February 25, 2020
According to the research report titled ‘LiDAR Market Size By Product (Airborne [Topographic, Bathymetric], UAV, Terrestrial [Mobile, Static]), By Type (Mechanical, Solid-state), By Application (Corridor Mapping [Roadways, Railways, Bridges & Tunnels], Engineering, Environment, Driverless Cars, Exploration & Meteorology, Cartography), Industry Analysis Report, Regional Outlook (U.S., Canada, Germany, UK, France, Italy, Spain, Australia, China, India, Japan, South Korea, Brazil, Mexico, GCC, South Africa), Application Development, Competitive Landscape & Forecast, 2019 – 2025’, available at MarketStudyReport.com, the global LiDAR market is expected to exceed USD 10 billion by the year 2025.
According to the research report, growing demand for advanced 3D imaging and mapping solutions is a major factor driving the LiDAR market growth. LiDAR technology utilizes shorter wavelengths for more accurate results as compared to traditional methodologies such as radar and aerial mapping. Hence, rising adoption of the product in various applications such as volumetric calculations, hydrology, landscape ecology, geomorphology, coastal engineering, survey assessments, floodplain mapping, and forest inventory are further facilitating the market expansion.
Increasing application of LiDAR technology in UAV devices for developing high-resolution elevation models and images of various landscapes are also stimulating the industry outlook. Moreover, this technology helps in reducing the overall cost of manufacturing product assembly and hence making it inexpensive and viable option for developing low-cost drones.
As per airborne product, the report states that topographic LiDAR market segment is expected to grow with a staggering CAGR of 25% during the period of 2019-2025. Topographic devices are utilized to produce point clouds, digital surface models, contours, and digital terrain models. Numerous market majors are developing innovative products for emergency management, soil erosion management, country & state side mapping, and disaster planning. This factor along with growing demand for topographic systems owing to their capabilities to develop accurate 3D models of several landscapes are fueling the segmental growth.
Based on the application spectrum, the report cites that the corridor mapping application of LiDAR technology held 30% market share in the year 2018 and is projected to witness consistent growth in the subsequent years. Growing demand for real-time and high-resolution data in infrastructure management services across various applications is propelling the market growth. On the other hand, the LiDAR market from environment applications is estimated to observe a growth rate of 32% in the ensuing years. LiDAR is used in several geoscience applications in order to build precise and high quality 3D data of wildlife species, which in turn is boosting the growth of the segment.
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As per regional analysis, North America held 50% share of the LiDAR market in the year 2018. High concentration of major automobile companies in consort with rising adoption of drones for commercial & recreational purposes are augmenting the regional demand for LiDAR technology. However, LiDAR technology market in Asia-Pacific is presumed to expand with a CAGR of 35% through 2025. Rising number of smart city development in India, China, and Japan are contributing towards the market growth.
The prominent companies operating in the LiDAR market are YellowScan, Velodyne LiDAR Inc., Valeo, Trimble Inc., Topcon Positioning Systems, Teledyne Optech (Teledyne Technologies), RIEGL Laser Measurement Systems GmbH, Quantum Spatial, Quanergy Systems Inc., Ouster Inc., Michael Baker International, Leica Geosystems AG (Hexagon), GEOKNO (GMR Group), GeoDigital, FARO Technologies Inc., and Beijing SureStar Technology Co. Ltd.
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