The global LiDAR market size was valued at over USD 260 million in 2014. Improved automated processing ability in data processing and image resolution capabilities over other technologies are expected to be the major factors stimulating the consumption. Rising adoption of aerial systems for exploring & detecting historic details and increasing demand for 3D imaging technology across several application areas are also anticipated to spur growth.
Other verticals such as civil engineering, defense and aerospace, mining, archeology, transportation and forestry, and agriculture are also expected to spur growth as the end-users exhibit the tendency to reduce the cost of operations leading to rise in investments and awareness across diverse verticals.
However, usage of expensive components in the systems, viz., navigation system, laser scanner, and high-resolution 3D cameras conjointly increases the cost which may hamper growth over the forecast period. Low awareness about the benefits of the system can also pose a challenge.
Rising consumer adoption and an increasing number of new product launches are expected to draw huge investment from key participants, thus driving demand over the next seven years.
North America LiDAR market by product, 2012 – 2022 (USD Million)
On the basis of product, the industry is categorized into airborne, terrestrial, mobile, and short-range. Mobile systems are expected to grow at a CAGR of over 23% owing to a surge in demand for accurate and high-resolution 3D geospatial data.
Airborne LiDAR industry is also anticipated to grow at a significant growth rate of over 15% over the forecast period as the system offers a high level of accuracy, highly detailed local elevation data, the ability to quickly cover large areas, increased productivity, and reduced environmental impacts. New applications such as digital surface modeling and long-range imaging for terrestrial and airborne systems are expected to drive demand.
On the basis of the component, the industry is segmented into GPS, data storage & management systems, navigation, and laser scanners. The other segment includes MEMS mirror and cameras.
Airborne GPS is utilized in discovering the in-flight 3D position of the sensor and surveyed ground base stations in flight areas and is expected to witness a growth rate of over 10% over the forecast period. Inertial Measurement Unit (IMU) measures the angular orientation of the scanner relative to ground and delivers precise information about the sensors. It is expected to grow at a CAGR of over 23% from 2014 to 2022.
The applications of LiDAR systems include areas such as government, military & defense, corridor mapping, civil engineering, and topographical surveys.
Corridor mapping utilizes mobile, terrestrial and airborne LiDAR systems and is expected to grow at a CAGR of over 22% over the forecast period. Accurate and high-resolution 3D images of the tracked objects are widely used in the sectors such as, civil engineering, defense & aerospace, forestry & agriculture, mining, and transportation. 3D imaging technology is also the reason behind increasing corridor mapping activities by these systems.
Power line deployments and flood mapping are major applications in civil engineering sectors and is anticipated to grow at a CAGR of over 18% in the next seven years.
Military & defense and topographical surveys are expected to witness a steady growth. Technology advancements in several government sectors such as railways, roadways, and forestry management are expected to positively impact growth.
Increasing need for geospatial data has led the introduction of internet mapping across the globe. The need for emergency mapping is expected to significantly spur demand for improved real-time mobile mapping technology capabilities.
Asia Pacific LiDAR market is expected to witness a significant growth at a CAGR of 28% over the forecast period owing to increased spending on defense & military. North America LiDAR industry is anticipated to have the maximum share of nearly 40% of the overall revenue owing to high adoption of advanced 3D imagery technologies by the U.S. government.
Rising demand in the U.S. with increasing aerospace applications coupled with deployment in industries such as asset management, reverse engineering, civil engineering, telecommunications, and mine mapping is expected to drive demand in the U.S.
The Europe LiDAR market is anticipated to follow North America in terms of revenue and share owing to the technological advancements for meeting the customers’ requirements in various applications fields such as corridor mapping, volumetric mapping, and military and transportation.
Competitive Market Share Insights
Major market participants include Aerometric, Airborne Hydrography AB, Firmatek, Faro Technology, and 3D Laser Mapping. Product launches, acquisitions, and collaborations are a few strategies adopted by the industries to increase their customer base for meeting the customers’ demands to set a common technology platform and for sharing the technological requirements. Other players include Airborne Imaging Inc., Avent Technology, Digitalworld Mapping, Intermap Technologies Corp., Mosaic 3D, Optech Incorporated, and Reigl USA.
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