Industry
Overview
The
report “LiDAR Market
Size By Application (Corridor Mapping, Civil Engineering, Military &
Defense, Government, Topographical Surveys), By Product (Short Range, Mobile,
Terrestrial, Airborne), By Component (Navigation, Data Storage & Management
Systems, Laser Scanners, GPS), Industry Analysis Report, Regional Outlook
(U.S., UK, Germany, China, Japan, India, Mexico, Brazil), Application
Potential, Competitive Market Share & Forecast, 2016 - 2023” by Global Market Insights, Inc. says “LiDAR
Market share is predicted to surpass a revenue of USD 1.1 billion by 2023.”
Global
Rising urbanization and infrastructural developments have noticeably stimulated
global LiDAR market size over the recent years. Increasing number of projects
along with high degree of efficiency and multi-viewpoint data collection
worldwide are poised to bring interesting developments in the LiDAR industry
trends. Emerging technological advancement such as optically extended MEMS
(micro-electro-mechanical system) scanning mirror will boost the demand for
LiDAR technology across low-altitude and light weight flying platforms.
A
few of the major applications catered by Light Detection and Ranging technology
include civil engineering, government, military & defense, corridor
mapping, and topographical survey. LiDAR market share in the corridor mapping
applications will witness a CAGR of 21.5% over the coming six years.
The
expanding civil sector will further lucratively influence the LiDAR industry
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 market 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.
LiDAR
market will also attain noticeable surge owing to the revenue generated from
its products such as mobile, airborne, terrestrial, and short range
technologies. Airborne LiDAR market dominated the product landscape by
accounting for of 40% the total share in 2015 and is projected to surpass a
revenue of USD 400 million by 2023. The growth can be attributed to the implementation
of advanced technological features such as multi-target capability and full
waveform analysis in airborne mapping.
Mobile
LiDAR market will grow significantly with a CAGR of 22% from 2016 to 2023.
Increasing usage of mobile mapping across wind projects, transportation
agencies, and urban data acquisition will drive mobile LiDAR market.
Laser
scanner will exhibit a CAGR of more than 17% over the period of 2016-2023,
owing to its growing application in 3D
scanning market and imaging maneuvers. Moreover, Data storage
& management system, navigation, and GPS components will contribute
positively towards LiDAR industry growth.
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.
US
will contribute significantly towards North America LiDAR market share and is
predicted to witness a growth rate of 9.3% over the mentioned timeframe. The
increase in industrial automation and rising adoption of 3D imagery by US
government are the major driving factors of North America LiDAR industry
outlook.
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.
Key
market players are poised to offer advanced and cost-effective solutions to
sustain their position in the LiDAR business. Heavy investment and strategic
alliances will characterize the LiDAR market size over the coming six years.
Key industry participants include Renishaw, Faro Technologies, Leica
Geosystems, Intermap Technologies, Trimble Navigation, RIEGL, 3D Laser Mapping
Ltd, Aerometric.
View press release of this report @ https://www.gminsights.com/pressrelease/lidar-light-detection-and-ranging-market
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