NEW YORK, May 28, 2018 (GLOBE NEWSWIRE) -- The aerial imagery market size is projected to grow at a CAGR of 13.4% during 2017-2023, reach $3.5 billion by 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.
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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.
In Asia-Pacific, the aerial imagery market is booming at an exorbitant pace as the region sees a rising demand for aerial imagery in surveillance and monitoring to check terror threats. The Asia-Pacific aerial imagery market is expected to account for more than 20% of the global market share by 2023. The market for aerial imagery in the Asia-Pacific region is mainly led by China and India. The market in China is driven by increasing government focus towards developing high class infrastructure, which requires land mapping across the country.
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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 Fugro N.V., Digital Aerial Solutions LLC, EagleView Technologies Inc., Getmapping PLC and Google Inc. 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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