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(MoneyNewsWire.Net, February 07, 2018 ) Global LIDAR Market by Product (Terrestrial / Static, Aerial, Mobile, Short-range), and By Application (Corridor mapping, Seismology, Exploration and detection, Others), Industry trends, Estimation & Forecast, 2016 - 2024
The global LiDAR market generated a revenue of $332.2 million in 2016 and is expected to reach $1.4 billion by 2024, having a CAGR of 21.4 % from 2017 to 2024. Among major technologies, Aerial LIDAR technology led the market garnering a revenue of $182.5 million in 2016 and is expected to grow with the highest growth rate, having a CAGR of 17.4% during the forecast period.
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Light Detection and Ranging also called as LiDAR, is a technology which uses pulsed laser in order to measure various ranges to the earth. The technology is capable of generating accurate and precise 3D information. LiDAR is mainly used for surveying. The process includes measuring distance of a target by hitting it with a pulsed laser light (mainly, ultraviolet, visible or near infrared light). The reflected laser then returns, having the information with it, which can be deduced using a sensor which calculates the difference in laser return time for the distance of the object and uses the wavelength to form a 3D image of the very target. LiDAR technology can be used to target various materials such as rocks, rain, clouds, chemicals and even molecules.
Market Dynamics
LiDAR technology is highly capable of giving excellent results in terms of image resolutions. This is a major factor driving the global LiDAR market. The increasing adoption of aerial LiDAR systems to explore and detect places and historic details is driving the market growth. Constantly advancing data processing abilities and steep growth in the demand of advanced 3D imaging technology is also expected to stimulate the growth of LiDAR market globally. However, high cost of LiDAR systems such as high resolution cameras and navigation systems, can resist the market growth. Additionally, the lack of awareness about LiDAR technology and its assistances is declining the market growth. However, the constantly rising demand of enhanced and improvised, fully automated vehicles has urged a huge requirement of LiDAR systems, acting as an opportunity for the market.
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Market Segmentation
The global LiDAR market is segmented on the basis of type, components used, application, end user sectors and geography. By type, the market is segmented as terrestrial, aerial, mobile and short range are. On the basis of components, the LiDAR system market is segmented as a laser scanner, inertial navigation system, camera, GPS receiver and micro-electro-mechanical system. Corridor mapping, seismology, and exploration and detection purpose are some major application of LIDAR systems. By end-user, the market is categorized as, defense and aerospace, civil engineering, archaeology, forestry and agriculture, mining industry and transportation. On the basis of geography, the LIDAR market is segmented as North America, Europe, Asia-Pacific, and LAMEA.
Some of the key market players of the global LiDAR market are Airborne Hydrography AB, Leosphere SaS, Faro Technologies Inc., Leica Geosystems Inc. (Hexagon), 3D Laser Mapping Inc., Firmatek LLC, RIEGL Laser Measurement Systems GmbH, Aerometric Inc., Mira Solutions Inc., Optech Inc. (Teledyne Technologies), Quanergy Systems, Inc.
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Global LiDAR MARKET SEGMENTATION
By Product Type
Terrestrial / Static
Aerial
Mobile
Short-range
By Application
Corridor mapping
Seismology
Exploration and detection
Others
By Components
Laser
Inertial navigation system
Camera
Gps/Gnss receiver
Micro Electro Mechanical System (MEMS)
By End-User
Defense and aerospace
Civil Engineering
Archaeology
Forestry and Agriculture
Mining Industry
Transportation
By Geography
North America
Europe
Asia-Pacific
Rest of World
KEY MARKET PLAYERS
Velodyne
IBEO automotive systems GmbH
Hokuyo Automatic Co. Ltd.
Airborne Hydrography AB
Leosphere SaS
Faro Technologies Inc.
Leica Geosystems Inc. (Hexagon)
3D Laser Mapping Inc
Firmatek LLC
RIEGL Laser Measurement Systems GmbH
Aerometric Inc.
Optech Inc.
Quanergy Systems, Inc
Mira Solutions Inc.
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