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.
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Light Detection and Ranging (LiDAR), is a remote sensing technology, in which light is used in the form of pulsed laser to measure different targets. A LiDAR can produce pulses of laser light to a surface, and can go up to 150,000 pulses per second and airborne LiDAR device uses a laser scanner with up to 400,000 pulses of light per second. LiDAR is usually used in making high resolution maps with increased application in geology, archaeology, forestry, geography, airborne laser swath mapping (ALSM), and seismology, among others.
Technological improvements to drive the growth of the global LiDAR market
The global LiDAR market growth is driven by factors such as technological improvements, growing usage of drones for various applications, increasing demand of LiDAR in various government sectors, R & D of self-driven cars in automotive sector and rising 3D printing market. Though, high price of the instrument, and scarcity of skilled personals may hamper the growth of the market. Furthermore, Untapped markets in emerging countries like Angola, Brazil, Mozambique, would provide several growth opportunities over the upcoming years for the LiDAR drone market.
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Market Segmentation
The global LiDAR market analysis by product type, component, end-user, application, and geography is included in this report. Product segment includes mobile, terrestrial, aerial, and short range. Component type is further segregated into laser, GPS/GNSS receiver, inertial navigation system, camera, and micro electro mechanical system. Moreover, application segment includes corridor mapping, exploration and detection, seismology, and others. End-user is further bifurcated as archaeology, defense and aerospace, civil engineering, transportation, forestry and agriculture, and mining industry. Based on geography, the global LiDAR market has been segmented into North America, Europe, Asia-Pacific and Rest of the World (RoW).
Aerial accounted for the largest market share in the product type segment
In 2016, aerial accounted for the largest market share in product type segment and is expected to continue its dominance during the forecast period 2016 – 2024, owing to its applications in aircrafts and drones for various purposes including corridor mapping, military, etc., followed by mobile.
Civil engineering accounted for the largest market share in the end user segment
In 2016, civil engineering accounted for the largest market share of 34.4% in the end user segment and are expected to continue its dominance during the forecast period 2016 – 2024, due to the growing adoption in the architectural and construction segment for 3D-modeling and monitoring applications, followed by forestry & agriculture.
Asia-Pacific is anticipated to grow at a fastest CAGR over the forecast period
The global LiDAR market forecast that Asia Pacific is anticipated to grow at a fastest CAGR of 26.2%, during the forecast period, due to higher low-cost manufacturing activities, and growing product launches in the region like China, followed by RoW. North America held the major share of the market followed by Europe.
Competitive Landscape
Major players have used various strategies to increase LiDAR market share and global presence. The major players operating in the market are Airborne Imaging Inc., Hokuyo Automatic Co Ltd., Velodyne LiDAR, Quanergy, Phoenix Aerial Systems, Quantum Spatial, Avent LiDAR technology, GeoDigital, Leica GeoSystems AG, and 3D Laser Mapping, among others.
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Scope of LiDAR Market
Product Type Segments
• Terrestrial
• Aerial
• Mobile
• Short Range
Component Type Segments
• Laser
• Inertial Navigation System
• Camera
• GPS/GNSS Receiver
• Micro Electro Mechanical System (MEMS)
Application Segments
• Corridor Mapping
• Seismology
• Exploration and Detection
• Others
End-User Segments
• Defence and Aerospace
• Civil Engineering
• Archaeology
• Forestry and Agriculture
• Mining Industry
• Transportation
Geographical Segments
• North America
o US
o Canada
o Mexico
• Europe
o Germany
o France
o United Kingdom
o Spain
o Others
• Asia-Pacific
o China
o India
o Japan
o South Korea
o Others
• RoW
o South America
o Middle East
o Africa
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