(MENAFN- EIN Presswire) LiDAR drone Market
The private investment companies and venture capitalists have been investing huge amounts in LiDAR drone companies over the past few years.
PORTLAND, OR, UNITED STATES, April 17, 2023 /einpresswire.com / -- According to a new report published by Allied market Research, titled,“lidar drone market ," The lidar drone market was valued at $0.15 billion in 2021, and is estimated to reach $1 billion by 2031, growing at a CAGR of 22.1% from 2022 to 2031.
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The aerial remote sensing defends critical infrastructure such as airports, banks, government buildings, and military bases among others. The fixed-wing type of drones offer prompt, unfailing, and efficient services to police and military forces since they need to be ready to react to any case quickly and make quick and relevant information. This type of drone is lucrative option compared to manhours and help to make certain public safety during inspections. Such wide usage of fixed wing type in these applications is likely to boost the sales of LiDAR drone.
The private investment companies and venture capitalists have been investing huge amounts in LiDAR drone companies over the past few years. In 2019, as per to drone magazine, the drone industry had received around $ 1.2 billion worth of investments from private companies and venture capitalists across the globe. Such trends are likely to continue in the next few years due to rising advancements in technology in the UAVs used in environment operations. This, in turn, is likely to increase the overall demand for LiDAR drones over the forecast period.
Covid-19 Scenario:
The outbreak of the COVID-19 pandemic had a negative impact on the growth of the global lidar drone market , owing to implementation of global lockdown which resulted to temporary closure of production excess.
Supply chain was disrupted due to import & export restrictions. Manufacturers faced shortage of labor and unavailability of raw materials.
The Covid-19 had swapped the various scenarios of OEMs and other end-use industries across the globe, which in turn, restricted the growth of the market during 2020 to 2021.
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The rotary wing type of drones are competent enough of flying by themselves & gathering information with minimal human intervention, and without a person on board. The small size and its ability to fly allows it to retrieve regions that would otherwise be impossible or difficult to reach. To accomplish the intended outcomes, they are usually equipped with a camera, computer vision, object & face recognition, and other tracking technologies. It performs a range of functions by combining artificial intelligence, robotics, and networking.
Rotary wing type of drones are gradually being used in defense activities around the world. For instance, in 2021, European missile group MBDA successfully managed to hit a test target with its new anti-tank missile- Missile Moyenne Portée (MMP), using targeting information gathered by a micro-drone. Rise in use of rotary wing drones due to low cost, high level of effectiveness, and a high degree of combat suppression on the battlefield is likely to fuel the growth of the market during the forecast period.
The increase in security concerns and growth in threat from terrorism across the world has led to increase the government expenditure for short range of LiDAR drones. These drones can carry out function in nights, stealth operations, operate at any location, and is easy to deploy. Such benefits have led to boost the investments by governments to develop and procure large number of these drones globally. Also, Russian military has been developing its next generation of combat gear that could be integrated with short range of LiDAR drones that offer a tactical automated command system.
The government bodies are heavily investing in these type of drone application for civil and defense engineering to increase the accuracy of operations and decrease the risk factors involved in these major industries. The need for unmanned air vehicle to decrease the loss of life on war field, high precision of LiDAR-based monitoring, protect perimeters, and keep locations under surveillance from the sky are the major factors that foster the growth in demand for medium range of LiDAR drones.
The government organizations globally are making huge investments in lidar drone industry for civil and defense engineering applications to increase the accuracy of operations and decrease the risk factors involved. According to the 2017 fiscal year budget, the U.S. military sector has spent around $4.61 billion on procuring drones and is expected to purchase 31 unmanned aerial systems that has fueled the growth of medium size of LiDAR drone market. The use of these drones in all these projects and various government investments in various industries are expected to boost the sales.
KEY FINDINGS OF THE STUDY
By LiDAR type, the bathymetric segment is projected to dominate the global LiDAR drone market in terms of growth rate.
By drone type, the fixed wing segment is projected to dominate the global LiDAR drone industry in terms of growth rate.
By drone range, the long segment is projected to dominate the global LiDAR drone market in terms of growth rate.
By application, the others segment is projected to dominate the global LiDAR drone market in terms of growth rate.
The key players operating in the LiDAR drone market are Leica Geosystems AG, Microdrones, OnyxScan, Phoenix LiDAR Systems, PolyExplore Inc., RIEGL Laser Measurement Systems GmbH, Teledyne Geospatial, Topodrone, UMS Skeldar, and Yellowscan.
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