Global LiDAR Market Size Projected Grow At CAGR Of 12% Till 2024

LiDAR Market

Global LiDAR Market was worth USD 260 million in 2015. It is estimated to grow at a CAGR of 12% from 2016 to 2024 (forecast period). Rising demand for 3D imaging technology in a variety of applications is an important market driver. The adoption of aerial systems for detection and exploration of historic details is increasing. Vendors are in the process of introducing several novel products in this space. These factors are propelling market growth.

However, LiDAR system’s components like laser scanner, navigation systems, high-resolution 3D cameras, etc. are expensive. This coupled with poor consumer awareness may hamper its future prospects.

The market is segmented as per applications, products, components, and regions. Applications are divided into civil engineering, government, topographical surveys, corridor mapping, and military & defense. Civil engineering, which includes areas like power line deployments and flooded mapping, would grow at a CAGR of 17% over the forecast period.

Topological surveys, and military & defense are projected to grow at a steady rate till 2024. Government applications could increase owing to technological developments in forestry management, railways, roadways, etc.

Products comprise short range, airborne, mobile, and terrestrial. Terrestrial products held over 30% of the total revenues in 2015. Their advantages include remote acquisition and measurement, and high point density data. Mobile systems are foreseen to grow at a CAGR of over 24% in the next eight years. This attributes to surging demand for accurate, high-resolution 3D geospatial data.

Components include   laser scanners, GPS (Global Positioning System), data storage & management, navigation/IMU (Inertial Measurement Unit), and others. ‘Others’ consist of MEMS (Micro-Electro-Mechanical Systems) mirror and cameras. IMU is expected to grow at a 23% CAGR through the forecast period.

North America, Europe, Asia Pacific, Latin America, and MEA (the Middle East & Africa) constitute the regional segments of the LiDAR market. North America is poised to dominate by 2024. It could account for over 39% of the market revenues that year. This is credited to widespread adoption of advanced 3D imaging technologies by the U.S. government. Asia Pacific should grow owing to escalating spending on military & defense.

Key players in the global market include Aerometric Quantum Spatial, Airborne Hydrography AB, Reigl Laser Measurement System GmBH, Michael Baker International, Lecia Geosystems AG. They focus on collaborations, acquisitions, and product launches to gain market share.

 

LiDAR Market Size and Share, 2024

Global LiDAR Market was worth USD 260 million in 2015. It is estimated to grow at a CAGR of 12% from 2016 to 2024 (forecast period). Rising demand for 3D imaging technology in a variety of applications is an important market driver. The adoption of aerial systems for detection and exploration of historic details is increasing. Vendors are in the process of introducing several novel products in this space. These factors are propelling market growth.

However, LiDAR system’s components like laser scanner, navigation systems, high-resolution 3D cameras, etc. are expensive. This coupled with poor consumer awareness may hamper its future prospects.

The market is segmented as per applications, products, components, and regions. Applications are divided into civil engineering, government, topographical surveys, corridor mapping, and military & defense. Civil engineering, which includes areas like power line deployments and flooded mapping, would grow at a CAGR of 17% over the forecast period.

Topological surveys, and military & defense are projected to grow at a steady rate till 2024. Government applications could increase owing to technological developments in forestry management, railways, roadways, etc.

Products comprise short range, airborne, mobile, and terrestrial. Terrestrial products held over 30% of the total revenues in 2015. Their advantages include remote acquisition and measurement, and high point density data. Mobile systems are foreseen to grow at a CAGR of over 24% in the next eight years. This attributes to surging demand for accurate, high-resolution 3D geospatial data.

Components include   laser scanners, GPS (Global Positioning System), data storage & management, navigation/IMU (Inertial Measurement Unit), and others. ‘Others’ consist of MEMS (Micro-Electro-Mechanical Systems) mirror and cameras. IMU is expected to grow at a 23% CAGR through the forecast period.

North America, Europe, Asia Pacific, Latin America, and MEA (the Middle East & Africa) constitute the regional segments of the LiDAR market. North America is poised to dominate by 2024. It could account for over 39% of the market revenues that year. This is credited to widespread adoption of advanced 3D imaging technologies by the U.S. government. Asia Pacific should grow owing to escalating spending on military & defense.

