The global LIDAR market is expected to grow at a significant rate during the forecast period from 2018 to 2024. The major factors driving the LIDAR market include the increasing application of LIDAR in automation, engineering, and forestry sectors. Additionally, the technological advancement and government initiatives are the other factors boosting the LIDAR market. Subsequently, LIDAR is useful in coastline planning, urban planning, and oil & gas exploration. Furthermore, LIDAR application in new emerging sectors such as drones and advanced driver assistance system are expected to accelerate the LIDAR market over the forecast period. However, the high initial cost of the setup may hinder the growth of the market.
Light Detection and Ranging (LIDAR), is a remote sensing method which uses light in the form of a pulsated laser beam for illuminating the target and measuring the reflected pulses with the sensor and measuring variable distances. High-resolution data and accurate distance measurement make it capable for 3D mapping. LIDAR instrument mainly consists of a scanner, laser, and GPS receiver. The use of LIDAR in the collection of critical data about the earth’s surface is augmenting the growth of the global LIDAR market. Various government initiatives for developments in mapping, modeling, ground and aerial surveillance is also driving the LIDAR market globally.
The global LIDAR market is segmented on the basis of the component, product, service, application, end user, and regions. On the basis of the component, the global LIDAR market is segmented into laser scanners, navigation and positioning systems and others. Laser scanner segment is expected to be the fastest growing segment in the global LIDAR market owing to rising demand for ground-based laser technology. Based on the product, the global LIDAR market is segmented into aerial LIDAR, ground-based LIDAR, UAV LIDAR, and solid-state LIDAR. The airborne segment holds the major share in the LIDAR market followed by terrestrial and mobile LIDAR which are expected to grow at a rapid pace over the forecast period. The segmentation of the global LIDAR market, on the basis of service, includes GIS service, aerial surveying, LIDAR data processing, ground-based surveying, asset management, mapping and modeling, and others. On the basis of application, the global LIDAR market is segmented into engineering, exploration, urban planning, environment, corridor mapping, meteorology, ADAS and driverless cars, cartography, and others. The corridor mapping segment used for mapping data at lower altitudes accounts for a major share in the global LIDAR market. Moreover, automation segment is another sector that is expected to grow rapidly due to efficient utilization of LIDAR in advanced driver assistance system (ADAS).
Based on geography, the global LIDAR market is segmented into North America, Europe, Asia-Pacific, and Rest of the World (RoW). North America holds the major share in the global LIDAR market in 2017 owing to major investments in the modern technology and defense sector. Moreover, increasing investment of some key players in ADAS technology and driverless cars provides thrust to the North American LIDAR market. Asia-Pacific is expected to be the fastest growing market due increasing investments in urban planning and exploration in developing countries such as India and China.
Some of the major players operating in the global LIDAR market are Teledyne Optech Inc., Velodyne LIDAR, Quanergy Systems Inc., Yellowscan, Sick AG, Leica Geosystems, Beijing Beike Technology Co., Faro Technology, Quantum Spatial, Trimble Navigation Limited, and RIEGL Laser Measurement Systems GmbH.
Global Light Detection and Ranging (LIDAR) Market Outlook, Trend and Opportunity Analysis, Competitive Insights, Actionable Segmentation Forecast 2024