Unmanned aerial vehicles (UAVs) or drones are aircraft which can be controlled remotely. The light detection and ranging (LiDAR) system is a method used for measuring targets at a distance with the help of a laser light. LiDAR is used for making high-resolution maps with applications in geology, geography, forestry, atmospheric physics, and others. The global UAV LiDAR market report compiled by Market Research Future (MRFR) contains trends and drivers which can assist interested investors in gaining an accurate perspective.
The global UAV LiDAR market is set to accumulate revenues at 35% CAGR from 2018 to 2023 (forecast period). Technological developments in UAVs and their impending need in surveillance and reconnaissance missions can drive the market volume considerably till 2023. The utilization of the LiDAR system for capturing images in unexplored terrains for surveying purposes as well as the associated software required for reading the captured data efficiently can work favorably for the market. Rise of research and development projects can be touted to fuel the market demand.
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Lack of skilled personnel and high costs of drones can restrain market growth.
The global UAV LiDAR market considers the following segments for its valuation – type, component, and application.
By type, it is segmented into rotary-wing and fixed-wing. The rotary-wing segment is expected to enjoy a humongous growth rate during the forecast period due to its small size and cost compared to its counterpart. The unique design of these UAVs allows them to gain access to inaccessible points such as pipelines for monitoring and inspection.
By component, it is segmented into laser scanner, navigation & positioning system, and others. Laser scanners are expected to accumulate the highest revenue for the UAV LiDAR market due to their capacity for capturing high-resolution images and creation of 3D models of the surveyed area. On the other hand, the navigation & positioning system component can fetch huge revenue for the market in the coming years.
By application, it is segmented into commercial and military. The commercial segment is projected to net huge revenue for the market due to various infrastructural projects being built on unbalanced terrains. The huge budget spent by the U.S. government on highway projects to improve the quality of roads with a long-term feasibility view.
Geography-wise, the global UAV LiDAR market covers Latin America, Asia Pacific (APAC), North America, Europe, and the Middle East & Africa (MEA).
The APAC region is projected to exhibit the highest growth rate during the forecast timespan due to consumer awareness of drones and rising governmental support and implementation in various projects. Adoption of these drones in Japan, India, and China can contribute significantly to the market revenue till 2023.
North America is pegged to perform phenomenally due to presence of major players, technological developments, and adoption of novel technologies. Applications of the LiDAR system across industry verticals are likely to augment the regional market valuation by the end of the assessment period. Partnerships with distributors are expected to be witnesses in high volume due to the intense competition in the market. AirGon LLC has obtained the license to be the sole distributor for YellowScan UAV LiDAR systems.
Velodyne LiDAR, Inc., Yellowscan, Leica Geosystems AG, 3DR, Phoenix LiDAR Systems, DJI, Faro Technology, Trimble Inc., Riegl Laser Measurement Systems GmbH, Sick AG, Optech Inc., and others are some of the prominent names in the UAV LiDAR market.
The GeoCue Group has unveiled the True View line of drone sensors which can fit into the payload while offering surveyors the ability of capturing images via LiDAR and dual oblique cameras. The True View technology captures images of buildings and colorizes it using ray tracing.
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