LIDAR Market Revenue Will Reach $1.5 Billion By 2024, Says Esticast Research & Consulting
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As per the report “LIDAR Market by Product (Terrestrial/Static, Aerial, Mobile, Short-range), and By Application (Corridor mapping, Seismology), Industry Trends, Estimation & Forecast, 2016-2024”, the global LIDAR market was valued at $332.2 million in 2016, and is projected to reach $1.4 billion by 2024, having a CAGR of 21.4 % from 2017 to 2024.
In 2016, Aerial LIDAR technology lead the market garnering a revenue of $182.5 million and growing with the highest growth rate, having a CAGR of 17.4% during the forecast period. Among major regions, North America leads the market having the highest market share of $154.8 million; however, the highest growth rate would be experienced by Asia Pacific growing with a rate of 28.2 % during the forecast period.
“Developed regions such as North America and Europe are holding the largest market share of the LIDAR system market. The increasing demand of improvised automation and enhancement of metrological devices will open growth gateways for the LIDAR technology market in the emerging countries.”
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The Aerial LIDAR segment was the largest application segment of the LIDAR market in 2016. Development of automation industry and requirement of improvised surveying technology is the key factor which is anticipated to drive the growth of the LIDAR market. Developed regions like North America are the major consumers of the Aerial LIDAR technology. Moreover, increase in aerial LIDAR applications in various industries, apart from traditional military applications, has increased the demand for aerial LIDAR industry. This method provides accurate and precise mapping of the object and is widely being used for topographic surveys in areas of vegetation. With the latest advancements in LiDAR sensors, the accuracy of aerial LiDAR systems has enhanced.
Laser components generated the highest revenue of $136.6 million in 2016; the highest growth was exhibited by Camera component having the CAGR of 27.1 % during the forecast period
The LIDAR market was segmented as Camera, Laser, Integration navigation system, GPS and others. Among them, the laser component lead the market as a result of its extensive use in the LIDAR systems for emitting the light in the form of a pulsed laser to measure various distances. However, the Camera component will be having the highest growth rate due to a hike in the demand of advanced 3D imaging technology. LiDAR based near-infrared wavelengths are less expensive but they are unable to penetrate denser object such as water. High frequency green lasers penetrate water surface, which are used for mapping ocean bottom.
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North America was the highest revenue-generating region, garnering for over 45% of the total LIDAR market share in 2016
In terms of Geography, North America is the leading market. North America is a technologically superior market in the world.
IT services and IT-based manufacturing, applications in civil engineering, rise of smart automation industry and need of LIDAR datasets to create innovative software are the key factors, which are responsible for the immense use of LIDAR technology in the North American region.
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LIDAR Market Key Insights
•Asia Pacific region is expected to have the fastest growth with a CAGR of 28.2 % over the forecast period. The region generated the revenue of $45.6 million in 2016.
•North America holds the major segment of the LIDAR market.
•Terrestrial LIDAR type is expected to witness the highest growth having a CAGR of 26.8% over the forecast period (2017-2024)
•Laser component holds the largest share of LIDAR market. It accumulated the revenue of $136.6 million in 2016
The report features a competitive scenario of the global LIDAR market, and provides comprehensive analysis of key growth strategies adopted by major players. Some of the key market players operating in the industry are Airborne Hydrography AB, Leosphere SaS, Faro Technologies Inc., Leica Geosystems Inc. (Hexagon), 3D Laser Mapping Inc., Firmatek LLC, RIEGL Laser Measurement Systems GmbH, Aerometric Inc., Mira Solutions Inc., Optech Inc. (Teledyne Technologies), Quanergy Systems, Inc.