The growth of the market is guided by the rising need for surveillance coupled with the developments in the UAVs. Furthermore, the innovative shift from expensive fixed-wing aircraft LiDAR to inexpensive as well as more efficient UAV LiDAR has revolutionized the global UAV LiDAR market. It is prognosticated to have a favorable impact on the growth of the market in the foreseeable future.
Global UAV LiDAR market is set to mark an exponential CAGR of 35% during the forecast period 2018 to 2023.
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UAV LiDAR facilitate quick upload of the captured images to the cloud, which helps in making effective decisions without delay. This is one of the major factors that is expected to drive the proliferation of the UAV LiDAR market in the forthcoming years.
The technology has been gaining popularity in the recent times which has led to the development of its applications across different verticals such as agriculture and forestry, natural resources management, and aerospace and defense. Additionally, the market is projected to witness rise in research & development activities for enhanced efficiency. It is expected to catapult the UAV LiDAR market on an upward trajectory. However, high cost associated with the technology and lack of skilled UAV operators remain impediments to the market expansion.
On the basis of type, the UAV LiDAR market has been segmented into fixed-wing and rotary-wing UAV LiDAR. The rotary-wing UAV LiDAR segment is expected to strike a relatively higher CAGR owing to smaller size and cheaper cost. Additionally, rotary-wing UAV LiDAR technology enables access to remote and confined places which is expected to generate more demand in the upcoming years. This technology is capable of high-resolution video capturing and aerial photography as it can hover and also fly horizontally as well as vertically.
On the basis of component, the global UAV LiDAR market has been segmented into laser scanner, navigation and positioning system, and others. The laser scanner segment is prognosticated to grow at a relatively higher pace over the assessment period. The extensive demand for laser scanners for the display of high-resolution images is a major factor responsible for the expansion of the market. Furthermore, it is also expected to witness more demand for the creation of clear 3D models of the surveyed area.
The global UAV LiDAR market, by region, has been segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa. Asia Pacific is likely to exhibit the fastest growth rate over the assessment period. The increasing awareness about the advantages of UAV LiDAR has led to an upsurge in demand across the regional market. The trend is expected to continue which when coupled with the government support is expected to drive the growth of the UAV LiDAR market in the region. China, Japan, and India are projected to emerge as potential country-level markets owing to accelerated adoption.
North America is prognosticated to witness rapid expansion of the UAV LiDAR market owing to technological advancements, presence of key players, early adoption of novel technologies, etc. UAV LiDAR is anticipated to develop applications across different industry verticals over the next couple of years, thus, augmenting the regional market.
Some of the key players profiled in the report are 3DR (US), Velodyne LiDAR, Inc. (US), Phoenix LiDAR Systems (US), DJI (China), Faro Technology (US), Optech Inc. (US), Riegl Laser Measurement Systems GmbH (Austria), Leica Geosystems AG (Switzerland), Trimble Inc. (US), Sick AG (Germany), and Yellowscan (France).
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