The LiDAR drone market is expected to grow at a compound annual growth rate of 14.98% over the analyzed period to reach a market size of US$5.898 billion in 2026 from US$2.220 billion in 2019. The prime driver surging the growth in the market is surging government expenditure for strengthening defense and military. LiDAR technology helps in monitoring and controlling the targeted area.
General LiDAR instruments principally consist of a laser, a scanner, and a unique GPS receiver. These tools help in mapping the targeted area, be it natural or man-made, with accuracy, flexibility, and precision. This technology is widely used for security purposes and by scientists and mapping professionals for producing accurate shorelines, construct digital elevation models of geographic for information systems and insights. This system also assists in emergency response operations for better assessment of the situation. For security forces, it facilitates a clear and better picture of the ground and facilitates the location of terrorist/ offenders or unwanted objects. Surging terrorism has resulted in huge investment in the LiDAR system for better security and defense. Airplanes and helicopters are the most common platforms where these systems are used.
Rising terrorism has increased expenditure on LiDAR technology
One of the prime reasons boosting the market growth during the forecasted period of 2019- 2026 is surging terrorism and spiking terrorist activities. In the past decade, terrorism has increased exponentially, disturbing peace and habitation. Over the decade, several terrorist activities around the world have taken, an annual average, 21,000 lives, and were responsible for 0.05% of global deaths in 2017. The highest number of death caused by terrorist activities in the world was 44,490 people in 2014. In 2018, terrorist activities caused 15,952 deaths. Governments around the world are concerned about the surging activities that they are increasing their expenditure on military and defense. As per data presented by Stockholm International Peace Research Institute (SIPRI), global spending on the defense sector was the US $1.74 trillion in 2017.
Based on Application the sector is segmented into agriculture and precision forestry, civil engineering and surveying, environmental and coastal monitoring, highways and road networks, military and defense, mining, quarries, and aggregates, and others. In addition to defense and emergency services, the environmental and coastal monitoring and civil engineering and surveying sectors are anticipated to contribute significantly to the robust market demand. Increasing adoption of LiDAR technology for better and effective operations facilitates greater results. During the 2010 Haiti earthquake disaster, technology played a crucial role in mapping the landscape and speeding the rescue of people stuck. Moreover, the technology is widely adopted in autonomous vehicles for better traffic management and lower accidental risk. Furthermore, the growth of self-driving cars has huge market potential for the technology. Also, this technology is widely used in airplanes and helicopters for better assessment of the region.
Bathymetric and Topographic LiDAR system has huge market growth prospects during the forecasted period
Based on Installation the market is segmented into airborne, topographic, bathymetric, terrestrial, mobile, and static. The bathymetric and topographic LiDAR system is anticipated to have huge market potential during the forecasted period. Bathymetric LiDAR is widely used for marine monition as the technology use water-penetrating green light which efficiently measures seafloor and riverbed elevations. The topographic LiDAR system, on the other hand, is more efficient to map the land and uses a near-infrared laser for better assessment. Airborne systems also have a huge market prospectus with surging air transportations and operations.
The huge cost of the LiDAR system may constrain market growth.
The high cost of purchase and installation may constraint the market growth of LiDAR technology. LiDAR systems and sensors cost thousands of dollars and are quite expensive for mainstream cars or other devices. The installation cost of a single LiDAR system in a car is $10,000, increasing the end cost of the car significantly. Global leading self-driving car manufacturer, Tesla stated that the reason the company is not using the LiDAR technology is the high cost. Tesla aims to manufacture modern cars which are affordable and the LiDAR technology increases the price of their cars. Hence the market faces tough competition from radar technology and is hindered by the huge cost.
The North American region is expected to have huge market growth during the forecasted period. The Middle East, African, and Asia Pacific regions will be growing at the fastest rates.
Based on geography, the LiDAR Drone market is segmented into the North American region, the South American region, the Middle East and African region, the European region, and the Asia Pacific region. The North American and European regions are anticipated to have a dominating share during the forecasted period owing to huge government and private corporation expenditure on the technology. Security and service sectors are the prime employers of technology. Rising cases of terrorism have further increased the expenditure by the government. In the U.S., more than half of the population is worried about being a victim of terrorism while a third of the population refrain from activities such as travel abroad, attend mass events, fly on airplanes, and others as they are afraid of terrorism. Anxiety and fear of terrorism spiked among people after the 9/11 attack, London bombing, Boston Marathon bombings, and attack on Paris. The governments are increasing their expenditures for better protection. The US government, for instance, increased the military and defense sector budget by 15.5% in 2018, in comparison with 2017, to the US $700 billion. The general government expenditure in the European region on defense expenditure was around 1.2% of GDP in 2019 (Source: Eurostat). A significant share of this expenditure is made in LiDAR technology.
