LiDAR Market to Grow at 16.9% CAGR by 2030
Higher image resolution and data processing ability of LiDAR systems over other technologies is the major factor driving the growth of the LiDAR market.
The LiDAR market was valued at $960 million globally in 2019, and is expected to reach $5.35 billion by 2030, registering a CAGR of 16.9% from 2020 to 2030 according to a new research report by Next Move Strategy Consulting.
LiDAR is a remote sensing method used for measuring distances using light in the form of a pulsed laser. Apart from measuring distances, LiDAR systems are also capable of capturing high-resolution micro topography of areas covered by trees and greenery, analysis and prediction of soil properties in agricultural landscapes, create 3D representation of the objects, forest planning and many more.
Growing demand for advanced 3D imaging across wide range of applications and increasing adoption of aerial LiDAR systems to tour and detect various places and historical objects due to is higher capabilities are driving the global LiDAR market. However, less awareness about the advantages of LiDAR systems hinders the growth of the market.
The global LiDAR market is segmented based on type, component, application, end-user sector, and region. On the basis of type market is divided in terrestrial, aerial, mobile, and short range. By components the market is classified into laser scanner, inertial navigation system, camera, GPS receiver, and micro-electro-mechanical system. The applications covered in the study include corridor mapping, seismology, exploration & detection, and others. A study with respect to region is conducted to perform an analysis of LiDAR technology across various geographic locations. The regions analysed are North America, Europe, Asia-Pacific, and rest of the world (RoW).
Geographically, North America dominated the LiDAR market, contributing more than 40% share of the overall revenue, followed by Europe. Key impacting factors identified include popularity of automated systems, widening applications of LiDAR and rising demand in 3D imaging. However, Asia-Pacific is expected to witness a steady rise in the market due to the expanding industrial sector, enhancement and adoption of modern technologies among others.
Browse key industry insights from the report, “LiDAR Market By Type (Terrestrial, Aerial, Mobile, and Short Range), Component (LASER, Inertial Navigation System, Camera, GPS GNSS Receiver, and MEMS), Application (Corridor Mapping, Seismology, Exploration & Detection, and Others), and End User (Defense & Aerospace, Civil Engineering, Archaeology, Forestry and Agriculture, Mining, and Transportation): Global Opportunity Analysis and Industry Forecast, 2020-2030.”
According to the report, key players in the global LiDAR industry are Velodyne, Airborne Hydrography AB, Leosphere SAS, Faro Technologies Inc., Leica Geosystems AG, GeoSLAM Ltd. (3D Laser Mapping), Firmatek LLC, RIEGL Laser Measurement Systems GmbH, Mira Solutions Inc., and Aerometric Surveys.
Key Insights from the LiDAR market report:
Current emerging trends and opportunities are extensively analysed in the LiDAR report.
The forecast of the LiDAR market comes along with additional information associated with opportunities, restrains and key drivers in the market.
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