Newark, NJ, May 16, 2022 (GLOBE NEWSWIRE) -- As per the report published by Fior Markets, The global light detection and ranging (LiDAR) market is expected to grow from USD 976.26 million in 2019 to USD 3675.69 million by 2027, at a CAGR of 17.87% during the forecast period from 2020-2027. North America region dominated the market and valued at USD 331.25 million in 2019. Early adoption of technologies and highly developed infrastructure are some of the key factors driving the growth of the market in the North America region. In addition to this, the U.S. government is using LiDAR sensors to manage and prevent natural disasters as well as for forest management. Asia Pacific region is anticipated to grow at the highest CAGR of 20.26% over the forecast period. Rising production of autonomous cars in China is one of the key factors driving the growth of the market in the region. Furthermore, increasing research and development activities in the region, further boosting the growth of the market.
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Key players in the global light detection and ranging (LiDAR) market are Leica, Teledyne Optech, RIEGL, Trimble, Topcon, Velodyne Lidar, 3D Laser Mapping, IGI, and urestar, among others. Key companies are mainly focusing on the research and development activities to develop innovative LiDAR solutions. For instance, in November 2018, Leica announced the up-gradation in LiDAR sensors for Chiroptera 4X and Leica HawkEye 4X scanners, offering four times the point cloud density.
The type segment includes airborne LiDAR, mobile LiDAR, and static LiDAR. Mobile LiDAR estimated to grow at the highest CAGR of 20.08% over the forecast period. Mobile LiDAR is gaining traction in various fields such as transportation, construction, and engineering fields, driving the growth of the market. Application segment classified into civil engineering, forestry & agriculture, transportation, and urban mapping. Other applications segment dominated the market and held a major share of 38.95% in the year 2019. Geology and soil science, atmospheric remote sensing and meteorology, biology and conservation, are some of the other applications, fueling the market growth.
Increasing demand for automation and enhancement of metrological devices is anticipated to drive the market growth over the forecast period. In addition to this, rising technological advancement in surveying technology is likely to offer new growth opportunities for the vendors in the market. Furthermore, the rising use of LiDAR by the various government for the management of natural disasters propelling the growth of the market. However, the high development cost of LiDAR technologies may hinder the market growth over the forecast period.
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About the report:
The global light detection and ranging (LiDAR) market is analysed on the basis of value (USD Million). All the segments have been analyzed on global, regional and country basis. The study includes the analysis of more than 30 countries for each segment. The report offers in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining the key insight of the market. The study includes porter’s five forces model, attractiveness analysis, raw material analysis, supply, demand analysis, competitor position grid analysis, distribution and marketing channels analysis.
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