The Middle East, African, and the Asia Pacific region are anticipated to grow at the fastest rate owing to surging terrorism cases and the region being the prime target of terrorists. In 2017, 40.9% of global terrorist activities were undertaken in the Middle East and North African region while 28.9% were in South Asia and 25.3% were observed in Sub-Shara Africa. Further, a rise in disposable incomes and technological advancement, particularly in the Middle East and the Asian region, will boost the market.
|Market size value in 2019||US$2.220 billion|
|Market size value in 2026||US$5.898 billion|
|Growth Rate||CAGR of 14.98% from 2019 to 2026|
|Forecast Unit (Value)||USD Billion|
|Segments covered||Installation, System Type, Application, And Geography|
|Regions covered||North America, South America, Europe, Middle East and Africa, Asia Pacific|
|Companies covered||SICK AG, Infineon Technologies AG, Leica Geosystems AG, Velodyne LiDAR Inc., Quanergy Systems Inc., Hitachi Ltd., LedarTech Inc., Neptec Technologies Corp.|
|Customization scope||Free report customization with purchase|
Frequently Asked Questions (FAQs)
Q1. What are the growth prospects for LiDAR drone market?
A1. The global LiDAR drone market is expected to grow at a CAGR of 14.98% over the forecast period.
Q2. What will be the LiDAR drone market size by 2026?
A2. The LiDAR drone market is expected to reach a market size of US$5.898 billion by 2026.
Q3. What is the size of global LiDAR drone market?
A3. LiDAR Drone Market was valued at US$2.220 billion in 2019.
Q4. Which region holds the maximum market share in the LiDAR drone market?
A4. The North American and European regions are anticipated to have a dominating share in the LiDAR drone market owing to huge government and private corporation expenditure on the technology.
Q5. What factors are anticipated to drive the LiDAR drone market growth?
A5. The prime driver surging the growth in the LiDAR drone market is surging government expenditure for strengthening defense and military.
4.3.Porters Five Forces Analysis
4.3.1.Bargaining Power of Suppliers
4.3.2.Bargaining Powers of Buyers
4.3.3.Threat of Substitutes
4.3.4.The threat of New Entrants
4.3.5.Competitive Rivalry in Industry
4.4.Industry Value Chain Analysis
5.LiDAR Drone Market, by Installation
6.LiDAR Drone Market, by System Type
6.2.Pulse-based/ Linear-mode system
6.4.Geiger-mode/ photon-counting system
7.LiDAR Drone Market, by Application
7.2.Agriculture and Precision Forestry
7.3.Civil Engineering and Surveying
7.4.Defense and Emergency Services
7.5.Environmental and Coastal Monitoring
7.6.Highway and Road Networks
7.7.Military and Defence
7.8.Mining, Quarries, and Aggregates
8.LiDAR Drone Market, by Geography
8.2.1.North America LiDAR Drone Market Analysis, By Installation, 2019 to 2026
8.2.2.North America LiDAR Drone Market Analysis, By System Type, 2019 to 2026
8.2.3.North America LiDAR Drone Market Analysis, By Application, 2019 to 2026
8.3.1.South America LiDAR Drone Market Analysis, By Installation, 2019 to 2026
8.3.2.South America LiDAR Drone Market Analysis, By System Type, 2019 to 2026
8.3.3.South America LiDAR Drone Market Analysis, By Application, 2019 to 2026
8.4.1.Europe LiDAR Drone Market Analysis, By Installation, 2019 to 2026
8.4.2.Europe LiDAR Drone Market Analysis, By System Type, 2019 to 2026
8.4.3.Europe LiDAR Drone Market Analysis, By Application, 2019 to 2026
8.5.The Middle East and Africa
8.5.1.The Middle East and Africa LiDAR Drone Market Analysis, By Installation, 2019 to 2026
8.5.2.The Middle East and Africa LiDAR Drone Market Analysis, By System Type, 2019 to 2026
8.5.3.The Middle East and Africa LiDAR Drone Market Analysis, By Application, 2019 to 2026
8.6.1.Asia Pacific LiDAR Drone Market Analysis, By Installation, 2019 to 2026
8.6.2.Asia Pacific LiDAR Drone Market Analysis, By System Type, 2019 to 2026
8.6.3.Asia Pacific LiDAR Drone Market Analysis, By Application, 2019 to 2026
9.Competitive Environment and Analysis
9.1.Major Players and Strategy Analysis
9.2.Emerging Players and Market Lucrative
9.3.Mergers, Acquisition, Agreements, and Collaborations
9.4.Vendor Competitiveness Matrix
10.2.Infineon Technologies AG
10.3.Leica Geosystems AG
10.4.Velodyne LiDAR Inc.
10.5.Quanergy Systems Inc.
10.8.Neptec Technologies Corp.
Infineon Technologies AG
Leica Geosystems AG
Velodyne LiDAR Inc.
Quanergy Systems Inc.
Neptec Technologies Corp.
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