LiDAR Market in Europe is expected to grow at a CAGR of over 20% over the projected time period.
Sellbyville, DE -- (SBWIRE) -- 05/16/2019 -- LiDAR Market in bathymetric is predicted to witness exponential CAGR during the forecast timeline. The changing climatic conditions in coastal areas, rising sea levels, and the increasing severity of extreme natural events have renewed the focus toward better understanding of coastlines. The bathymetric measurement systems survey near shore land and sea surface areas to help identify potential risks in coastal regions. It serves a cost-effective and efficient technology solution for simultaneously capturing both land and sea data to develop a detailed elevation model along coastlines. The technological advancement in the bathymetric LiDAR industry landscape is also augmenting its adoption. Aircraft are using multiple sensors, which are designed to provide an integrated 360-degree view over large areas, faster throughput, enhanced reflection calibration between flight lines, and enhanced point density. The advances in cloud computing and big data processing have driving its usage in long duration surveying & mapping applications.
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With an escalating upsurge in the demand for 3D imaging solutions, the growth graph of LiDAR market is poised to remain exponential in the forthcoming years. The application of LiDAR spans a stream of sectors such as the automobile, construction, archeology, land surveying, and river surveying industries. Perpetual advancements in automation, construction, flood modelling, cartography, navigation, meteorology etc. have also been driving the demand for LiDAR technology. The augmented use of LiDAR technology by governments for different activities, like topographical surveys, pollution modelling, flood modelling, mapping and surveillance, is expected to majorly propel LiDAR industry growth ahead.
The mechanical LiDAR market is anticipated to register a growth rate of over 32% during the forecast timeline. This is attributed to the widespread demand for mechanical LiDAR devices in driverless cars. The companies operating in the automotive sector are exploring new ways to drive the price of manufacturing mechanical LiDAR systems. The solid-state technology is yet to be commercialized and is still in the development phase. A large number of R&D activities are expected to drive the innovations in the solid-state LiDAR industry.
Consumer demands have undergone a major upheaval in the last decade or so. Many leading companies – specifically automakers are seen striving to come up with something innovative by the day for expanding their consumer base. Say for instance, of late, automotive companies have been working tirelessly to manufacture efficient self-driving cars. These autonomous cars are incorporated with LiDAR technology to deliver a high-definition inch-precision map of the area where the vehicle is driving. Specifically, automakers are known to incorporate mechanical LiDAR devices in the vehicles, given their excellent efficiency. This has also been attracting investments from many automotive companies, expediting the growth of the global mechanical LiDAR industry. As a matter of fact, the continuous spate of R&D activities to commercialize this technology in cars is expected to propel mechanical LiDAR market size, slated to record a CAGR of 32% over 2019-2025.
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The Europe LiDAR market is expected to grow at a CAGR of over 20% over the projected time period due to the increasing use of advanced LiDAR solutions on various engineering projects on a large scale. Another factor that has acted as a catalyst in the usage of LiDAR solutions is the rising use of UAVs for various recreational & commercial purposes. There has been an upsurge in the number of supportive government initiatives, encouraging enterprises to invest on LiDAR-based research along with the adoption of the LiDAR technology for numerous public sector applications such as flood relief and management.
The environment LiDAR market is expected to register a growth rate of over 32% during the projected time period. The LiDAR technology provides real-time data for numerous geoscience applications to develop accurate & high-resolution maps and 3D models. The technology has been used to study the ecosystem of various wildlife species including different types of birds, insects, and animals. It is used to measure the vertical density of forest canopy to monitor forest fires and identify certain forest areas that enhance the productivity of wood quality. The LiDAR technology helps plan and manage a forest while increasing environmental quality.
Boasting of numerous applications across several industries, LiDAR industry is slated to gain commendable traction across the globe. Core companies are focusing on enhancing their existing LiDAR portfolio and several other have been adopting LiDAR in their base operations as well. Driven by the escalating demand to collect highly accurate data across various project sites, LiDAR market valuation is expected to exceed USD 10 billion by 2025.
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