog to digital, which utilizes charge coupled devices (CCD) along with unique designs of lenses.
European aerial imagery market to cross $900.0 million by 2023
In Europe, aerial imagery market is booming at an exorbitant pace. The European market for aerial imagery is expected to cross $900.0 million, growing at a CAGR of 11.9% between 2017-2023. Low oblique is the largest revenue contributor in the region, followed by vertical and high oblique aerial imagery. Low oblique aerial imagery is used in reconnaissance surveys, where field survey is used to gather information related to the presence or absence of historic properties in the selected project area. The market for high oblique imagery is projected to witness the fastest growth during the forecast period, as it is gaining significance in urban areas where land mapping and adequate management for efficient infrastructure construction are required.
Market heading towards consolidation
The leading players such as EagleView Technologies Inc., Fugro N.V., Digital Aerial Solutions LLC, Google Inc., and Getmapping PLC, are focusing on technological improvements and integrated and joint innovation practices to build an entire new ecosystem for aerial imagery. This would further strengthen their position and market presence.
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