Market Scenario:
According to Market Research Future (MRFR), the global LiDAR market size is expected to reach USD 4158.8 million, with a CAGR of 14.14% from 2017 to 2023 (forecast period). The report discusses crucial developments in the global LiDAR market in light of the novel COVID-19 pandemic. The report offers a meticulous overview of the different areas of the sector that are likely to be impacted by the pandemic.
Light Detection and Range (LiDAR) is one of the remote sensing methods that absorbs light in the form of a pulsed laser to measure ranges (variable distances) to the earth. These light pulses are coupled with other data recorded by the airborne system to provide reliable, three-dimensional information about the shape of the earth to analyze the surface characteristics. LiDAR laser techniques offer a range of advantages to the industrial sector, including automotive, geographic survey, land mapping, and construction, among others. Continuous 360 degrees of visibility and precise depth of information add fuel to the growth of the market.
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Market Dynamics
LiDAR laser techniques offer numerous advantages to the industrial sector, including automotive, geographical survey, land mapping applications, and construction. LiDAR technology provides all-round continuous visibility and highly precise depth of information that serves as one of the driving forces for the further adoption of LiDAR systems. The numerous factors contributing to the global LiDAR market’s growth are the growing demand for 3D imaging technology and the increased acceptance of LiDAR by government agencies. In addition, the incorporation of solid-state LiDAR into self-driving vehicles would generate opportunities for market players during the forecast period.
Key Players
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.).
Segments
The global LiDAR market has been segmented on the basis of product type, technology, component, and functional areas.
Based on product type, the global LiDAR market has been segmented into airborne LiDAR, terrestrial LiDAR, and others. The airborne LiDAR segment held the largest market share in 2017, with a market value of USD 722.7 million in the forecast period. The terrestrial LiDAR segment was the second-highest calculated segment; the highest CAGR is expected to be reported during the assessment period. Airborne LiDAR was the dominant segment in the LIDAR industry as the airborne LiDAR segment can represent a vast geographic area and produce accurate data over a short period. The terrestrial LiDAR segment is the fastest-growing in the LiDAR industry. Terrestrial LiDAR collects a very large volume of data with highly precise points that provide precise object identification. The other segment includes LiDAR topographic, LiDAR bathymetric, LiDAR mobile, and LiDAR static. These LiDAR are forms of the airborne and terrestrial segments. These LIDAR have a different type of function.
By technology, the global LiDAR market has been segmented into 1D, 2D, and 3D.
By component, the global LiDAR market has been segmented into laser scanner, navigation & positioning systems, and other components.
By functional areas, the global LiDAR market has been segmented into engineering, corridor mapping, environment, ADAS & driverless car, urban planning, cartography, and meteorology.
Regional Analysis:
By region, the global LiDAR market has been segmented into Asia Pacific, North America, Europe, and the rest of the world.
North America held the most substantial market value of USD 738.0 million in 2017; the market is predicted to acheive a CAGR of 12.34% during the forecast period. North America dominates the LiDAR market during the forecast period as end-users are well aware of the latest technical developments and are increasingly investing in the adoption of the latest services in the country.
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