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LiDAR Market growth will be driven by rising urbanization and infrastructural developments

Author : Ronak Bora | Published Date : 2019-04-15 

Global Market Insights, Inc. has announced the launch of LiDAR market, a comprehensive study enumerating the latest price trends and pivotal drivers rendering a positive impact on the industry landscape. Further, the report is inclusive of the competitive terrain of this vertical in addition to the market share analysis and the contribution of the prominent contenders toward the overall industry.

LiDAR Market is characterized by key notable players offering advanced, diverse and cost-effective solutions along with rising urbanization and large scale infrastructural development will contribute to the growth of global LiDAR industry size over the forecast timeline. Heavy investments in infrastructural development and strategic alliances will remain the key strategies in the ecosystem. Increasing acceptance in automobile safety application, environmental mapping arenas, rising acceptance in the corridor mapping and civil engineering for monitoring & 3D-modeling applications will fuel the LiDAR industry share from 2016 to 2023.

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Increasing applications of UAVs in marketable processes will fuel LiDAR market share. There has been development in the storage capabilities of data and the computer processing speeds have increased, lowering the costs while increasing the efficiency of dealing with the data. Numerous underground applications for the systems include identification/measurement of structure, tunnel deformation, scaling measurement and rockfall source detection.

The expanding civil sector will further lucratively influence the LiDAR market outlook. The capability of LiDAR to provide high accuracy and detail local elevation data while surveying roads and construction projects will drive the application demand. Moreover, increasing implementations of this technology across the government sector will catalyze LiDAR industry revenue over the coming period. As per the study, the government sector will lead the application landscape with revenue over USD 340 million by 2023.

The LiDAR market can be segmented on the basis of products as airborne, terrestrial, mobile, short range. Mobile accounted for around 20% of the overall revenue in the year 2015. Capacity of removing the necessity for deployment prices, rises the security of data by eliminating the need for traffic deviation and offers safety for the project employees.

Around 40% of the revenue in the year 2015 is by the Airborne LiDAR market. Thorough native elevation data and high accuracy is offered by airborne LiDAR. It enables to conceal big area and the environmental impact also reduces. Mobile mapping systems have observed extraordinary progresses credited to increasing demand for precise and high-resolution geospatial data. Introduction to internet mapping has amplified the requirement for geospatial data.

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Considering the global trends, Asia Pacific LiDAR market is estimated to exceed a revenue of USD 470 million by 2023, primarily driven by increasing low-cost manufacturing activities across the region. Huge investment by stakeholders in this region coupled with growing product launches further influence the regional growth.

North America region is expected to grow at a growth rate of 9.3% in the forecasted period. Owing to the technological developments in GPS and inertial navigation unit the Europe region is also expecting a steady growth. The revenue from Asia pacific region is expected to be USD 470 million by the year 2023. This is owing to the low-cost manufacturing activities.

Technological advancement in GPS and inertial navigation will drive Europe LiDAR market. Civil and corridor mapping will be the major application areas in the Europe, owing to the massive requirement for security systems in commercial areas such as airports, hospitals, and hotels.

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About Global Market Insights

Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.

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About Author

Ronak Bora

Ronak Bora

A graduate in Electronics Engineering, Ronak writes for Fractovia.org and carries a rich experience in digital marketing, exploring how the online world works from a technical and marketing perspective. His other areas of interest include reading, music, and sport. He can be contacted at- [email protected] | https://twitter.com/RonakBora26

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