New York, NY -- (SBWire) -- 10/11/2018 --The global LiDAR market generated USD 445 million in 2017 and is anticipated to grow at a CAGR of 18.4% during the forecast period according to a new study published by Polaris Market Research.
LiDAR is a remote sensing technology that uses the pulse from a laser to acquire measurements. These measurements are then used to create 3D models and maps of objects and environments. The demand for 3D imaging has significantly increased from consumer, commercial and government sectors. LiDAR is being adopted in numerous government applications such as planning and monitoring activities related to roadways, railways, cities, and forest management among others. In the consumer market, LiDAR is being implemented for the development of autonomous vehicles.
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There has been an increasing requirement for LiDAR, especially in defense, aerospace, and agriculture sectors. Use of LiDAR also enhances accuracy, precision, and flexibility. The increasing demand for LiDAR systems from the defense sector has boosted the LiDAR market growth. LiDAR systems in the defense and aerospace are majorly used to identify objects and track data points in clouds. Detecting, tracking, recognizing and identifying objects are major tasks of LiDAR systems in the defense sector. Increasing cases of terrorism, and growing security concerns have boosted the market growth in the defense sector. Growing investments by market players in technological advancements, and rising demand for LiDAR systems from the automotive sector has supported the LiDAR market growth.
The report provides an extensive qualitative and quantitative analysis of the market trends and growth prospects of the Global LiDAR Market, 2017-2026. This report comprises a detailed geographic distribution of the market across North America, Europe, APAC and South America, and MEA. North America is further segmented into U.S., Canada, and Mexico. Europe is divided into Germany, UK, Italy, France, and Rest of Europe. Asia-Pacific is bifurcated into China, India, Japan, and Rest of Asia-Pacific.
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The North America LiDAR market generated the highest revenue in 2017 owing to increasing cases of terrorism, and increased concerns of public safety in the region. The increasing regulations regarding integration of safety systems in vehicles in the region support market growth. Government investments in improvement of public safety infrastructure, and technological advancements further support market growth in the region.
Competitive Landscape and Key Vendors
The global LiDAR market is characterized by the presence of well-diversified international and small and medium-sized vendors. These companies are consistently launching new products to enhance their offerings in the market. With the advancement of technologies, companies are innovating and introducing new customized products to cater the growing needs of the customers. Leading companies are also acquiring other companies, and enhancing their product offerings to improve their market reach. Acquisitions enable key players to increase their market potential in terms of geographic expansion and expansion of customer base.
The leading companies profiled in the LiDAR market report include Trimble Navigation Limited, Faro Technologies, Inc., Quantum Spatial, Inc., Velodyne LiDAR, Inc., Sick AG, Teledyne Optech, Riegl Laser Measurement Systems, Leica Geosystems Inc., GeoDigital, and Beijing Surestar Technology.
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Key Segments
Component
- Navigation and Positioning Systems
- Laser Scanners
- Cameras
- Others
Installation
- Ground-Based
- Airborne
Range
- Short Range LiDAR
- Medium Range LiDAR
- Large Range LiDAR
Application
- Urban Planning
- ADAS & Driverless Cars
- Corridor Mapping
- Environment
- Engineering
- Exploration
- Others
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LiDAR Market Size Worth USD 2,019 Million by 2026 : CAGR 18.4%
LiDAR Market, [By Component (Navigation and Positioning Systems, Laser Scanners, Cameras, Others); By Installation (Ground-Based, Airborne); By Range (Short Range LiDAR, Medium Range LiDAR, Large Range LiDAR); By Application (Urban Planning, ADAS & Driverless Cars, Corridor Mapping, Environment, Engineering, Exploration, Others); By Region]: Market Size & Forecast, 2018 – 2026