Industry Insights
The LiDAR technology market is anticipated as growing market with the increasing requirement for 3-dimension imagery in various end-use segments. Noticeable drop in prices of LiDAR is also expected to spur the market growth. Due to competitive benefits in terms of light dependency and high accuracy, LiDAR technology has replaced photogrammetry technology which is anticipated as one of the prominent LiDAR technology market drivers. Emerging environmental unease and increased homeland security needs are expected to impact the growth of the LiDAR technology market positively over the forecast period. Growing requirements for critical and imaginary mapping statistics in government and defense sector is projected to drive the global LiDAR technology market. Environmental purposes such as fisheries monitoring, near surface soil substance, wetlands remediation and vegetation health are also expected offer the key opportunities to fuel the market growth in coming years.
Encouragement by governments & institutes for the adoption of LiDAR, engineering projects of large magnitude, automation in LiDAR systems leading to increased efficiency and reduced human effort and technological superiority of LiDAR are prominent drivers of the LiDAR technology market. However, lack of awareness and customer education and high expense of surveying using LiDAR systems are expected to hamper the market growth. An automotive sector presents new opportunities for LiDAR technology market growth in coming five years. Environmental constraints against the use of LiDAR technology are going to challenge the global LiDAR technology market.
Product insights
LiDAR products are categorized in to airborne, mobile, terrestrial and limited (short) range. Airborne LiDAR products have contributed significant market growth over the past decade. Technological advancements are projected to enhance the cost-profit ratio of terrestrial & mobile LiDAR systems, which is expected to beat that of airborne systems. New innovations including digital surface modelling and long range imaging for terrestrial and airborne systems are expected to spur the market growth over the forecast period.
Component Insights
MEMS mirrors, GPS, inertial navigation system, camera and laser diode are the example of component used in LiDAR technology. MEMS scanning mirror is going to replace the traditional laser scanner application owing to low cost of LiDAR and bulky & expensive traditional laser scanner. This is expected to contribute in advancement of miniaturization and cost lessening by application of MEMS technology.
Application Insights
Increasing demand for imagery and 3D scanning in commercial, government and consumer applications is one of the major drivers, increasing the overall growth of the market. Government segment was the leading segment and is expected to continue the same over the forecast period. Application of the technology in various government sectors including railways & roadways and forestry management is expected spur the growth of the market in coming years. Adoption of the internet mapping is going to significantly increase the requirement for geospatial data worldwide. Requirement of emergency mapping is anticipated to grow the demand for better real-time mobile mapping technology abilities in coming years.
Regional Insights
Increasing defense expenditure in Asia Pacific is expected to grow the market in region over the forecast period. North America is expected to lead the market, pursued by Europe in coming years. Owing to high diffusion rate of LiDAR devices in various functions including military and transportation, volumetric mapping and corridor mapping is projected to contribute noticeably to the European LiDAR technology market growth. High requirement in the U.S. owing to increasing aerospace applications combined with consumption in segments including telecommunications, reverse engineering asset management, mine mapping and civil engineering is going to spur the LiDAR technology market growth in the region.
Competitive Insights
Aerometric, Airborne Hydrography Ab, Firmatek, 3D Laser Mapping and FARO Technology are some of the global key players of LiDAR technology market. Players functioning in the LiDAR technology market concentrate on setting up a wide allocation network and new innovations. Merger, acquisitions and strategic partnerships between players are going to help in the expansion of business.
