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LiDAR for Security Market to Grow at a CAGR of 15.50% During the Forecast Period 2020-2025

LiDAR for Security M

iCrowdNewswire   Jul 24, 2020  11:00 AM ET

Global LIDAR for Security Market size was valued at $259.76 million in 2019, and it is estimated to grow at a CAGR of 15.50% during 2020-2025. Growing demand for high security application in various industries such aerospace, defense, geospatial has been driving 3D laser scanning using LiDAR based devices. Advancements in technologies and high investments for advanced security applications further enhance the overall market demand for LIDAR for Security industry during the forecast period 2020-2025.

Type – Segment Analysis

Airborne segment held major market share 32.16% in 2019 owing to increasing adoption of aerial mapping devices across the globe. The topographic LiDAR devices have high demand due to their security applications. This type of LiDARs are used in various applications such as location mapping, emergency management, and disaster planning to increase security. This type LiDAR is widely used for high resolution topographic data acquisition with high accuracy in applications such as forest, geospatial and others. There has been growing demand for airborne LiDAR technology as it is used in large scale investigations of micro-topography, thereby driving the market.

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End User – Segment Analysis

Aerospace & Defense is the fastest growing segment in the global LiDAR for Security market and estimated to grow at a CAGR of 17.60%. In Defense sector, LiDAR is major used for border surveillance thereby enhancing the security in this sector. According to Stockholm international peace research institute (SIPRI), the worldwide expenditure on military has been increased from $1,715 billion to $1,822 billion during 2016-2018 period. In aerospace and defense sector, there has been growing adoption of LiDAR for security applications as they provide higher bandwidth secure communications.

Geography- Segment Analysis

North America dominated the LiDAR for Security market in 2019 with a share of 37.70%, followed by Europe and APAC. According to SIPRI, the military expenditure has been increased from $623.90 billion to $676.98 billion during 2016-2018 period. Increasing military expenditure coupled with advancements in technologies has been driving the LiDAR for security industry in this region. Additionally, the strong financial position allows it to invest heavily in the adoption of tools and technologies for ensuring effective security operations. Many of the major players are headquartered in North America region which set to drive the LIDAR for Security market.

Drivers –LIDAR for Security Market

Advancements in technologies and rising development of advanced LiDAR such as 4D LiDAR and others

The growing demand for 3D imaging systems and automation of LiDAR systems drive the market. Increased automated processing capability of LiDAR systems include image solutions and data processing. This helps in adoption of various applications. In 2019, Aeva has developed its first 4D LiDAR chip for autonomous driving. Integration with advanced technology such as artificial intelligence and increasing investment on development of advanced products drive the market.

Demand for Stronger Security and Sensor Accuracy in various end user applications

There has been stronger security and sensor accuracy. There has been growing demand for aerial LiDAR sensors. There has been growing demand for LiDAR for security applications in geospatial, forest, and military, aerospace, marine and others. For instance, in Geospatial domain, this device assists in providing direct observation data for landscape analysis. It mainly deals with applications such as surface land collapse, landslide and fault structure extraction. Increasing applications of LiDAR for security in various domains set to drive the market.

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Challenges – LIDAR for Security Market

High Cost of Devices

One of the major challenge for LIDAR for Security is high cost of devices. As there is increase in modern generation and technology, lack of awareness and knowledge in operating the devices have been restricting the market. Sensors used in LiDAR ranges from $1,500 to $15,000. However investments in research and development activities and high competition might provide opportunities for LiDARs in affordable prices.

Market Landscape

Product Launches, acquisitions and R&D activities are key strategies adopted by players in the LiDAR for Security market. LIDAR for Security top 10 companies include Faro Technologies, Airborne Hydrography AB, Leica Geosystems, Hexagon, Trimble, SICK AG, Velodyne LiDAR, RIEGL, YellowScan, and among others.

Acquisitions/Technology Launches

In October 2018, Faro Technologies and Stormbee had introduced airborne Lidar scanning technology which is used for 3D measurement and imaging solutions. Development of advanced products set to drive the LiDAR for Security market share.
In February 2018, Leica had introduced Terrainmapper which is a next generation linear mode LiDAR system. This product enables in increasing point accuracy and accommodating efficient flight planning in terrains.

Key Takeaways

North America had dominated the LIDAR for Security market in 2019 owing to early adoption of advanced technologies and high investments in research and development activities.

Adoption of airborne LiDAR for topographical survey has been driving the market for high security as airborne LiDAR swath mapping imaging is highly used in geospace applications.

Innovation in technologies and integration of event planning software with Artificial Intelligence (AI) technology is set to boost the LIDAR for Security market.

High cost of devices hamper the growth of LiDAR for Security industry.

Related Report:

LiDAR Market

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