The LiDAR market has been segmented on the basis of service, the LiDAR market has been classified into aerial surveying, asset management, GIS services, ground-based surveying, and other services.LiDAR Market Analysis by Top Regions Forecasts report added on ReportsnReports.com. The overall LiDAR market is expected to reach USD 1,809.5 million by 2023 from USD 819.1 million by 2018, at a CAGR of 17.2% between 2018 and 2023.
Top key players are Teledyne Optech, Leica Geo systems, Reigl Laser Measurement Systems, Trimble, Faro Technologies, Quantum Spatial, Velodyne LiDAR, Beijing Surestar Technology, Geokno, Sick AG.
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The increasing use of drones equipped with LiDAR for greater accuracy in surveying applications and the introduction of technologically enhanced LiDAR are the key factors contributing to the growth of the LiDAR market. However, environmental traits, such as clouds, rain, and snow, affecting the performance of LiDAR systems is the key restraints for the growth of the LiDAR market.
The deployment of LiDAR components in the automotive sector and vertical forward integration are the major opportunities for the studied market.
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“The market for solid-state LiDAR is expected to grow at the highest CAGR”
Among the types of LiDAR, the market for solid-state LiDAR is expected to grow at the highest CAGR during the forecast period. This growth is mainly attributed to the increasing range of applications of solid-state LiDAR in the automotive and robotics industries.
In a solid-state LiDAR, the entire components, such as scanner and precision clock, are integrated on one or two chips to reduce its size and cost. The low cost of these systems enables combining two or more sensors to increase the area coverage and meet the specific requirements of the planned application.
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“The LiDAR market in APAC expected to grow at the highest CAGR during the forecast period”
APAC is expected to be the fastest-growing market for LiDAR during the forecast period. The LiDAR market in APAC is segmented into India, China, Japan, South Korea, and Rest of APAC.
This growth is mainly attributed to the increasing awareness among governments and customers regarding the benefits and applications of the LiDAR technology in APAC. For instance, the Indian Transport Ministry has mandated the use of LiDAR systems in surveying areas before constructing anew highway.
Such initiatives from the governments of the countries in APAC are the driving growth of the LiDAR market in APAC region.
In the process of determining and verifying the market size for several segments and sub segments gathered through secondary research, extensive primary interviews have been conducted with key industry experts. The breakup of the profiles of primary participants has been given below:
By Company Type: Tier 1—45%, Tier 2—30%, and Tier 3—25%
By Designation: Managers—60% and C-Level Executives—40%
By Region: Americas—45%, APAC—35%, Europe—15%, and RoW—5%
Table of Contents
2 Research Methodology
3 Executive Summary
4 Premium Insights
5 Market Overview
6 LiDAR Market, By Component
7 LiDAR Market, By Type
8 LiDAR Market, By Installation
9 LiDAR Market, By Range
10 LiDAR Market, By Service
11 LiDAR Market, By Application
12 Geographic Analysis
13 Competitive Landscape
14 Company Profile