LiDAR Market Insights:
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.
The major driver for the growth of the LiDAR market is the huge adoption of various LiDAR industrial applications. With remote sensing technology combined with laser technology, the market will receive huge demand in the forthcoming years. There are various drivers that will benefit the LiDAR suppliers are the growing adoption of LiDAR components. The drivers that are fuelling the market growth such as the rising use of LiDAR systems. Thus, in the future years, the market will flourish exponentially.
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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).
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.
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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.
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