Global LiDAR Market
The Global LiDAR Market, according to the report by Market Research Future (MRFR), is slated to grow at 14.14% CAGR during the forecast period, and is expected to reach a substantial market valuation of USD 4158.8 million by 2023.
Drivers and Restraints
Growing demand for 3D imagery for accurate land dimensions is expected to boost market share by 2023. The 3D imaging is reinforced with flight time (ToF) capable of accurately capturing large areas with high precision. Adopting LiDAR systems for topographical purposes by government authorities is likely to drive market growth over the forecast time period. On the other hand, these systems' higher installation costs may hamper the market.
The advent of self-driving cars is poised to revolutionize travel to minimize traffic and lessen accidents. The designers of these vehicles agreed to use LiDAR systems to increase their intelligence because of their ability to differentiate objects from humans.
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The LiDAR market was segmented into North America , Asia Pacific (APAC), Europe, and the Rest of the World (RoW), based on area.
North America is expected to grow at a CAGR 12.34 per cent to reach a size of USD 1474.3 million by 2023. This can be attributed to the presence of major players on the market in developed countries, such as the United States and Canada. Rapid adoption of new technologies over the review period is expected to burst the market.
The European LiDAR market is capable of recording a CAGR of 15.13% over the review period, while the Asia-Pacific market is capable of witnessing an impressive CAGR of 17.06% during the evaluation period. This is due to the increasing investments towards technology by developing countries such as China and India, which is liekly to fuel the market growth over the foreseeable future.
The global market for LiDAR is segmented according to product form, technology, device and functional areas.
The LiDAR market was listed, based on product form, as airborne LiDAR, terrestrial LiDAR, and others. Over the review period, the airborne LiDAR segment is expected to account for the largest market share.
The second-highest valued segment was the terrestrial LiDAR segment; it is expected to record the highest CAGR during the forecast period. The other segment comprises LiDAR topographic, LiDAR bathymetric, mobile, and LiDAR static. These LiDARs are Airborne and Earth segment forms, which have different types of functions.
The market was segmented into 1D , 2D, and 3D, based on technology. Due to its use for measurement, navigation, and detection purposes, the 2D segment is expected to increase revenue over the forecast period. In the global LiDAR market the 3D segment is expected to expand significantly. Due to its use in security systems as a safety measure for commercial buildings, it is expected to experience a 15.77 per cent CAGR during the review period.
The market was segmented by Product into Laser scanner, navigation & positioning systems, and other components. The Laser Scanner segment is capable of displaying a CAGR of 15.06 per cent over the forecast period due to the incorporation of ToF into these devices. The system is used to assess historical buildings, building sites, and other industrial applications. The segment of navigation & positioning systems is projected to hit USD 1,514.9 million in market share by 2023.
The market has been segmented by the Functional Areas into engineering, corridor mapping, environment, ADAS & driverless car, urban planning, cartography, and meteorology. Among these, the corridor mapping segment is claimed to clock a significant USD 973.7 million market share by 2023.
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The key players operating in the global LiDAR market identified by MRFR are Faro Technologies Inc. (US), Trimble Inc. (US), Teledyne Technologies, Inc. (US), Beike Tianhui Technology Co., Ltd (China), Hexagon AB (Sweden), Quantum Spatial. (US), YellowScan (France), RIEGL Laser Measurement Systems GmbH (Austria), and Geokno India Pvt. Ltd (India).