Portland, OR -- (SBWire) -- 09/25/2017 --LiDAR Market Industry Overview :
LiDAR Market is expected to garner $921.2 million by 2022, growing at a prominent CAGR of 18.5% from 2016 to 2022. Introduction of Light Detection and Ranging (LiDAR) systems have made the examination, detection and mapping of objects easier than conventional methods. Use of laser light provides accurate and precise data points in short time. LiDAR systems are used over conventional surveying methods due to their ability to provide highly accurate data and 3D scanning of images in a shorter time.
The improved automated processing ability of LiDAR systems in terms of image resolutions and data processing capabilities over other technologies are the major factors that are presently driving the growth of the global market. Other factors that are supplementing the growth of LiDAR market as a whole are rising demand of 3D imaging technology across various application areas, and the increasing adoption of aerial LiDAR systems to explore and detect places, historic details, etc. On the other hand, less awareness about the benefits of LiDAR systems and the use of expensive components in LiDAR systems viz., laser scanners, navigation system, high-resolution 3D cameras, etc. collectively increases the cost of LiDAR systems. These factors are causing less adoption of LiDAR technology and restricting the growth of the market.
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Segment Overview
The global LiDAR market is segmented based on type of LiDAR systems, components used, their application, end user sectors and geography. Static or terrestrial, aerial, mobile and short range are the various types of LiDAR systems elaborated in the report. The components of LiDAR systems discussed are laser scanner, inertial navigation system, camera, GPS receiver and micro-electro-mechanical system. The report also includes corridor mapping, seismology, and exploration and detection purpose as some of the major application of LiDAR systems. End-user segment consists of LiDAR systems that are used across various industry verticals viz., defense and aerospace, civil engineering, archaeology, forestry and agriculture, mining industry and transportation. A study with respect to regions is conducted to perform in-depth analysis if LiDAR technology across various geographies. The regions examined are North America, Europe, Asia-Pacific and LAMEA.
Automated systems in LiDAR
The automated systems help to improve overall functioning of LiDAR and user experience. The automated system drives the usage of LiDAR in automobiles and other consumer applications. However, the impact of this factor is presently low due to the limited availability of automated cars. In future, this factor would pose a higher impact with increasing number of automated cars.
High cost of devices
The adoption of LiDAR devices faces strong challenge due to their high prices. As compared to alternative technology i.e., RADAR, LiDAR instruments are available at about 10100 times the usual prices. However, with fall in laser generator costs and 3D imaging software prices, the negative impact of this factor would reduce significantly.
Adoption of aerial LiDAR
Aerial LiDAR segment is the major market-driving segment due to its applications in aircrafts and drones for numerous purposes including military, corridor mapping, etc. In future, the aerial LiDAR business would continue to garner higher portion of LiDAR market revenue due to persistent adoption from its present application industries.
Key findings of the LiDAR Market:
- The global LiDAR market is likely to grow at a double-digit rate in the future owing to increasing demand for aerial LiDAR from the various end user sectors.
- The aerial segment accounts for a major share in this market.
- The application of LiDAR in the transportation sector is anticipated to expand at the highest CAGR of 23.5% from 2016 to 2022.
- North America is the highest revenue-generating region in this market.
The major players in this market include Airborne Hydrography AB, Leosphere SaS, Faro Technologies Inc., Leica Geosystems Inc., 3D Laser Mapping Inc., Firmatek LLC, RIEGL Laser Measurement Systems GmbH, Aerometric Inc., Mira Solutions Inc., Optech Inc., and Quanergy Systems, Inc. These players consistently invest in R&D to come up with enhanced products and solutions. In addition, strategic mergers and acquisitions are some of the other major strategies followed by prominent players to expand their market presence and gain a competitive edge.
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LiDAR Market and Its Future Outlook During the Period of 2015–2022