LiDAR Market Growth, Trends and Forecasts to 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.

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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.

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3D Scanner Market Size, Share and Analysis

The global 3D Scanner Market is expected to reach USD 7.4 billion by 2024. It should grow at a CAGR over 11.5 % during 2016 to 2024 (forecast period). Wider adoption of these devices in applications; such as rapid prototyping, quality control, reverse engineering, etc. will augment growth of this industry. Software & hardware providers lay stress on workflow enhancement & usage convenience, thus boding well for the market and propelling its sales.  

The workflow is generally complicated for those new to 3D scanning. This coupled with costly scanners hampers the growth of 3D scanners. However, the demand for accurate, quick, & effective results primarily would drive the 3D scanner market. In addition to this, scanner properties; like affordability can also propel the market. ‘Handheld 3D scanner’ & technological expansion are projected to drive the industry demand in the near future. The market is categorized into products, ranges, applications, and regions.

Products include structured light, laser, and optical. Laser scanners led the market in 2013. However, optical and structured light are anticipated to grow rapidly. Optical scanners should grow at a healthy CAGR (over 11 %) during the forecast period. Ranges consist of short, medium, and long. Short range scanners dominated in 2013. They will maintain their dominance till 2024. Medium is likely to gain considerable shares, at a CAGR of 11 % till 2024. Long range is said to be growing slowly due to its high costs.

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Applications in the 3D scanner market are aerospace & defense, industrial manufacturing, healthcare, entertainment & media, and engineering & architecture. Industrial manufacturing reigned in 2014, accounting for 30 % shares. 3D scanning can be a critical component of quality & inspection control across construction industry.

Entertainment & media should witness the highest growth. It is estimated to reach USD 600 million by 2024, at a healthy CAGR of 13 %. Rising significance of market devices in architecture may be attributed to the advent of portable 3D scanners. 3D scanners help in archiving and preserving architectural pieces from museums. Engineering & architecture will hold over 12.5 % shares by 2024.
Geographically, the worldwide 3D scanner market is fragmented on the basis of Europe, North America, Latin America, Asia-Pacific, and RoW. North America reigned in 2013 and can lead over the forecast period. Latin America is said to be the most lucrative region. It is predicted to exceed USD 750 million by 2024, at a CAGR of 13 % in the near future.

The same would be attributed to rising adoption of 3D scanners across various application and end-user industries. Asia-Pacific held over 23% shares in 2014. This region is expected to grow rapidly, surpassing incomes worth USD 1.5 billion by 2024. Major companies in the global market comprise Basis Software Inc. (Surphaser); 3D Digital Corp.; Topcon Corp.; and FARO Technologies.

The industry is marked by strong rivalry and often indulges in mergers & acquisitions. Firms cater to different sectors; like manufacturing, aerospace, education & research, and consumer goods. Introduction of ‘quality’ & ‘affordable’ 3D scanners provide future market prospects. 

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About Us:

Hexa Research is a market research and consulting organization, offering industry reports, custom research and consulting services to a host of key industries across the globe. We offer comprehensive business intelligence in the form of industry reports which help our clients obtain clarity about their business environment and enable them to undertake strategic growth initiatives.

Contact Us:

Ryan Shaw

Hexa Research

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Near Field Communication Market to Witness Growth in the coming years

According to Research Report by Hexa Research, Near Field Communication Market is likely to experience rapid growth across various applications in next few years. With increase in technology and increase in smart phone demand globally, this market has grown. The global Market of NFC was calculated at USD 1.06 billion in 2015 and expected to rise at CAGR of 43.1% throughout forecast period from 2015 to 2020.The NFC industry provides major opportunities to direct mail marketing industry. It helps marketers in providing content through an embedded around field communication chip, which allows wireless communication when a user aces a mobile device with close proximity of NFC tag.

Payment options for mobile or m - commerce technology is estimated to take near field communication market into mainstream level. Contactless transactions with NFC enabled devices were the biggest application for this market in 2015, contributed a share for around 21% of global market. The main challenge for NFC contactless payments in upcoming years would be low stage of synchronization with other participants such as credit cards companies or banks, network operators and payment service providers.

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In 2015, North America was counted as the largest market with 32% of share contribution for near field communication due to significant demand of early implementation and contactless payments in the market. The NFC market can be categorized into auxiliary and non auxiliary products. Auxiliary products include NFC authorized SIM’s, Covers and Micro SD’s and Non Auxiliary segment consists of IC/Chips, readers and tags. Some of the mobile phones having in-built chips, which enable data, range over a short range. The security feature which NFC technology consists of is making the financial transactions more secure. Transfer capacity and data speed is another feature of technology which provides faster data transmission, which is expected to boost the NFC market globally. Increasing usage of NFC technology in social media sector is expected to provide positive impact on market growth.

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About Us:

Hexa Research is a market research and consulting organization, offering industry reports, custom research and consulting services to a host of key industries across the globe. We offer comprehensive business intelligence in the form of industry reports which help our clients obtain clarity about their business environment and enable them to undertake strategic growth initiatives.

Contact Us:

Ryan Shaw

Hexa Research

Felton Office Plaza

6265 Highway 9

Felton, California 95018

United States

Phone: +1-800-489-3075

Email: sales@hexaresearch.com

Website - https://www.hexaresearch.com