The global LiDAR market was valued at approximately USD 260 million and it is projected to grow at an approximate CAGR of over 12% over the forecast period of 2016 to 2024. The rising demand is due to the adoption of an aerial system for detecting and exploring and increasing the number of new innovative products.
The market is expected to be driven by factors such as government regulations to adopt these technologies, increasing demand for 3D imaging technology, automation technologies to reduce human efforts and to improve efficiency. Major factors which are expected to increase the consumption are automated data processing and image resolution capabilities.
The increase in application scopes expected to drive the market to grow exponentially in defense, civil engineering, aerospace, transportation, mining, archeology, agriculture, and forestry. It exhibits the properties to reduce the cost of operation, to raise investment among key players and awareness across diverse verticals.
The civil engineering sector is expected to grow at an approximate CAGR of over 17% in the next seven years. Major applications in civil engineering are flooded mapping and power line deployments.
Defense and military are expected to have a steady growth in the market. The technological development in several sectors such as roadways, railways, highways and forestry management are anticipated to have a lucrative growth.
Across the globe there is an increasing demand for geospatial data in internet mapping due to this emergency mapping is also anticipated to grow substantially to improve real-time mobile mapping technologies.
Some of the LiDAR automation technologies used in industrial areas are microtopography, digital evaluation model, forest planning and management, forest fire management, flood model, watershed and stream delineation, transport planning, oil and gas exploration, mining and archeology.
Restraints in LiDAR market are the lack of awareness regarding benefits of the system, high cost and highly expensive components used for surveying applications. Highly expensive components used for surveying are the navigation system, high-resolution 3D scanner, and laser scanner.
Opportunities in LiDAR market are rising due to an adoption of technologies by a consumer, vertical integration in terms of expansion of business and an increasing number of new product launches in the automotive sector.
Major challenges in LiDAR markets are environmental constraints for the usage of LiDAR and they are due to political, economical, cultural and other technological factors.
On the basis of product, the industry is segmented into terrestrial, airborne, short range and mobile systems. Long range imaging and digital surface modeling are expected to drive the demand for terrestrial and airborne systems.
Mobile systems are expected to grow at an approximate CAGR of over 22% which is expected to increase demand for aerial mapping and conventional ground surveys. Mobile scanning enhances the high-resolution 3D data, increase safety, time-saving and cost savings.
Airborne LiDAR industries are also expected to grow at a substantial growth rate of over 16% over the forecast period as the system offers the ability to cover large areas, high accuracy, increased efficiency and productivity, highly detailed local elevation data, and reduced environmental impacts.
The LiDAR market is segmented on the basis of components such as laser scanner, GPS, navigation, MEMS mirror and cameras, management system and data storage. GPS Airborne are used to discover the 3D position of aircraft sensors and inertial measurement units are used to measure linear and angular motions of aircraft.
The LiDAR markets are segmented on the basis of regions such as North America, Europe, Asia-Pacific and the Middle East and Africa.
Asia-Pacific is expected to witness significant growth due to increasing investment in military and defense. The overall revenue of LiDAR market has contributed over 28% for the forecast period in this region.
North America LiDAR market is expected to increase demand for high adoption 3D advanced imagery technologies. The overall revenue of LiDAR market has contributed over 40% for the forecast period in this region.
Corridor mapping, military and transportation and volumetric mapping are increasing demand in European countries for meeting the requirements of end-users. In Europe automotive sector is growing rapidly due to these mobile sensors, corridor mapping and advanced driver assistance systems (ADAS) is also rising every year.
Some of the major participants operating in the market include Airborne Hydrography AB, Aerometric Quantum Spatial (U.S.), Firmatek (U.S.), Geodigital (Canada), Faro technology (U.S.), Optech inc. (Canada), Lecia Geosystems, AG (Switzerland), Topcon Positioning Systems, Inc. (U.S.), Reigl Laser Measurement System GmBH (Austria), Sick AG (Germany), Trimble Navigation Ltd. (U.S.), BLOM (Norway), Michael Baker International (U.S), YellowScan (France), and Velodyne (U.S)
