NEW YORK, June 8, 2016 /PRNewswire/ -- The LiDAR drone market is expected to exhibit impressive growth during the forecast period"
The LiDAR drone market is expected to grow at a CAGR of 35.2% between 2016 and 2022 to reach USD 144.6 million by 2022. A key driving factor for the growth of the market is the encouragement from governments and research institutes for the adoption of LiDAR drones. Besides, several other factors such as the adoption of LiDAR drones for precision farming and commercial application such as delivery of products also propel the growth of the market.
"Precision agriculture application is expected to grow at the highest CAGR"
Precision agriculture involves the usage of drones to monitor soil erosion and crop maturity, mitigate the effects of frost, and monitor invasive plant species among others.
The potential benefits of using drones include real-time data collection, high-resolution imagery of farmland, and low cost in comparison with other relative techniques.
These benefits drive the LiDAR drone market in the precision agriculture application.
"APAC region to be the fastest-growing market for LiDAR drones"
The market in APAC is expected to grow at the highest CAGR between 2016 and 2022 owing to the increasing industrialization and urbanization in this region. The increasing awareness among governments and customers regarding the benefits of LiDAR drones further drives this market in the APAC region. For instance, the Indian Transport Ministry has made the use of LiDAR compulsory in surveying areas before constructing a new highway. The Indian railway has also hired drones for inspecting the progress of its construction sites. Such initiatives drive the LiDAR drone market in APAC. Furthermore, the availability of local players and favorable economic conditions also contribute to the high growth of the market in this region.
Several primary interviews with experts have been conducted across four major regions, namely, North America, Europe, Asia-Pacific, and Rest of the World (the Middle East, Africa, and South America). The primary participants considered for the study are C-level executives and managers of tier 1, tier 2, and tier 3 companies. The breakdown of primary interviews is as follows:
- By Company Type : Tier 1 - 55%, Tier 2 - 20%, Tier 3 - 25%
- By Designation: C Level - 75%, Manager Level - 25%
- By Region - North America - 10%, Europe - 20%, Asia-Pacific - 40%, RoW - 30%
The major players operating in this market are Velodyne LiDAR (U.S.), Phoenix Aerial Systems (U.S), Riegl Laser Measurement Systems GmbH (Austria), SICK AG (Germany), and YellowScan (France). 3D Robotics, Inc. (U.S.), DJI (China), FARO Technology (U.S.), Leica Geosystems AG (Switzerland), Optech, Inc. (Canada), and Trimble Navigation Limited (U.S.).
Reasons to buy the report:
- This report provides the market statistics pertaining to LiDAR drone type, component, application, and geography along with their respective revenues.
- The Porter's five forces framework has been utilized along with the value chain analysis to provide an in-depth insight into the LiDAR drone market.
- Major drivers, restraints, and opportunities for the LiDAR drone market have been detailed in this report.
- Illustrative segmentation, analyses, and forecasts for the market based on LiDAR drone type, component, application, and geography have been conducted to give an overall view of the LiDAR drone market.
- The detailed competitive landscape includes key players, in-depth analysis, and revenue of key players.
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