As per Market
Research Future (MRFR)’s analysis, the global LiDAR
Market is expected to
mark a CAGR of 14.14% during the forecast period 2018 to 2023. The report also
highlights that the valuation of the global market is estimated to grow from
USD 1,894.4 Mn in 2017 to USD 4,158.8 Mn by the end of 2023. LiDAR technology
has witnessed rapid developments from 1D to 2D and now the latest 3D
technology. These innovations have led to an exponential expansion of its
market presence, thus, augmenting the LiDAR market.
Deployment of LiDAR
technology for industrial processes facilitates efficiency and informed
decision making, thus, enhancing productivity. Construction and automobile
industries are the most potential industries for the implementation of LiDAR.
The growth of these industries is the driving force of the global LiDAR market.
The governments are
also promoting the deployment of the technology. It is in high demand by
government organizations for mapping, surveillance, meteorology, etc. In
addition, the investments made for the development of the existing LiDAR
technology is also poised to influence the market growth positively.
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Market
Segmentation:
On the basis of
product type, the global LiDAR market can be segmented into terrestrial LiDAR,
airborne LiDAR, and others.
On the basis of
technology, the LiDAR market can be segmented into 1D, 2D, and 3D.
On the basis of
component, the global LiDAR market can be segmented into navigation &
positioning systems, laser scanner, and others.
On the basis of
functional areas, the LiDAR market can be segmented into engineering,
environment, corridor mapping, advanced driver-assistance systems (ADAS) &
driverless car, cartography, urban planning, and meteorology.
Regional
Analysis:
The global LiDAR
market, by region, has been segmented into North America, Europe, Asia Pacific,
and the Rest of the World. North America is in a better position to implement
LiDAR technology across different industry verticals. The region has witnessed
an extraordinary expansion of application base of the technology in recent
times. The trend is expected to continue over the assessment period, thus,
placing the regional market on the pole position globally.
Europe is expected
to exhibit promising potential and strike a CAGR of 15.13% during the forecast
period. The technological infrastructure of the region is likely to generate
demand for the deployment of LiDAR solutions for varied applications. The firm
support extended by the government for the expansion of the LiDAR market in the
region is poised to have a positive impact on the global market.
Asia Pacific is
projected to strike the fastest CAGR over the assessment period. The region has
emerged as a manufacturing hub, thus, creating demand for the deployment of
LiDAR for efficiency and informed decisions. The growth of other end-use
industries such as healthcare, construction, and automobile among others are
projected to propel the expansion of the LiDAR market in the forthcoming years.
Competitive
Dashboard:
The key players
identified in the report are LiDAR sector are Trimble Inc. (U.S.), Teledyne
Technologies Inc. (U.S.), Hexagon AB (Sweden), Faro Technologies Inc. (U.S.),
Beike Tianhui Technology Co., Ltd. (China), RIEGL Laser Measurement Systems
GmbH (Austria), Quantum Spatial (U.S.), YellowScan (France), and Geokno India
Pvt. Ltd. (India).
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