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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