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Market Overview:
UAV LiDAR Market Size is expected to reach USD 132 Million by 2030, registering a CAGR of 24.1% during 2020-2030. During the historic forecast period that had ended in 2019, the global market was valued at around USD 12.8 billion. For the ongoing forecast period that will be ending in 2028, the market is likely to attain a global market sum worth USD 2.4 billion.
Market Scope:
The market for LiDAR sensors on UAVs allows for the capturing of images that were previously only possible with a crew and bulky LiDAR sensors aboard airplanes. A UAV equipped with a LiDAR sensor and advanced software is able to upload LiDAR photos to the cloud.
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Report Scope
|
Report Attribute |
Details |
|
Market Size in 2030 |
2030: USD 132 Million |
|
CAGR |
24.1% CAGR (2020-2030) |
|
Base Year |
2019 |
|
Forecast Period |
2020-2030 |
|
Historical Data |
2018 |
|
Forecast Units |
Value (USD Million) |
|
Report Coverage |
Revenue Forecast, Market Competitive Landscape, Growth Factors, and Trends |
|
Segments Covered |
by Application, Component, Type, & Region |
|
Geographies Covered |
North America, Europe, Asia-Pacific, and Rest of the World (RoW) |
|
Key Market Drivers |
increasing commercial and residential growth |
Competitive Dynamics:
These major key players use a variety of tactics to maintain their market share in the UAV LiDAR market in the global market, including mergers and acquisitions, collaboration, partnerships, joint ventures, the development of new product lines, improvements to existing products, the development of distinctive production processes, and many others to increase their clientele in the untapped UAV LiDAR market in the global market premises. The most prominent major key players in the UAV LiDAR market all across the globe are mentioned below:
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Market USP:
Market Drivers
The prominence of market trends, such as the easing of rules and regulations relating to the elaborated use of market goods and services, like commercial drones in various applications, and growing demand for high-end LiDAR drones for use in purposes like corridor mapping and precision agriculture applications are likely to help the market sail through with flying colors are key factors driving the growth of the UAV LiDAR market revenue.
Market Restraints
The lack of trained UAV operators is one of the main problems hindering the expansion of the UAV LiDAR market. In contrast to pilots of traditional aircraft, UAV employees must ensure a higher level of system reliability, including the vehicle, ground station, and additional items like communication devices. Compared to traditional airplanes, UAV systems are known to rely more heavily on computer technology, autopilot, and radio communication. Because of this, more skill and trustworthy knowledge are needed to carry out operations involving LiDAR UAV control. This is particularly notable given that UAV accident rates are higher than those of manned aircraft. Thus, a significant barrier to the expansion of the UAV LiDAR market over the current projected period is the shortage of skilled UAV operators. Better UAV control system design and UAV operator training are anticipated to solve this problem.
COVID-19 Analysis:
One of the notable markets that was flying high on demand and growth during the historical projection period that ended in 2019 was the worldwide UAV LiDAR market. Yet, as a component of the market that is attempting to function after the spread in 2020, the abrupt spread and emergence of the pandemic have caused a significant commotion for the manufacturing and production units. Due to the regulations put in place to halt the pandemic’s spread and restore normalcy by the end of the next few years, the market has been experiencing pushback.
Throughout the forecast period, which will conclude in 2028, the UAV LiDAR market is home to notable players who are setting up funds and investments for the improvement of their product portfolios and rise in technology. This will help the market cover losses and take its first steps on the path of growth.
Market Segmentation:
Based on the Application
The military applications segment is poised to expand at a notable CAGR over the review period.
Based on the Component
Owing to the presence of special features like displaying high-resolution images, the largest market share is held by the laser scanner segment.
Based on the Type
The largest market share in the global market is held by the rotary-wing UAV LiDAR segment as these are less expensive and small in size.
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Regional Analysis:
Due to the existence of extremely populated nations like China, India, Japan, South Korea, and many others that drive market demand in this region, the Asia-Pacific region, which is the fastest-emerging region, holds the greatest market share in the global market. Moreover, rising commercial and residential development is another element that fuels consumer demand.
Because to the existence of nations like Mexico, Canada, and the United States, which have high rates of urbanization and consequently generate higher demand in this region, the North American region holds the second-largest market share in the global market. Another element that influences market demand is the existence of numerous big essential players. The UAV LiDAR market is expected to grow in revenue throughout the current forecast period, which will finish in 2028, thanks to the outstanding level of technology that is currently emerging in the research and development divisions in the North American market. Over the current projection period, the market expansion is anticipated to be driven by the expanding and widespread usage of UAVs in a variety of market applications, including agriculture and forestry, followed by others like aerospace and defense, and natural resource management. Although the market wants to grow and expand after the pandemic, there are high expenses associated with UAV LiDAR that need to be reduced for the expansion in the customer base.
The European area now holds the third-largest market share in the global market as a result of the presence of a technologically advanced infrastructure that demands more UAV LiDAR for its continued improvement and thus generates more growth prospects in this region.
Due to the lack of adequate infrastructure in both South America and the Middle East and Africa, these two regions have the lowest market shares. Another issue limiting market expansion in these areas is the low per capita income.
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