Global LiDAR market is thriving on account of its proven application in every sector, right from archaeology to autonomous cars. The growing adoption of LiDAR technology in the commercial as well as the government sectors will surge the LiDAR industry share. Moreover, increasing rate of projects with demand for higher efficiency and Multiview point data will boost the overall market outlook. According to Global Market Insights, Inc., “LiDAR Market share is anticipated to exceed USD 1.1 billion by 2023.”
Furthermore, low-altitude and light weight flying platforms will observe greater demand for the LiDAR technology. Growing applicability in the imaging maneuvers and 3D scanning market is likely to generate colossal growth opportunities in the coming years.
China , by application, 2012 - 2023 (USD Million)
The LiDAR market has extensive set of applications in corridor mapping, military & defense, civil engineering, topographical surveys, and government sectors.
Airborne LiDAR market is projected to dominate the product landscape
In terms of products, LiDAR market is segmented into short range, terrestrial, airborne and mobile LiDAR. Airborne LiDAR market is estimated to surpass USD 400 million by 2023, owing to the growing implementation of hi-tech features such as full waveform analysis in airborne mapping and full waveform analysis. Furthermore, the mobile LiDAR industry share is expected to register a CAGR of 22% over the period of 2016-2023. The product growth is subject to increasing use of mobile mapping throughout the transportation agencies, wind projects and urban data acquisition.
Laser scanners is forecast to lead the LiDAR component market
Based on types of components, the industry is segmented into Laser Scanners, GPS, Data Storage & Management Systems, and Navigation. Among these, the laser scanner is the largest and the most lucrative segment of the LiDAR market. Technological superiority of the component will be the key factor driving the market growth at a commendable pace. Apart from this, GPS, navigation, and data storage & management systems market will also spectate substantial contribution in the industry over the coming years.
Below are the regional trends influencing the LiDAR market from 2016-2023
Merges & acquisitions and product development to offer cost-effective and advanced solutions to the consumer base will be the major growth strategies of the market players. Notable industry participants include 3D Laser Mapping Ltd, Aerometric, Faro Technologies, Leica Geosystems, RIEGL, Intermap Technologies, Trimble Navigation, and Renishaw.
Written By : Ojaswita Kutepatil