U.S. Airborne LiDAR Market Report, published by Allied Market Research, forecasts that the American market is expected to garner $135 million by 2022, registering a CAGR of 12.1% from 2016-2022. U.S. represents more than 80% share of the overall aerial LiDAR system market in North America. Advancements in laser technology and aerial vehicles have reduced the cost of airborne LiDAR systems. Furthermore, increase in airborne LiDAR applications in various industries, apart from conventional military applications, has accelerated the demand for airborne LiDAR in U.S. Moreover, reduction in price of drones, expansion of applications in defense & civil engineering, and rise in demand for 3D imaging are projected to supplement the market growth. Fueled by the high demand for accurate and high-resolution 3D images of the tracked object, these aerial vehicles are most widely used in defense & aerospace, civil engineering, forestry & agriculture, transportation & logistics among other domains.
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By components, the market is segmented into lasers, inertial navigation systems, cameras, GPS/GNSS receivers, and micro-electromechanical systems. Among these, lasers generated the maximum revenue in the year 2014. However, GPS/GNSS receiver is expected to witness the highest CAGR during the forecast period. The ability to operate in difficult environments highlights the need of these components in efficient LiDAR devices.
Applications wise, corridor mapping accounted for the maximum revenue share in 2015. However, other types of applications, which include pollution modeling, coastline management, and meteorology, are expected to register highest CAGR of 13.3% during the forecast period. This growth is observed due to the improved capabilities of LiDAR systems to record and process the data points in a shorter time for pollution modelling, coastline management, and metrology applications in U.S.
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Among the various industries, defense & aerospace contributed the highest revenue share, of the overall market revenue. This segment is expected to maintain its dominant position throughout the forecast period. However, forestry & agriculture sector is expected to be the most prominent industry in the U.S. airborne LiDAR, and is anticipated to witness a high CAGR of 13.5%, owing to increase in drone applications in precision agriculture for crop monitoring and analyzing.
Key findings of the U.S. Airborne LiDAR Market:
• In the year 2015, lasers segment led the overall airborne LiDAR market revenue in U.S., and is projected to grow at a CAGR of 11.4% during the forecast period.
• GPS/GNSS receiver is expected to witness the highest CAGR of 15.2%.
• Among the various industries, defense & aerospace contributed the highest revenue share, accounting for around 32% share of the overall market revenue.
• Forestry & agriculture sector is expected to be the most prominent industry in the U.S. airborne LiDAR, anticipated to witness a high CAGR of 13.5%, owing to increase in drone applications in precision agriculture for crop monitoring and analyzing.
Leading players consistently invest in R&D to develop enhanced products and solutions. In addition, strategic joint venture and acquisitions are other major strategies followed by prominent players to expand their market presence and gain a competitive edge in U.S. market. For instance, Faro Technologies owns a wide geographical presence and is active in product launches and acquisitions, whereas Teledyne Technologies is active in research collaborations along with product launches.
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The major players profiled in this report include Faro Technologies Inc., Leosphere SaS, Leica Geosystems Inc. (Hexagon), 3D Laser Mapping Inc., Firmatek LLC, RIEGL Laser Measurement Systems GmbH, Teledyne Technologies, Quanergy Systems, Inc., Saab Group, and Raymetrics S.A. among others.
The various stakeholders involved in the value chain include component suppliers, system assemblers, utility solution manufacturers, and end-users. These stakeholders perform various roles in specific areas and add more value to the overall product. Advancement in technologies offered are expected to create an elevated growth potential for each stakeholder in the value chain.