“, LIDAR market had a revenue of $908 million in 2017, and is forecast to reach $1.8 billion by 2023 growing at a CAGR of 12% throughout creating opportunities for the market.
America & Asia-Pacific continues to lead the market share and growth during 2018-2023
The North American Market is estimated to dominate the market share due to features of high accuracy and low cost and increasing production of LiDAR which have been providing new opportunities for growth. The Asia Pacific is predicted to grow over the forecast period, supported by the increase in technological developments. The LiDAR scanner market accounted for almost 45% for the year of 2017. The report shows that the market will likely grow by CAGR of 10.7% during the forecast period of 2018-2023. Regions like China, are adding high precision features to the 3D modeling of the land surface providing tectonic geomorphic feature. It is followed by South Korea which is investing significantly into infrastructure and commercial projects. Japan is another key country involved in mapping various mobile LiDAR laser sensors to prevent the nation from uncertain area.
With increasing applications in engineering projects, and technological superiority, Airborne LiDAR technology will be generating revenue of $1.44 billion with a CAGR of 12% during 2018-2023. Comparatively in the Terrestrial segment, mobile LIDAR revenue was just less than 50% in 2017.
Selected Product Type & Industrial Vertical Analysis done in the full Report:
Airborne LiDAR is the most commonly opted LiDAR type for generating digital elevation models for larger areas. This type of UAV LiDAR mapping is efficient and effective for collecting elevation data. The various components incorporated in aerial LiDAR are high frequency laser, GPS and IMU (Inertial measurement unit) to extract accurate data from an airborne platform. Mobile LiDAR’s constant growth will lead the market to gain maximum CAGR value compared to other.
Topographic LiDAR is a type of airborne LiDAR that has applications in disaster risk planning, flood mapping, emergency management, forestry inventory, control of soil erosion, country and state wise mapping and many more. This technology is replacing photogrammetry techniques that measures the distance using photographs and creates accurate DEMs (digital elevation model). Near-infrared pulses are opted for topographic mapping, having wavelength of 1040-1060nm for mapping the land surface. Companies such as Leica Geosystems and others provide airborne topographic LiDAR that captures data over large areas. This type of LiDAR penetrates semi-porous obscurations comprising of vegetation, ground fog, thin clouds and others.
Bathymetric LiDAR is another type of airborne LiDAR system that caters its application in measuring the depth of water bodies and others. Bathymetric LiDAR incorporates water penetrating green light for measuring seafloor, riverbed elevations and others. Bathymetry mapping are cost efficient compared to other conventional survey methods. This system is applied to the clear water bodies having depth up to 50m. The increased water turbidity is inversely proportional to the accurate results obtained. Geomatics Data Solutions, Inc., AAM Pty Ltd and others are the names of few key companies that provide high quality data collection and survey services that incorporates bathymetric LiDAR.
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Excerpts Growth Factors Mentioned in the Full Report:
Geospatial analysis and technology is being opted for development of smart cities and its infrastructure to ensure proper designing and planning to be executed for smart cities.
Growing trends for autonomous vehicles and implementation of advanced driver assistance systems (ADAS) also plays a major role in growth with respect to the automotive industry.
Increasing adoption in 3D imaging technology with LiDAR in numerous applications such as terrestrial scanning, airborne scanning and unmanned scanning systems and others are the types playing a vital role in engaging the business holder to become technologically strong.
Higher rate of LiDAR devices in automobiles adoption is mapping new opportunities for the market growth since the past five years. Google’s autonomous vehicle initiative (Waymo) is one of the key trends in the autonomous vehicles manufacturing roadmap.
Three dimensional digital models of agriculture fields which provides accurate information about the water flow direction and distribution is another key application.
OEMs are working toward automated driving, and new techniques are been implemented toward achieving levels 3 and 4 in vehicle automation, which places LIDAR at an advantageous position among the sensor suites for autonomous vehicles.
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Key players of LiDAR Ecosystem:
Major players for LiDAR market includes Teledyne (U.S.), Leica Geosystems AG (Switzerland), Trimble Inc. (U.S.) and Velodyne LiDAR Inc. (U.S.) many more. Companies are targeting the market with differentiated offerings. Companies are launching new products to increase their market penetration. Present market is driven by product and increased adoption of 3D imaging technology.
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