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Fuel Cell Market size worth $25.5bn by 2024
U.S. LiDAR Market size to grow at over 9.3% CAGR from 2016 to
2023: Global Market Insights Inc.
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Rising urbanization and infrastructural developments have noticeably stimulated global
LiDAR market size over the recent years. Increasing number of projects along with high
degree of efficiency and multi-viewpoint data collection worldwide are poised to bring
interesting developments in the LiDAR industry trends. According to report by Global
Market Insights, Inc., “LiDAR Market share is predicted to surpass a revenue of USD 1.1
billion by 2023.” Emerging technological advancement such as optically extended MEMS
(micro-electro-mechanical system) scanning mirror will boost the demand for LiDAR
technology across low-altitude and light weight flying platforms.
A few of the major applications catered by Light Detection and Ranging technology
include civil engineering, government, military & defense, corridor mapping, and
topographical survey. LiDAR market share in the corridor mapping applications will
witness a CAGR of 21.5% over the coming six years.
The expanding civil sector will further lucratively influence the LiDAR industry outlook.
The capability of LiDAR to provide high accuracy and detail local elevation data while
surveying roads and construction projects will drive the application demand. As per the
study, the government sector will lead the application landscape with revenue over USD
340 million by 2023.
Industry Overview
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LiDAR market will also attain noticeable surge owing to the revenue generated from its
products such as mobile, airborne, terrestrial, and short range technologies. Airborne LiDAR
market dominated the product landscape by accounting for of 40% the total share in 2015
and is projected to surpass a revenue of USD 400 million by 2023. The growth can be
attributed to the implementation of advanced technological features such as multi-target
capability and full waveform analysis in airborne mapping.
Mobile LiDAR market will grow significantly with a CAGR of 22% from 2016 to 2023.
Increasing usage of mobile mapping across wind projects, transportation agencies, and
urban data acquisition will drive mobile LiDAR market. Laser scanner will exhibit a CAGR of
more than 17% over the period of 2016-2023, owing to its growing application in 3D
scanning market and imaging maneuvers. Moreover, Data storage & management system,
navigation, and GPS components will contribute positively towards LiDAR industry growth.
Considering the global trends, Asia Pacific LiDAR market is estimated to exceed a revenue
of USD 470 million by 2023, primarily driven by increasing low-cost manufacturing activities
across the region. Huge investment by stakeholders in this region coupled with growing
product launches further influence the regional growth.
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China, by application, 2012 – 2023 (USD Million)
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US will contribute significantly towards North America LiDAR market share and is
predicted to witness a growth rate of 9.3% over the mentioned timeframe. The increase in
industrial automation and rising adoption of 3D imagery by US government are the major
driving factors of North America LiDAR industry outlook.
Technological advancement in GPS and inertial navigation will drive Europe LiDAR
market. Civil and corridor mapping will be the major application areas in the Europe,
owing to the massive requirement for security systems in commercial areas such as
airports, hospitals, and hotels.
Key market players are poised to offer advanced and cost-effective solutions to sustain
their position in the LiDAR business. Heavy investment and strategic alliances will
characterize the LiDAR market size over the coming six years. Key industry participants
include Renishaw, Faro Technologies, Leica Geosystems, Intermap Technologies, Trimble
Navigation, RIEGL, 3D Laser Mapping Ltd, Aerometric.
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