Key players in the global market include Aerometric Quantum Spatial, Airborne Hydrography AB, Reigl Laser Measurement System GmBH, Michael Baker International, Lecia Geosystems AG. They focus on collaborations, acquisitions, and product launches to gain market share.

 

Global Lidar Market Is Boosted by Increasing Adoption of Drones

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Global LiDAR Market is expected to reach $1636 million by 2024 from $360 million in 2016; growing at a CAGR of 20.8% from 2016 to 2024. By geography, Asia Pacific and RoW are expected to grow at a CAGR of 26.2% and 25.3%, respectively, during the forecast period.

Major drivers of global LiDAR market are technological advancements, adoption of LiDAR in various government sectors, and growing use of drones for multiple applications. Furthermore, research and development of self-driven cars in automotive sector and growth of 3D printing market are also expected to boost the market growth.

The LiDAR market has been bifurcated into product, component, end-user, application and geography. Product segment includes terrestrial, aerial, mobile, and short range. Aerial held for the highest market share in 2016 and expected to remain the largest over the forecast period 2016 – 2024. Component segment comprises laser, inertial navigation system, camera, GPS/GNSS receiver, and micro electro mechanical system. Furthermore, application is further categorized into corridor mapping, seismology, exploration and detection and others. Corridor mapping held the highest market respectively in 2016. End-user can be segmented into defense & aerospace, archaeology, civil engineering, forestry & agriculture, mining industry and transportation. Civil engineering accounted for the largest market share 34.4% in 2016.

North America, Europe, Asia-Pacific and RoW are the key sub segments of global LiDAR market. Asia-Pacific is anticipated to grow at a fastest CAGR over the forecast period 2016 – 2024. The growth is attributed to increasing in product launches and high low-cost manufacturing activities in the region.

The key market players are Hokuyo Automatic Co Ltd., Quanergy, Velodyne LiDAR, Phoenix Aerial Systems, Quantum Spatial, 3D Laser Mapping, Airborne Imaging Inc., GeoDigital, Avent LiDAR technology, and Leica Geosystems AG.

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LiDAR Market Projected to Grow at CAGR Over 12% Till 2024

Global LiDAR Market was worth USD 260 million in 2015. It is estimated to grow at a CAGR of 12% from 2016 to 2024 (forecast period). Rising demand for 3D imaging technology in a variety of applications is an important market driver. The adoption of aerial systems for detection and exploration of historic details is increasing. Vendors are in the process of introducing several novel products in this space. These factors are propelling market growth.

However, LiDAR system’s components like laser scanner, navigation systems, high-resolution 3D cameras, etc. are expensive. This coupled with poor consumer awareness may hamper its future prospects.

The market is segmented as per applications, products, components, and regions. Applications are divided into civil engineering, government, topographical surveys, corridor mapping, and military & defense. Civil engineering, which includes areas like power line deployments and flooded mapping, would grow at a CAGR of 17% over the forecast period.

Browse Details of Report @ https://www.hexaresearch.com/research-report/lidar-market

Topological surveys, and military & defense are projected to grow at a steady rate till 2024. Government applications could increase owing to technological developments in forestry management, railways, roadways, etc.

Products comprise short range, airborne, mobile, and terrestrial. Terrestrial products held over 30% of the total revenues in 2015. Their advantages include remote acquisition and measurement, and high point density data. Mobile systems are foreseen to grow at a CAGR of over 24% in the next eight years. This attributes to surging demand for accurate, high-resolution 3D geospatial data.

Components include   laser scanners, GPS (Global Positioning System), data storage & management, navigation/IMU (Inertial Measurement Unit), and others. ‘Others’ consist of MEMS (Micro-Electro-Mechanical Systems) mirror and cameras. IMU is expected to grow at a 23% CAGR through the forecast period.

North America, Europe, Asia Pacific, Latin America, and MEA (the Middle East & Africa) constitute the regional segments of the LiDAR market. North America is poised to dominate by 2024. It could account for over 39% of the market revenues that year. This is credited to widespread adoption of advanced 3D imaging technologies by the U.S. government. Asia Pacific should grow owing to escalating spending on military & defense.

Key players in the global market include Aerometric Quantum Spatial, Airborne Hydrography AB, Reigl Laser Measurement System GmBH, Michael Baker International, Lecia Geosystems AG. They focus on collaborations, acquisitions, and product launches to gain market share.