Light detection and ranging (LiDAR) is a sensing or surveying technology that is used for measuring distance by illuminating the target with laser. Introduction of LiDAR has enabled to examine, detect, and map objects in an easy way as compared to conventional methods since use of laser light provides accurate, precise, and fast data within short time. Moreover, it increases efficiency and reduces human efforts. Earlier, LiDAR systems were used only by government and military. However, with the advancements in technology and reduced costs, it is increasingly being adopted in commercial as well as industrial sectors, thereby boosting the growth of this market, globally.
Driving Factors & Restraints
The growth of the global LiDAR market can be attributed to the following factors:
- Increased encouragement from government and institutes for adopting LiDAR
- Rising usage of drones in various applications
- Automation on LiDAR systems which has led to increased efficiency and reduced human labor
- Increased application of LiDAR in engineering projects
Moreover, the growing automotive sector has opened an array of opportunities for the growth of this market. However, higher costs of LiDAR systems and lack of awareness about benefits of LiDAR among customers are some of the factors that may hamper the growth of this market. Moreover, environmental constraints pose as a major challenge for using LiDAR.
Market Predictions
The worldwide LiDAR market which is estimated to be valued at 1.39 Billion in 2016 is expected to reach USD 3.22 Billion by 2022, growing at a CAGR of 12.4% during the forecast period. Among regions, Asia-Pacific is expected to grow at the highest CAGR between 2016 and 2022 due to the increasing awareness among customers regarding its benefits and increased government support.
Based on component, large scanner segment took up the largest market share, owing to increased deployment of lasers. Whereas based on product, ground-based segment held the largest market share; however, UAV LiDAR is projected to grow at the highest CAGR over the forecast period, thanks to the increasing adoption of UAV applications for applications such as media & entertainment, precision farming, and other commercial applications.
Among applications, corridor mapping held the largest market share in 2015 due to increased development in infrastructure and use of LiDAR during construction of roadways, highways, and railways.
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Scope of the Research
The forecasts and analysis of the global LiDAR market has been done by breaking down the market into following segments and sub-segments:
- Component: LiDAR Laser Scanner, Navigation & Positioning
- Product: Aerial LiDAR, Ground-based LiDAR, UAV LiDAR
- Application: Corridor Mapping, Engineering, Environment, Advance Driver Assistance System, Exploration, Urban Planning, Cartography, Metrology
- Service: Aerial Surveying, Asset Management, GIS Services, Ground-based Surveying, Mapping & Modeling
- Geography: North America, Europe, Asia-Pacific, RoW
The prominent players operating in the global market for LiDAR are Quantum Spatial (Aerometric) (U.S.), Faro Technology (U.S.), Geodigital (Canada), Leica Geosystems AG (Switzerland), Optech, Inc. (Canada), Reigl Laser Measurement Systems GmbH (Austria), Topcon Positioning Systems, Inc. (U.S.), Trimble Navigation Limited (U.S.), Sick AG (Germany), Velodyne (U.S.), BLOM (Norway), Michael Baker International (U.S.), and YellowScan (France).
