Increasing demand for imaging systems for precision farming is expected to drive the growth of the global imaging technology market for precision agriculture during the forecast period
The advent of the unmanned aerial vehicle (UAV) has offered numerous advantages to precision farming along with ease of use, improved data accuracy, and low cost. This, in turn, provides an accuracy of data for imaging systems, thereby augmenting precision farming. Moreover, there are various applications of imaging systems in precision farming such as animal monitoring, crop health monitoring, environmental impact assessment, irrigation equipment monitoring, weed and pest identification, and variable rate fertility. Hence, these factors are expected to drive the growth of the market during the forecast period.

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Advent of unmanned aerial vehicle (UAV) has offered numerous advantages to precision farming along with ease of use, improved data accuracy, and low cost. This, in turn, provides accuracy of data for imaging systems, thereby augmenting precision farming. Moreover, there are various applications of imaging systems in precision farming such as animal monitoring, crop health monitoring, environmental impact assessment, irrigation equipment monitoring, weed and pest identification, and variable rate fertility.  Hence, these factors are expected to drive growth of the market during the forecast period.

29 April 2019, Global LiDAR market was worth USD 260 million in 2015. It is estimated to grow at a CAGR of 12% from 2016 to 2024 (forecast period). Rising demand for 3D imaging technology in a variety of applications is an important market driver. The adoption of aerial systems for the detection and exploration of historic details is increasing. Vendors are in the process of introducing several novel products in this space. These factors are propelling market growth.

However, LiDAR system’s components like laser scanner, navigation systems, high-resolution 3D cameras, etc. are expensive. This coupled with poor consumer awareness may hamper its future prospects.

The market is segmented as per applications, products, components, and regions. Applications are divided into civil engineering, government, topographical surveys, corridor mapping, and military & defense. Civil engineering, which includes areas like power line deployments and flooded mapping, would grow at a CAGR of 17% over the forecast period.

Topological surveys and military & defense are projected to grow at a steady rate till 2024. Government applications could increase owing to technological developments in forestry management, railways, roadways, etc.

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Products comprise a short range, airborne, mobile, and terrestrial. Terrestrial products held over 30% of the total revenues in 2015. Their advantages include remote acquisition and measurement, and high point density data. Mobile systems are foreseen to grow at a CAGR of over 24% in the next eight years. This attributes to surging demand for accurate, high-resolution 3D geospatial data.

Components include laser scanners, GPS (Global Positioning System), data storage & management, navigation/IMU (Inertial Measurement Unit), and others. ‘Others’ consist of MEMS (Micro-Electro-Mechanical Systems) mirror and cameras. IMU is expected to grow at a 23% CAGR through the forecast period.

North America, Europe, Asia Pacific, Latin America, and MEA (the Middle East & Africa) constitute the regional segments of the LiDAR market. North America is poised to dominate by 2024. It could account for over 39% of the market revenues that year. This is credited to widespread adoption of advanced 3D imaging technologies by the U.S. government. The Asia Pacific should grow owing to escalating spending on military & defense.

Key players in the global market include Aerometric Quantum Spatial, Airborne Hydrography AB, Reigl Laser Measurement System GmBH, Michael Baker International, Lecia Geosystems AG. They focus on collaborations, acquisitions, and product launches to gain market share.

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