Northbrook, IL -- (SBWIRE) -- 05/19/2021 -- The LiDAR Market size is projected to reach USD 2.8 billion by 2025 from an estimated USD 1.1 billion in 2020, at a CAGR of 20.7% from 2020 to 2025. The rising adoption of LiDAR systems in UAVs, increasing adoption of LiDAR in engineering and construction applications, use of LiDAR in geographical information systems (GIS) applications, the emergence of 4D LiDAR, and easing of regulations related to use of commercial drones in different applications are among the factors driving the growth of the LiDAR market.
By range, medium range is projected to register highest CAGR between 2020 and 2025
Medium-range LiDAR is used to detect objects in the range of 200–500 m. This LiDAR is used in engineering, mapping, environment, and exploration applications. Medium-range LiDAR is used where precision and cost-effectiveness are the primary concerns. These LIDAR sensors are used to provide 2D and 3D real-time data to easily identify objects within the range of 200–500 m. The market for medium-range LIDAR is expected to grow at the highest rate, driven by the use of medium-range LiDAR in engineering and construction applications.
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By service, GIS services projected to register highest CAGR between 2020 and 2025
GIS services capture and analyze geospatial data of applications, including forestry and vegetation mapping. GIS can help in data analysis, topological modeling, geometric networks, hydrological monitoring, and cartographic modeling. There has been an increasing demand from governments, which would help the further growth of GIS services.
By installation type, ground-based LiDAR is projected to register higher CAGR between 2020 and 2025
Ground-based LiDAR systems are either stationary or movable. They are placed on moving platforms such as sports utility vehicles (SUVs) or all-terrain vehicles (ATVs) with the help of a tripod and balancing assembly. Ground-based LiDAR systems are less expensive than airborne LiDAR systems. The automotive sector is emerging as an application area for mobile ground-based LiDAR systems, and the number of premium cars equipped with advanced driver assistance systems (ADAS) is rising every year. This is expected to further boost the market for mobile ground-based LiDAR systems.
Environment application to lead LiDAR market during forecast period
Short range LiDAR is expected to dominate the LiDAR market, by range. LiDAR is widely adopted in environmental applications for the surveying and monitoring of environmental resources. Laser scanning systems are suited for environmental monitoring applications—from airborne carbon mapping to coastal monitoring surveys. LiDAR is widely adopted to survey and monitor environments in various applications, including forest management, coastline management, pollution modeling, agriculture, wind farms, and precision forestry.
North America to lead LiDAR market during forecast period
North America is expected to dominate the LiDAR market, by region. The growth of the North American market is attributed to the use of LiDAR in applications such as environment, corridor mapping, meteorology, and urban planning. The market growth is also attributed to the use of LiDAR in ADAS and driverless cars, which is expected to grow significantly in the coming years.
Key Market Players
Leica Geosystems AG (Sweden), Trimble, Inc. (US), Teledyne Optech (Canada), FARO Technologies, Inc. (US), RIEGL Laser Measurement Systems GmbH (Austria), Sick AG (Germany), Quantum Spatial (US), Beijing SureStar Technology Co. Ltd. (China), Velodyne Lidar, Inc. (US), and YellowScan (France) are some of the key players in the LiDAR market.