Technological advancements, increasing use of drones for multiple applications, adoption of LiDAR in various government sectors, as usage of laser light provides accurate and precise data in short time, are the major drivers of the market. Moreover, research and development of self-driven cars in automotive sector and growth of 3D printing market are also expected to boost the market growth.
Global LiDAR Market Report by Variant Market Research, estimate that global market is projected to reach $1,636 million by 2024, from $360 million in 2016. The report will include detailed analysis of LiDAR market with respect to major segments such as product type, component, end-user, application, and geography.
LiDAR which means light detection and ranging, is a remote sensing technique, which is used to measure variable distances. A LiDAR basically consist of laser, scanner, and a GPS receiver.
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Increased adoption of LiDAR among government organizations will drive the global LiDAR market
The global LiDAR market is driven by factors such as, technological advancement, growth in 3D printing, rising use of drones, and increased demand for LiDAR in government sector. Additionally, market expansion in emerging economies would provide several growth opportunities for the market in the coming years.
However, high cost of LiDAR based instruments and lack of skilled professionals may hamper the market growth. LiDARs are being extremely used by various government organizations for flood modelling, pollution modelling, mapping & cartography, coastline management, and others.
They aid in examining the environment with precision, accuracy, and flexibility. For instance, the U.S. defense forces had used LiDAR for mapping the problematic terrain in Afghanistan.
The LiDAR market is bifurcated into product, component, end-user, application, and geography. Product can be segmented into terrestrial, aerial, mobile, and short range.
Component type is further categorized into laser, inertial navigation system, camera, GPS/GNSS receiver, and Micro electro mechanical system. Furthermore, application is segmented into corridor mapping, seismology, exploration and detection, and others.
End-user can be segmented into defense & aerospace, civil engineering, archaeology, forestry & agriculture, mining industry, and transportation. By geography the market is segmented into North America, Europe, Asia-Pacific, and RoW.
Aerial dominated the product type segment
Aerial LiDARs include, aerial mapping technology that is used to record the earth's surface at an instant in time, with the support of overflying GPS monitored aircraft, armed with IMU sensors. They are useful to determine the accurate elevation and geospatial location.
They are widely used for mineral explorations, infrastructure development, environmental planning & management, and others. Growing population has led to increased demand for additional utilities such as electricity, infrastructure, and others, thereby, need for detailed information from a geospatial view.
This has led to increased demand for Aerial LiDAR.
Corridor mapping accounted the largest market share in application segment
Corridor mapping is one of the most prominent and stimulating application of LiDAR system. A corridor for corridor mapping can be railway, highway, gas line or a pipe line.
They are essential for planning and designing, infrastructure asset management, and environmental impact assessment. They are useful for planning the corridor and execute the possible repairs.
Asia-Pacific region witnessed fastest CAGR during the forecast period
Asia-Pacific is expected to grow with the fastest CAGR during the forecast period 2016 – 2024. Growing awareness about the benefits of LiDAR is boosting adoption among various end-users.
Economic stability, increasing investments by government and private companies, increased use of LiDAR for infrastructure planning and forestry applications are the factors driving the growth of the market in the Asia-Pacific region. Moreover, North America held the largest market share in 2016, driven by increased use of LiDAR for urban mapping, natural resources management, disaster management & mitigation, telecommunications, and others.
In April 2017, Velodyne LiDAR Inc., launched a new fixed laser, solid state Velarray LiDAR sensor for safe operations of autonomous vehicles and ADAS-enabled cars. They are cost effective, rugged automotive product, and high-performance.
The key players in the market include, Hokuyo Automatic Co Ltd., Velodyne LiDAR, Quanergy, Phoenix Aerial Systems, 3D Laser Mapping, Quantum Spatial, Airborne Imaging Inc., Avent LiDAR technology, GeoDigital, and Leica GeoSystems AG, among others.
Scope of LiDAR Market
Product Type Segments
- Short Range
Component Type Segments
- Inertial Navigation System
- GPS/GNSS Receiver
- Micro Electro Mechanical System (MEMS)
- Corridor Mapping
- Exploration and Detection
- Defence and Aerospace
- Civil Engineering
- Forestry and Agriculture
- Mining Industry
- North America
- United Kingdom
- South Korea
- South America
- Middle East
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Category: Market Research Publishers and RetailersCompany profile: Variant Market Research offers syndicated and customized report to fulfill client’s objective. We also provide customized data pack proposing market sizing in an Excel/PDF/Power point or Word format as per the requirement of clients. We cover several industry domains namely- Semiconductor & Electronics, Consumer Electronics, Information and Communication Technology, Automotive, Consumer Goods, Food & Beverages, Pharmaceuticals, Medical Devices, Chemicals, Industrial, Mining Equipmen ...
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