The global LiDAR services market size is expected to reach USD 2.6 billion by 2025, registering a CAGR of 14.5% from 2019 to 2025, according to a new study by Grand View Research, Inc. LiDAR services find prominent applications in the automotive industry. Further, favorable government policies regarding self-driven vehicles and advanced driver-assistance systems (ADAS) are fueling market growth.
The use of LiDAR services in autonomous vehicles is one of the major factors driving the market. Furthermore, increasing automobile production across developed and developing economies, along with the growing demand for technologically advanced electronic safety systems in vehicles, are the major factors positively impacting market growth. The implementation of stringent carbon emission norms are driving demand for next-generation technologies, such as advanced driving systems. This, in turn, is likely to drive demand for LiDAR services over the forecast period. Further, LiDAR sensors are also used for security, surveillance, and logistics in industrial automation. The extensive use of sensors in the automotive and industrial automation industry is anticipated to positively influence the market over the forecast period.
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The market is anticipated to be driven by growing 3D imaging technology. The growing use of 3D imaging enabled devices, such as the robotic vision system, medical imaging device, and the 3D X-ray imaging device, are expected to boost the growth of the market. Besides, the implementation of LiDAR services in 3D imaging is expected to boost its demand in the healthcare industry.
North America held largest market share in 2018, followed by Asia Pacific and Europe. The Asia Pacific regional market is expected to witness robust growth over the forecast period, owing to the increasing awareness regarding the benefits of the techonology in the automotive and industrial automation industry. Moreover, the rise in demand can be attributed to the growth in adoption of ADAS in autonomous cars in China, Japan, South Korea, and Singapore.
Further key findings from the report suggest:
• The GIS service segment is estimated to gain high traction in the market. As this involves advanced terrestrial laser scanning systems for data acquisition in 3-dimensional point clouds
• The modelling segment is further sub segmented as city modelling and others. The city modelling segment is expected to account for maximum share in the market
• The significant adoption of LiDAR in Unmanned Aerial Vehicles (UAVs) has led to the growth of the market
• Increasing adoption of LiDAR mapping across different applications namely corridor mapping delivers sustainable growth opportunities for market
• Maintaining operational costs is a major focus area of the suppliers in the market. As availability of low-cost services in the market creates major concern for the prominent suppliers
• The emergence of a considerable number of substitutes, such as HTC Corporation, and Sony Corporation, introducing low-cost automotive imaging LiDAR sensors, is expected to challenge market growth
• The key participants in the LiDAR services market are namely Fugro; GeoDigital; Harris Geospatial Solutions, Inc.; Hexagon; Kucera International; Quanergy Systems, Inc.; Quantum Spatial; and Surdex Corporation.
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Grand View Research has segmented the global LiDAR services market on the basis of service type, application, and region:
LiDAR Service Type Outlook (Revenue, USD Million, 2014 - 2025)
• GIS Service
• Asset Management
• Aerial Surveying
• Ground-Based Surveying
• Mapping
• Modelling
o City Modelling
o Others
LiDAR Services Application Outlook (Revenue, USD Million, 2014 - 2025)
• Corridor Mapping
• Engineering
• Environment
• Exploration
• ADAS
• Others
LiDAR Services Regional Outlook (Revenue, USD Million, 2014 - 2025)
• North America
o U.S.
o Canada
o Mexico
• South America
o Brazil
o Argentina
• Europe
o U.K.
o Germany
o France
o Spain
o Italy
• Asia Pacific
o China
o India
o Japan
o Australia
• MEA
o UAE
o Saudi Arabia
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About Grand View Research
Grand View Research provides syndicated as well as customized research reports and consulting services on 46 industries across 25 major countries worldwide. This U.S.-based market research and consulting company is registered in California and headquartered in San Francisco. Comprising over 425 analysts and consultants, the company adds 1200+ market research reports to its extensive database each year. Supported by an interactive market intelligence platform, the team at Grand View Research guides Fortune 500 companies and prominent academic institutes in comprehending the global and regional business environment and carefully identifying future opportunities.