LiDAR Drone Industry to Hit USD 482.67 Million by 2027
The global LiDAR drone market size is anticipated to showcase significant growth in the coming years on account of the increasing adoption of advanced sensor technologies into drone LiDAR systems for operational efficiency and reduced human labour requirement. Light detection and ranging technology or LiDAR is a remote sensing technology that utilizes rapid laser pulses for mapping out any surface of the earth. Various businesses adopt this technology for creating elevated models and high-resolution digital surfaces. The market is estimated to rise at a CAGR of 20.02% and reach USD 482.67 million by 2027 from a value of USD 136.69 million earned in 2019. The forecast period is set between 2020 and 2027.
Currently, the whole world is fighting the COVID-19 pandemic by staying at homes and maintaining social distancing. This has not only affected the lives of many but also affected various national and international trade relations and transactions worldwide. Most of the markets are struggling to generate revenue, whereas the others are at a temporary halt. However, we hope to soon come out of this situation by complying with the government.
Rising Adoption by UAV Sector to Propel Growth
LiDAR technology is used for obtaining geographical information for mapping studies. Owing to this, there has been an increasing demand for this technology from the unmanned aerial vehicle (UAV) sector, thereby augmenting the global UAV LiDAR market growth. In addition to this, most of the LiDAR systems consist of a multi-sensor method further comprising of three time-synchronized components, namely, a laser scanner unit, Inertial Measurement Unit (IMU), and Global Navigation Satellite System (GNSS). The presence of these technologically advanced lasers and sensor parts help in increasing its operability, thereby aiding to the expansion of the market for UAV LiDAR in the forecast period.
On the contrary, the lack of proper training institutes and skilled technicians to operate UAVs may pose significant challenges to the market in the forecast period. Additionally, various governments are imposing stringent regulations on altitude and night time use of drone radars to avoid aerial accidents. This may cause hindrance to the overall market in the forecast period.
Nevertheless, the development of dynamic sensor technology, namely, the warning systems and crash avoidance, may boost growth. This, coupled with the integration of optical altimeter technology for determining accurate calculations concerning size and weight, are likely to create lucrative growth opportunities for the LiDAR drone market in the coming years.
Solid-state LiDAR Segment to Grow Significantly Owing to its Cost-effective Benefits
Based on segmentation by type, the solid-state segment is expected to exhibit significant growth on account of its laser technology and other excellent technical benefits in various applications. Besides this, it operates on silicon chip technology and is cost-efficient, as compared to the mechanical LiDARs.
North America Earned Major Share Owing to its Increasing Use in Government Surveys
In 2018, North America earned USD 44.95 million and emerged dominant with the largest LiDAR Drone Market share. This is attributable to the high presence of UAV, as well as many players. Moreover, the presence of many consumers who study the subject and its high implementation in this region would aid to the expansion of the regional market. In 2019, Europe overpowered North America and emerged dominant on account of the increasing demand for 3D image mapping for applications, coupled with the presence of multiple players such as Yellow Scan, Delairl, Leica, and others. Asia Pacific is expected to rise steadily in the forecast period on account of the increasing number of companies manufacturing drones for commercial purposes in India and China.
Players Adopting Collaborative Strategies to Stay Put in Competition
Some of the players holding significant share in this market include REIGL, Teledyne Optech, Leica, and Velodyne. Their dominance is attributed to their massive investment in research and development activities and diverse product portfolio. Other players are engaging in collaborative efforts to gain significance in the market competition.
Major Industry Developments of the Market Include:
April 2019 – Nikon and Velodyne Lidar entered into a collaborative agreement for manufacturing Velodyne Lidar sensors in mass quantity for expanding geographically into the other regions.
March 2020 – The Teledyne Optech launched CL-360, a compact lidar sensor optimized for mobile and UAV applications for use in small-object detection and vegetation penetration.