Portland, OR -- (SBWIRE) -- 06/12/2018 -- In the global LiDAR market, North America represented more than 45% of the overall market revenue, followed by Europe, with around 33% revenue share in 2015. Growing industrial automation and technological advancements in metrological applications are projected to accelerate the adoption of LiDAR systems in the North American region. In addition, Asia-pacific is expected to be the fastest growing region, with the highest CAGR of 25.0%, owing to increasing awareness among end-user verticals regarding benefits of these systems.

LiDAR Market Report, published by Allied Market Research, forecasts that the global market is expected to garner $921.2 million by 2022, registering a CAGR of 18.5% during the period 2016-2022. Increasing adoption of LiDAR systems in various applications, such as precision farming, media and entertainment, and commercial applications is the major factor driving the market growth.

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The LiDAR market is categorized based on type, component, application, and end user. Among types, the aerial LiDAR dominated the market with more than 50% share in 2015, and is expected to continue its dominance throughout the forecast period owing to its numerous applications in civil engineering, archaeology and forest land management. From a growth perspective, terrestrial LiDAR segment is projected to grow at the highest CAGR of 23.9% during 2016 - 2022.

By component, the laser segment dominated the market with around 39% share in 2015 and is expected to maintain its dominance throughout the forecast period due to increasing applications of near-field lasers enabled LiDAR systems in the defense sector.

Application wise, corridor mapping, and exploration and detection segments collectively accounted for more than 80% share of the overall market value in 2015, with corridor mapping constituting around 50% revenue. For modern age infrastructure planning and disaster management, corridor mapping is performed using LiDAR technology.

The sophistication of 3D imaging technology is leading to increased corridor mapping and exploration and detection activities by LIDAR systems. Defence and corridor mapping applications would continue to dominate the market. However, the applications for automobile and the internet of things would emerge as lucrative areas of investments. Driverless cars is the strategically addressed application by some tech-leaders, which is based on LIDAR technology.

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.

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Key Players:

- Airborne Hydrography AB
- Leosphere SaS, Faro Technologies Inc.
- Leica Geosystems Inc.
- 3D Laser Mapping Inc.
- Firmatek LLC
- RIEGL Laser Measurement Systems GmbH
- Aerometric Inc.