Global aerial imagery market is projected to reach $3,545 million by 2023
LONDON, Jan. 23, 2018 /PRNewswire/ -- Global aerial imagery market is projected to reach $3,545 million by 2023, with 13.4% CAGR during 2017-2023.
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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. 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.
The aerial imagery market has been gaining traction due to its increased adoption in multiple application areas, such as surveillance and monitoring, geospatial, energy and resource management, conservation and research, exhibition and live entertainment, disaster management, and construction and development.
This technology provides time freezing ability, by recording every instance of the earth's surfaces to provide advanced imaging solutions, which is in high demand from various industries.
Insights on market segments
As per the findings of the research, high oblique category will show highest growth during the forecast period. However, the vertical category in the aerial imagery market is expected to have largest market size in 2023.
Among all techniques, the sales of low oblique contributed the largest revenue to the global market till 2016, however, vertical type is expected to become the largest market by 2023. Among the various applications, surveillance and monitoring is expected to contribute the largest revenue during the forecast period. The fastest growth in the demand of aerial imagery will be witnessed from the defense industry; however, the government is expected to hold the largest market during the forecast period.
Rising incidences of natural disasters escalating the global market growth
With increasing number of natural calamities such as earthquakes, fire, floods, cyclones and tornadoes occurring globally, governments of many countries are inclining towards the use of new imagery solutions to determine the actual loss of life and property.
The factor has been observed as a prime stimulant of growth of the aerial imagery market, in recent times. Also, the technology is nowadays being highly preferred to update the map information after disaster, as it provides high resolution images that are easy to understand for disaster management teams. It offers the ability to monitor and assess the potential damage from calamities, by enabling disaster management authorities to take corrective measures.
The aerial imagery market is also driven by new innovations in camera systems. Recent advancement in camera technology, including ultra-refined images with high pixels is fueling the demand for aerial imagery across all businesses. High definition cameras are getting widely used for small scale or large-scale images as they provide high resolution with great precision.
North America and Asia-Pacific to witness similar growth during the forecast period
Geographically, the aerial imagery market is projected to witness similar growth in North America and Asia-Pacific, during the forecast period. The growth in the North American market will be led by increasing usage of this technology for mapping sky rise buildings, dams, and oils & gas plants in the region.
The upsurge in urbanization, along with purposed investment in smart cities in the region, is also expected to boost the growth of the North American aerial imagery market in the coming years.
Market heading towards consolidation
The global aerial imagery market is moving towards consolidation as the market is witnessing acquisitions and partnerships among key players. 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.
The aerial imagery market has also been witnessing some acquisitions, wherein companies are targeting to increase their market share by acquiring successful products and technologies of its competitors. For instance, EagleView acquired OmniEarth (provider of imaging satellites) at an undisclosed amount. EagleView aims to incorporate OmniEarth's technologies to extract data from imagery to its own products, including analysis of aerial imagery.
Further, by gaining access to EagleView's pictometry image library and product infrastructure, the OmniEarth team will be able to accelerate its development of advanced analytic solutions.
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