Market Research Future published a research report on “LiDAR Market Research Report – Forecast 2023” – Market Analysis, Scope, Stake, Progress, Trends and Forecast to 2023.
The global LiDAR market is expecting to touch a valuation of USD 4,158.8 million by 2023, according to Market Research Future (MRFR) in their extensively studied report includes chief drivers and detailed study of segments to deliver reliable prediction about the market future. Light detection and ranging (LiDAR) is a method used in discerning the dimensions of the Earth and its surrounding satellites using light waves. It can be used for bathymetric and topographic purposes.
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High demand for 3D imaging for accurate dimensions of lands is likely to push market volume till 2023. 3D imaging is equipped with time of flight (ToF) which can accurately capture wide areas with high precision. Adoption of LiDAR systems by government agencies for topographical purposes is expected to spur market growth over the forecast period (2018-2023). High installation costs of these systems can hamper the market.
Emergence of self-driving cars to reduce traffic and minimize collisions is expected to revolutionize travel. Makers of these vehicles have decided to integrate LiDAR systems to increase its intelligence owing to its capacity to discern objects from humans. Quanergy, one of the prominent manufacturers of solid-state LiDAR systems, is planning to launch Fisker Emotion, integrated with its system by 2019. The success of this can positively disrupt the LiDAR market.
Key players in the LiDAR market include Trimble Inc. (U.S.), Beike Tianhui Technology Co., Ltd. (China), RIEGL Laser Measurement Systems GmbH (Austria), YellowScan (France), Quantum Spatial (U.S.), Geokno India Pvt. Ltd. (India), Hexagon AB (Sweden), Teledyne Technologies Inc. (U.S.), and Faro Technologies Inc. (U.S.).
The LiDAR market can be segmented by product-type, technology, component, and functional areas.
By product-types, the market is segmented into airborne LiDAR, terrestrial LiDAR, and others. ‘Others’ comprise bathymetric, mobile & static, and topographic LiDAR. The airborne segment had the highest market share in 2017, followed by terrestrial LiDAR. These systems are affixed on helicopters or fixed0wing aircraft to capture images of wide areas rapidly. The terrestrial segment is projected to grow at a rapid growth rate to touch USD 1,693.4 million by 2023.
Various technologies of LiDAR covered include 1D, 2D, and 3D. The 2D segment is expected to accrue revenues incrementally over the forecast period owing to its usage for navigation, measurement, and detection purposes. The 3D segment is expected is grow robustly in the global LiDAR market by 2023. It is expected to exhibit a 15.77% CAGR during the assessment period owing to its use in security systems to safeguard commercial buildings.
By component, the market is segmented into navigation & positioning systems, laser scanner, and other components. The laser scanner segment is projected to exhibit a 15.06% CAGR over the forecast period owing to the integration of ToF in these devices. The technique is used for assessing construction sites, historic buildings, and other industrial applications. The navigation & positioning systems segment is touted to touch a valuation of USD 1,514.9 million by 2023.
Functional areas suitable for LiDAR application include urban planning, corridor mapping, engineering, cartography, meteorology, environment, and ADAS & driverless car. Among these, the corridor mapping segment is expected to clock an impressive revenue of USD 973.7 million by 2023.
The LiDAR market covers the latest trends and opportunities across North America, Europe, Asia Pacific (APAC), and the Rest-of-the-World (RoW).
North America is expected to grow at a 12.34% CAGR to reach a size of USD 1474.3 million by 2023. This can be credited to the presence of well-known manufacturers in the U.S. and Canada. Rapid adoption of latest technologies is likely to give the region a much-needed impetus. The Europe LiDAR market can register a 15.13% CAGR over the forecast period. APAC is predicted to experience an impressive 17.06% CAGR during the forecast period. Investments in technology by China and India are expected to propel market volume further till 2023.
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