Global LiDAR Market size is expected to reach $1636 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.
Rise in adoption of drone will uplift the lidar market
Key drivers of the global LiDAR market trends are rise in adoption of LiDAR by governments across the world,technological advancements, and growing use of drones for multiple applications. Additionally, R&D on autonomous cars in automotive sector and rise in 3D printing would offer opportunities to the key players in the market.
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The global LiDAR market has been bifurcated into component, product, application, end-user, and geography. Product segment comprises aerial, terrestrial, mobile, and short range. Laser, Camera, GPS/GNSS receiver,inertial navigation system, and MEMS are key components of lidar. Application segment includesexploration & detection seismology, corridor mapping, and other applications.Mining industry, archaeology, defense and aerospace, civil forestry and agriculture, and transportation are covered under the end users segment.North America, Europe, Asia-Pacific and RoW are the key geographical sub segments of global lidar market.
Civil engineering dominated the market with highest market share in 2016
Civil engineering accounted for the largest market share in 2016 and expected to remain the highest over the forecast period 2016 – 2024. Lidar provide extremely accurate images, which are very crucial in the civil engineering.
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Emerging countries witnessing growing demand of Lidar for various applications
Asia-Pacific is witnessing the fastest CAGR from 2016 to 2024, owning to increasing product launches and rise in low-cost manufacturing activities in China, India, and Japan. Whereas, North America held for the highest share of the market in 2016 and expected to remain the largest over the forecast period 2016 – 2204. Moreover Angola, Mozambique, Brazil, and Portugal, among others are also witnessing the significant demand of lidar market.
The major market players include Quanergy, Quantum Spatial, Hokuyo Automatic Co Ltd., Phoenix Aerial Systems, Velodyne LiDAR, Airborne Imaging Inc.,3D Laser Mapping, Avent LiDAR technology, GeoDigital and Leica GeoSystems AG, among others.
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Scope of LiDAR Market
Product Type Segments
• Short Range
Component Type Segments
• Inertial Navigation System
• GPS/GNSS Receiver
• Micro Electro Mechanical System (MEMS)
• Corridor Mapping
• Exploration and Detection
• Defence and Aerospace
• Civil Engineering
• Forestry and Agriculture
• Mining Industry
• North America
o United Kingdom
o South Korea
o South America
o Middle East
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