Northbrook, IL -- (SBWIRE) -- 06/08/2021 -- The LiDAR drone market is projected to grow from USD 133 million in 2020 to USD 392 million by 2025; it is expected to grow at a CAGR of 24.2% from 2020 to 2025. Key factors fueling the growth of this market include easing of regulations related to the use of commercial drones in different applications and growing demand for LiDAR drones for use in corridor mapping and precision agriculture applications.
Short-range LiDAR drones accounted for the largest share of the LiDAR drone market in 2019
In 2019, short-range LiDAR drones accounted for the largest share of the LiDAR drone market. The major factor contributing to the growth of this market is the increased focus of manufacturers of LiDAR drones on the development of short-range LiDAR drones. These LiDAR drones fly at low altitudes (below 200m). As such, there is no requirement for additional permissions to fly them in most of the regions. Short-range LiDAR drones are lightweight and power-efficient. Hence, these drones require small batteries, thereby leading to a reduction in their overall costs.
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The corridor mapping segment accounted for the largest share of the LiDAR drone market in 2019
Among applications, the corridor mapping segment accounted for the largest share of the LiDAR drone market in 2019. The growth of the corridor mapping segment can be attributed to the initiatives undertaken by governments of different countries to use digital terrain maps (DTMs) for carrying out infrastructure developments. Moreover, LiDAR drones do not pose any risk to humans. This is also contributing to their significant global demand, thereby leading to the growth of the LiDAR drone market in corridor mapping. LiDAR drones can be deployed to create DTMs of difficult terrains and remote areas by capturing accurate data.
North America accounted for the largest share of the LiDAR drone market in 2019
North America accounted for the largest share of the LiDAR drone market in 2019, and a similar trend is likely to continue in the near future. The growth of the market in North America can be attributed to the increased adoption of LiDAR drones in this region. Governments of different countries of North America are undertaking various initiatives such as Part 107 to ease the use of commercial drones. They are also formulating moderate regulations for using LiDAR drones. This, in turn, has fueled the growth of the market in North America. In addition, major players operating in the LiDAR drone market, comprising manufacturers, integrators, distributors, and suppliers of LiDAR drones, are also based in North America. LIDARUSA (US), Teledyne Optech (Canada), Velodyne LiDAR, Inc. (US), and Geodetics, Inc. (US) are some of the major players operating in the LiDAR drone ecosystem. In recent years, major technological developments pertaining to LiDAR drones have taken place in North America that have enabled LiDAR drone manufacturers based in the region to export their drones to other markets such as APAC and Europe.
Key Market Players
Phoenix LiDAR Systems (US), RIEGL Laser Measurement Systems GmbH (Austria), Velodyne LiDAR, Inc. (US), Teledyne Optech (Canada), UMS Skeldar (Switzerland), LiDARUSA (US), YellowScan (France), Geodetics, Inc. (US), OnyxScan (Belgium), and Delair (France) are a few major companies operating in the LiDAR drone market. These companies have adopted both organic and inorganic growth strategies such as product launches, partnerships, collaborations, contracts, agreements, acquisitions, and expansions to strengthen their position in the market.