Market Research Future published a research report on “LiDAR Market Research Report - Forecast 2023” – Market Analysis, Scope, Stake, Progress, Trends and Forecast to 2023.
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.
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 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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