Global LiDAR Market was valued US$677.4 Mn in 2017 and is estimated to reach US$2023.33 Mn by 2026 at a CAGR of about 18.2% during a forecast period.
The developed automated processing ability of LiDAR systems in terms of image resolutions and data processing capabilities over other technologies are the major factors that are presently driving the growth of the market. The Global LiDAR Market is expected to grow significantly over the forecast period due to the automation in LiDAR, prominent to the reduction in the human efforts and increased efficiency.
The report Global LiDAR Market is segmented by type, installation, application, component, image projection, range type, end user, and region. In terms of type, the LiDAR market is segmented into mechanical LiDAR and solid-state LiDAR. Based on installation, the LiDAR market is classified into airborne and ground-based. On the basis of application, the LiDAR market is categorized into corridor mapping, ADAS & driverless car, engineering, and others. Based on component, the LiDAR market is segregated into GPS, navigation (IMU), laser scanners, mobile & UAV. In terms of image projection, the LiDAR market is segmented into 2D, and 3D. On the basis of range type, the LiDAR market is classified into Short Range, and Medium & Long Range. Based on end-user, the LiDAR market is categorised into defense and aerospace, civil engineering, archaeology, forestry and agriculture, mining industry, transportation. Region wise into North America, Europe, Asia Pacific, Middle East & Africa and Latin America.
The technological superiority of the LiDAR and several engineering projects of large magnitude are anticipate to improve the demand by 2026. On the other hand, less awareness about the benefits of LiDAR systems and the use of expensive components in LiDAR systems viz., laser scanners, navigation system, high-resolution 3D cameras, etc. collectively rises the cost of LiDAR systems. These factors are causing less adoption of LiDAR technology and hindering the growth of the LiDAR market.
Global LiDAR Market
In terms of installation, the ground-based installation is anticipated to hold the largest share of the LiDAR market by 2026. The ground-based LiDAR systems cost less and have less stringent approval criteria for mapping or survey, which leads to the larger size of these systems in the LiDAR market.
Based on application, the market for ADAS driverless car is expected to grow at the highest CAGR during the forecast period. Corridor mapping application accounted for a major portion of the total market share in 2017 and is anticipated to witness a reduction in market share during the forecast period.
On the basis of component, the laser scanners component segment is anticipated to be one of the prominent industry segments during the forecast period. Laser scanners are used to record an intensity value, to provide a return signal strength that can be helpful to distinguish objects of variable reflectivity. The demand for laser scanners is estimated to increase substantially with a CAGR of 21.3% during the forecast period.
In terms of region, Asia Pacific is anticipated to grow at a significant rate from 2018 to 2026 in the LiDAR market. Developing economies such as China and India have a great potential for LiDAR application. LiDAR systems are in high demand in Asia Pacific owing to the mandate of using LiDAR in the airborne mapping applications.
Some of the key players in the Global LiDAR Market are Leica Geosystems Holdings AG, Teledyne Optech Inc., Quantum Spatial, Inc., Faro Technologies, Inc., Velodyne LiDAR, Inc., Sick AG, Geokno, Trimble, Inc., RIEGL USA, and YellowScan, among others.