Global LiDAR Market Report, published by Variant Market Research, forecast that the global market is expected to reach $1,636 million by 2024 from $360 million in 2016; growing at a CAGR of 20.8% from 2016 to 2024. By geography, Asia Pacific and RoW are expected to grow at a CAGR of 26.2% and 25.3%, respectively, during the forecast period.
Major drivers of the global LiDAR market include, technological advancements, increasing use of drones for multiple applications, adoption of LiDAR in various government sectors. Moreover, growth of 3D printing market and research and development of self-driven cars in automotive sector are also expected to supplement the market growth. Untapped markets in developing countries would unfold various business opportunities for the market in the near future.
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The global LiDAR market is segmented based on product, component, end-user, application, and geography. Product segment can be bifurcated into terrestrial, aerial, mobile, and short range. Component type is further categorized into laser, inertial navigation system, camera, GPS/GNSS receiver, and micro electro mechanical system. Furthermore, application is segmented into seismology, corridor mapping, exploration and detection, and others. End-user can be bifurcated into defense & aerospace, archaeology, civil engineering, mining industry, and transportation, forestry and agriculture. In 2016, By product type, aerial accounts about 50.8% of total market, followed by mobile with 24.5%. In applications, exploration and detection and corridor mapping held the majority of share with 36.6% and 48.7% respectively in 2016. Furthermore, by end user, forestry & agriculture and civil engineering held the share of 19.7% and 34.4% respectively in 2016.
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Geographically, the global LiDAR market has been segmented into North America, Europe, Asia-Pacific, and Rest of the world (RoW). Asia-Pacific is the fastest growing region in the LiDAR market, and is expected to continue this trend owing to rising product launches and increased low-cost manufacturing activities in the region. North America accounts the largest share of the market with 46% followed by Europe with 32.4%.
The major market players include Velodyne LiDAR, Hokuyo Automatic Co Ltd., Phoenix Aerial Systems, Quanergy, 3D Laser Mapping, Quantum Spatial, Airborne Imaging Inc., Avent LiDAR technology, GeoDigital, and Leica GeoSystems AG, among others.
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