The global LiDAR drone market size is anticipated to reach USD 455.0 million by 2028 and exhibit a CAGR of 17.98% during the forecast period. The surging adoption of economical 3D imaging sensors is likely to boost market growth. Fortune Business Insights has published this information in its report titled “LiDAR Drone Market, 2023-2028”. The market size stood at USD 129.0 million in 2020 and is predicted to reach USD 143.0 million in 2023.
Additionally, the rising use of LiDAR drones for corridor mapping applications is expected to boost the market growth as this technology has emerged as an effective solution for remote sensing platforms.
Segmentation-
On the basis of product, the market is bifurcated into rotary-wing LiDAR drones, and fixed-wing LiDAR drones. On the basis of LiDAR type, the market is divided into mechanical LiDAR and solid-state LiDAR. On the basis of range, the market is trifurcated into long, medium, and short. On the basis of application, the market is fragmented into precision agriculture, exploration and detection, environment, surveillance, mapping cartography, and others. Geographically, the market is classified into Asia Pacific, North America, Europe, the Middle East, and the Rest of the World.
Drivers & Restraints-
Growing Adoption of Economical 3D Imaging Systems to Drive Market Growth
Drone technology has witnessed immense development and innovation over the past few years. LiDAR technology is vastly linked to airborne laser scanning, and drone using this technology has grown substantially due to developments in laser and sensor components. Mapping has proven effective in producing data about surface features and shapes from georeferenced spatial data. The improvements in sensor and laser components and drone technology have resulted in economical three-dimensional mapping systems. Therefore, the increasing adoption of economical 3D image mapping systems is likely to fuel the global LiDAR Drone Market growth.
Also, UAV LiDAR has proven beneficial in precise data gathering in mountainous terrains and dense landscapes. UAVs are effective in collecting high-resolution imagery. Hence, the growing demand for 3D mapping to acquire precise information for forest monitoring, vegetation monitoring, and archaeological surveys is anticipated to drive market growth.
However, high costs of products and operations, coupled with strict regulations, may hinder market growth.
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Regional Insights-
Favorable Drone Flying Regulations to Boost Growth in North America
North America is projected to emerge dominant in the global LiDAR Drone Market share. The favorable drone flying regulations and swift adoption of modern technologies are anticipated to fuel the market growth. Moreover, the major manufacturers present in the U.S., are expected to complement the regional market growth.
Europe is expected to attain the second rank in the global market. Several manufacturers, including Delair, Yellow Scans, and Leica, present in the region are expected to boost the market growth. Moreover, the increasing infrastructural development and environment monitoring applications are likely to boost the growth of the market.
Asia Pacific is likely to experience rapid growth in the coming years due to increasing commercial drone manufacturers in emerging countries, including India and China.
The Middle East is anticipated to exhibit moderate growth due to increasing investments in infrastructural development.
Competitive Landscape-
Key Players Devise Innovative Growth Strategies
The market comprises Velodyne Lidar inc., RIEGL Laser Measurement Systems GmbH, Teledyne Optech Inc., and Leica Geosystems AG, amongst the top market players. The key players operating in the market emphasize continuous research and development with increased investments. They focus on advanced technology adoption to launch new products. They adopt ingenious growth strategies, including long-term contracts, partnerships, new product launches, and others to augment their growth in the global market. For instance, in October 2020, SZ DJI Technology Co. Ltd. unveiled an integrated LiDAR drone solution. They also launched a full-frame camera payload called DJI Zenmuse P1 and DJI Zenmuse L1. The payloads are designed for its top-notch commercial drone platform, Matrice 300RTK.
Industry Developments-
January 2021: Velodyne Lidar Inc. announced receiving a multi-year contract by Emesent Pty Ltd. The company will provide Puck LITE™ sensors to Emesent Pty Ltd.
List of Key Players in the Market:
Velodyne Lidar Inc. (U.S.)
Teledyne Optech Inc. (Canada)
RIEGL Laser Measurement Systems GmbH (Austria)
Delair SAS (France)
Phoenic LiDAR Systems (U.S.)
Leica Ecosystems AG (Switzerland)
Yellow Scan (France)
LiDARUSA (U.S.)
SZ DJI Technology Co. Ltd. (China)
Benewake (Beijing) Co. Ltd. (China)
RoboSense (China)
Sich AG (Germany)
Microdrones (Germany)