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.
Browse Details of Report @ https://www.hexaresearch.com/research-report/lidar-marketThe 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.
Browse Related Category Market Reports @ https://www.hexaresearch.com/research-category/communications-infrastructure-industry
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