Transparency Market Research has published a new research report titled “Terrestrial Laser Scanning Market - Global Industry Analysis, Size, Share, Growth Trends, and Forecast 2015 - 2023” to their report store.
Albany, NY -- (SBWIRE) -- 11/28/2016 -- The extremely fragmented nature of the global terrestrial laser scanning market is expected to hold a high level of competition, even for key players with a global reach. This includes Faro Technologies and Fugro N.V. – key players who held a collective market share of 21.41% in 2014. The majority of the terrestrial laser scanner makers are owned by private players, while only a handful of the key companies are publically traded.
The global market for terrestrial laser scanners is expected to progress at a CAGR of 14.9% within a forecast period from 2015 to 2023, in terms of revenue. The market is expected to account for revenues worth US$958.95 mn by the end of 2016 and US$2.52 bn by the end of 2023.The competitive edge in the global terrestrial laser scanning market is expected to get sharper over time, owing to the strengthening hold of regional players in comparison to global players, the introduction of product innovation that will lead to large scale product differentiation, and the large number of vertically integrated manufacturers. These manufacturers hold key advantages in terms of product quality as well as lower product cost.
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According to a new report released by Transparency Market Research, the threat posed by new entrants on the global terrestrial laser scanning market is expected to remain low till 2023. This factor is attributed to the large presence of regional players with strong distribution networks, coupled with high regulatory pressure.
Users Demand Higher Efficiency Moving Towards Using Terrestrial Laser Scanners
High accuracy, faster data capture, and positioning simplicity are the key factors that differentiate terrestrial laser scanners with conventional measurement methods," states a TMR analyst. "There is a growing need for gathering real-time data in multiple industries, including construction, oil and gas, and manufacturing. These industries can not only reduce process costs using the right kind of terrestrial laser scanner, but can also cut down on the time it takes to complete a project.
Roadways and highway construction projects find an especially valuable use for terrestrial laser scanners owing to the enhanced safety measures that can be implemented using them. Additionally, the introduction of 3D terrestrial laser scanners has also immensely amplified the demand for such scanners, due to their unparalleled measurement speeds and accuracy.
New Players Deterred by High Expenses
A key restraint acting on the manufacturers of terrestrial laser scanners, especially new entrants, is the sheer cost of the instruments. A typical terrestrial laser scanning system comprises a scanner, laser, keypad, mobile device, operating software, and a TCP/IP interface. All these are expensive components that severely impact the budget allocations within a company. Additionally, they have to bear the extra costs of running the terrestrial laser scanners in various projects, further hindering the market's overall growth.
Asia Pacific Demand for Terrestrial Laser Scanners Soars
Asia Pacific is expected to continue generating considerable demand for terrestrial laser scanners in the near future. By 2023, Asia Pacific is expected to hold 28.76% of the global market's value. North America is expected to follow Asia Pacific in terms of terrestrial laser scanners market value, with Europe trailing the two regions, till 2023.
Diode lasers have consistently been the most popular type of terrestrial laser scanners. By the end of 2023, their market revenue is expected to reach US$1.28 bn. Meanwhile, fiber laser scanners have been rapidly gaining popularity among application industries and it is projected to expand at a CAGR of 18.7% from 2015 to 2023.
Many application industries are finding optical triangulation technology extremely advantageous in terrestrial laser scanners. As a result, this segment is expected to expand at a CAGR of 13.4% from 2015 to 2023.
The construction industry has been a key consumer of terrestrial laser scanners for a long time. On the other hand, the demand for these scanners is expected to be the highest in the BIM industry, where it is expected to expand at a CAGR of 18.4% from 2015 to 2023.
Key segments of the Global Terrestrial Laser Scanning Market
Global Terrestrial Laser Scanners Market, by Laser Type
Global Terrestrial Laser Scanners Market, by Technology
Global Terrestrial Laser Scanners Market, by Application
-Oil & Gas Industry
-Construction & Fabrication Industry
-Building Information Modeling
The information presented in this review is based on a Transparency Market Research report, titled, "Terrestrial Laser Scanning Market - Global Industry Analysis, Size, Share, Growth Trends, and Forecast 2015-2023."