LiDAR Market - Global Industry Analysis, Size, Share, Trends, Analysis, Growth, and Forecast 2017 - 2025
Global LiDAR Market: Snapshot
The global LiDAR market is predicted by seasoned market analysts to expect high growth prospects taking birth on the back of leading applications such as meteorology, cartography, urban planning, exploration, driverless cars, advanced driver assistance systems (ADAS), engineering, and corridor mapping. Amongst all of these applications, the demand for LiDAR could be considerably improved by the rising usage of corridor mapping in roadways mapping. The swelling demand in engineering and construction applications is anticipated to add to the popularity of ground-based LiDAR in the coming years. Nevertheless, there could also be opportunities created for other products such as unmanned aerial vehicle (UAV) LiDAR, aerial LiDAR, and solid-state LiDAR.
The global LiDAR market for driverless cars and ADAS is envisaged to grow at an aggressive pace in the near future. This could be because of the rising adoption of ADAS and growing inclination toward self-driven cars in important automotive regions such as North America and Europe. Besides this, the market for laser scanners could see a consistent rise in the foreseeable future owing a vital application in LiDAR related to scanning and the generation of 3D images of the scanned areas. The faster growth rate of this market could be attributed to the mounting demand for LiDAR system and quick development of laser technology.
Companies operating in the global LiDAR market are foreseen to hold a portfolio comprising of a broad array of products that could help diversify business risks and enable sustainable business growth.
Global LiDAR Market: Overview
LiDAR, acronym for Light Detection and Ranging, is a remote sensing technology that emits light towards a target object to unearth information about it and gauge the range of a distant target from the light that is being reflected back. It can be compared to RADAR and SONAR in many ways. However, unlike a RADAR and SONAR, LiDAR uses light waves of shorter wavelengths. The wavelengths of the electronic spectrum for LiDAR technology are mostly within the visible, ultraviolet, and infrared range.
The LiDAR technology helps in measuring of 3D structures directly and assessing the underlying terrain with high resolution and data accuracy. The two main types of LiDAR are Airborne LiDAR, consisting of topographic and bathymetric LiDAR, and Terrestrial LiDAR, consisting of mobile LiDAR and short range LiDAR.
Global LiDAR Market: Key Trends
The soaring demand for 3D imagery in different end use segments such as construction, transportation, power transmission, and defense and aerospace is the primary driving factor in the global LiDAR market. Additionally, LiDAR technology saves both cost and time which has resulted in their higher uptake compared to conventional methods of mapping. LiDAR technology has already superseded photogrammetry as it steals a march over the latter in terms of light independency and high accuracy.
Countering the growth in the global LiDAR market is the complexity in data interpretation because of dearth of standardization.
Global LiDAR Market: Market Potential
LiDARs find application in autonomous driving, which is yet to become mainstream. Once it so happens, their market will receive a substantial boost. LiDAR/INS integrated navigation systems can bring about continuous and accurate navigation solutions in GNSS-challenged environments, on different platforms that include mobile robot navigation, unmanned ground vehicles, and autonomous driving. Another factor working to their favor are their increasing availability and decreasing prices.
Depending upon the type of product, the global LiDAR market is segmented into terrestrial LiDAR and airborne LiDAR. Among them, airborne or aerial LiDAR mapping leads the market. Based on application again, the LiDAR market is divided into transmission lines, forestry, infrastructure, coastal, transportation, defense and aerospace, flood mapping, and others such as hydrography and mining. Different coastal applications contribute maximum to the LiDAR market because of the growing utilization of LiDAR in disaster management and control. In terms of growth, however, transmission lines will overtake all other segments in the LiDAR market because of robust demand for power utilities.
Global LiDAR Market: Regional Outlook
Geography-wise, the global market for LiDAR is segmented into Asia Pacific, North America, Europe, and the Rest of the World. Among them, North America is a market leader because of high penetration of LiDAR in defense and military applications and substantial spending on research and development to improvise on existing LiDAR technologies. Europe trails North America in terms of market share and going forward is predicted to overtake North America due to the presence of prominent players bolstering the market and catering to the rising demand for the massive consumer base. The Rest of the World and Asia Pacific will also witness stellar growth.
Global LiDAR Market: Competitive Analysis
Some of the main strategies adopted by companies in the global LiDAR market is new product development and enhancements leveraging cutting-edge technologies. To assess the competition in the global market for LiDAR, the report profiles companies such as Airborne Hydrography AB, 3D Laser Mapping Ltd., Aerometric Inc., DigitalWorld Mapping Inc., Intermap Technologies Corp., FARO Technology, Inc., RIEGL Laser Measurement Systems GmbH, Leica Geosystems AG, Mosaic 3D, Avent Lidar Technology, Firmatek 3D Mapping Solutions LLC, and Optech Incorporated.
The reports at TMR Research provide qualitative solutions that break the barriers of doubt or uncertainties when the stakeholders plan to expand their growth reach. The researchers compile the necessary information that enlightens the CXOs about the current growth opportunities in a specific market and enables them to make the most of the opportunities.
TMR Research is a leader in developing well-researched reports. The expertise of the researchers at TMR Research makes the report stand out from others. TMR Research reports help the stakeholders and CXOs make impactful decisions through a unique blend of innovation and analytical thinking. The use of innovation and analytical thinking while structuring a report assures complete and ideal information of the current status of the market to the stakeholders.
TMR Research has rich experience in developing state-of-the-art reports for a wide array of markets and sectors. The brilliance of the experts at TMR Research and their alacrity to conduct thorough research and create phenomenal reports makes TMR Research better than others.
5-Point Growth Formula
The 5-point growth formula developed by TMR Research provides an insight to the stakeholders and CXOs about the current situation in the market. The growth formula makes the report a perfect companion for the stakeholders and CXOs.
The 5-point growth formula includes the following points:
Current and Future Threats
Along with studying the opportunities necessary for growth, threats are also an important aspect to look upon for the companies and stakeholders in a specific sector. TMR Research studies every negative aspect that will hinder the growth of a specific area of business and includes it in the report. The stakeholders and CXOs will have the benefit of assessing the threat and take the necessary steps to prevent the hindrance caused due to the threats.
Accurate Trend Analysis
Keeping up with the latest trends is crucial in any business or sector. While stakeholders are aware of the trends that are on the surface, TMR Researchers find trends that are deeply entrenched in the particular market or sector. The reports are constantly updated with the latest trends so that the stakeholders and CXOs can derive benefits from the trends and generate good revenues.
Demography forms an important part of the growth pattern of all the markets. Diving deep into the demographics enables maximum output from specific areas. The TMR Research team assesses every region and picks out the vital points that have a large impact on the growth of a market.
The analysts at TMR Research conduct an all-round analysis on the competitive landscape of the market. The observations recorded by the analysts are added to the reports so that every stakeholder gets a glimpse of the competitive scenario and frame their business plans according to the situation.
The COVID-19 outbreak has changed the growth projections of numerous sectors and businesses. The analysts at TMR Research have conducted a conscientious survey on the markets after the pandemic struck. The analysts have put forth their brilliant and well-researched opinions in the report. The opinions will help the stakeholders to plan their strategy accordingly.
The reports offer answers to the top 7 questions that revolve around the growth of the market
Flat 10% discount on Single User License if you prebook this report
Flat 10% discount on Multiple User License if you prebook this report
Flat 10% discount on Corporate License if you prebook this report