Global LiDAR Market, By product type (airborne LiDAR, terrestrial LiDAR, and others), By technology (1D, 2D, and 3D), By components (Laser scanner, navigation & positioning systems, and other components), By functional areas (engineering, corridor mapping, environment, ADAS & driverless cars, urban planning, cartography, and meteorology), and By Region (North America, Europe, Asia Pacific, Latin America, Middle East, & Africa) is expected to grow at a significant CAGR for the period between 2020 and 2028.
The global LiDAR market is estimated to reach at a value of US$ 1.4 Bn by the end of 2020 and expected to reach at a value of US$ 6.4 Bn by 2028 with a significant CAGR of 20.9%.
LiDAR, acronym for light detection and ranging, is basically a laser-based approach whereby light is utilized in the form of a laser to assess the distances or position of articles to the earth. It comprises laser scanning and 3D scanning, which is why it can be called as 3D laser scanning. It is composed of a scanner, a laser, and a specialized GPS receiver. LiDAR offers extremely precise information, even if there is any commotion. Attributing to which, LiDAR expeditiously finds application in the automobile industry, worldwide, in self-driving cars as it offers accurate vision and clarity round the clock and in every direction.
The enormous evolution and growth in the automotive industry, in the last couple years, is further positively fueling the demand of LiDAR method in the global market, thereby the global LiDAR market is projected to rise rapidly in the near future.
In addition to that, the elevating demand of 3D imaging technology for employment in various vertices across the globe, comprising defense and military, civil engineering, topographical surveys, and corridor mapping and others, is also expected to play a significant role in giving huge breakthroughs to the growth of the global LiDAR market in the forthcoming years.
By the same token, the massive number of beneficial features of LiDAR method, including potential to provide precise and clear information as well as superior quality and high resolution 3D images without consuming much time further accelerates the demand of LiDAR in the global markets. Owing to which, the global LiDAR market is expected to witness significant growth over the coming years.
However, the lack of awareness among some people, especially in remote regions, is likely to hinder the growth in the demand of LiDAR method in the global markets. In addition to that, the lofty cost of the LiDAR method is further estimated to hold back the demand of LIDAR all across the globe. Attributing to which, the global LIDAR market is expected to slow down over the forecast period.
MMC Study identifies some of the key participating players in the LiDAR market globally are Trimble Inc., Faro Technologies Inc., Teledyne Technologies Inc., Beike Tianhui Technology Co. Ltd., Hexagon AB, Quantum Spatial, YellowScan, RIEGL Laser Measurement Systems GmbH, Geokno India Pvt Ltd, among others.
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