Selbyville, Delaware, Sept. 20, 2022 (GLOBE NEWSWIRE) --
LiDAR in Construction Market is expected to cross a valuation of USD 1.5 billion by 2030, as reported in a research study by Global Market Insights Inc. The deployment of LiDAR in government, military, and defense projects will drive the LiDAR in construction industry trends. Growing government emphasis on infrastructural developments to enhance the connectivity between states and map various resourceful terrains, along with requirement for protecting public and infrastructure from external factors such as natural calamities will increase the demand for LiDAR technology.
Lack of standardization may emerge as a major restraining factor, cites the report. The emergence of various technologies in the LiDAR landscape has led to the lack of standardization. Companies operating in the market are developing individual product offerings to suit the specific use cases of customers and leading to lack of interoperability among the various LiDAR solutions which is hindering LiDAR in construction market growth. However, this shortcoming may encourage players to eventually reduce product prices and boost the product demand.
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Soaring demand for three-dimensional data to foster the demand for terrestrial segment
The terrestrial segment held nearly 70% of the market share in 2021 and will depict considerable demand due to the surging urbanization and industrialization in the world. Moreover, the soaring focus on acquiring complete three-dimensional data for urban planning will also complement the segmental growth. The terrestrial segment is further sub-categorized into static and mobile. The LiDAR static segment accounted for around 30% of the revenue share in 2021 as result of intensifying demand for accurate & updated data for energy calculation in urban areas to overcome the limitations of statistical information.
Reliable qualities of mechanical LiDAR to augment industry growth
The mechanical LiDAR in construction market will witness considerable demand through 2030. The segment growth is attributed to widespread adoption of LiDAR technology for navigation applications and real-time scanning systems. The fast-spreading awareness regarding LiDAR technology in construction sector in line with benefits offered by the low light performance, resolution and accuracy of mechanical systems will stimulate product penetration.
Europe to emerge as a prominent regional ground
The LiDAR in construction market in Europe is anticipated to record a revenue share of more than 25% by 2030. The exponential demand for high-quality elevation data for geological interventions may elevate the regional market growth. In addition, LiDAR technology is also used for printing accurate 3D models of landscape, which coupled with consumer choice for premium residencies and evolved living styles will propel the use of LiDAR in construction sector.
Safety needs of public to accelerate LiDAR penetration in government sector
The government segment will showcase significant growth through 2030, an account of efforts by government to ensure the safety of public. The deployment of LiDAR technology in mapping and surveying roads and terrains that helps in identifying & mending the defects in public infrastructure will further compliment the business outlook.
Massive utilization to push elevation modelling application segment growth
The elevation modelling segment is projected to grow at a CAGR of over 15% through 2030. The development of new roadways, increasing construction activities across developing countries, and conventional use of digital elevation model in producing 3D models of lands and projects will fuel the demand for LiDAR-based elevation modelling solutions.
Strategic partnerships among companies to transform industry dynamics
The competitive landscape of the LiDAR in construction market is inclusive of Cepton, Beijing SureStar Technology Co. Ltd., Continental AG, Firmatek, FARO Technologies, Inc., Genesys International Corporation Limited, GeoSLAM, Geokno,Hexagon AB (Leica Geosystem), Outster Inc., NV5 Inc. (Quantum Spatial), Phoenix LiDAR Systems, Redtail LiDAR, Quanergy Systems, Inc., RIEGL Laser Measurement Systems GmbH, Teledyne Technologies (Teledyne Optech), Sick AG, Topcon Positioning Systems, Inc., Velodyne Lidar, Trimble Inc., and Yellowscan. These participants engage mainly in partnerships for enhancing the accuracy of the product and to gain technological access to maintain their market position.
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Partial chapters of report table of contents (TOC):
Chapter 2 Executive Summary
2.1 LiDAR in construction market 360º synopsis, 2018 – 2030
2.2 Business trends
2.2.1 Total Addressable Market (TAM), 2023-30
2.3 Regional trends
2.4 Product trends
2.5 Type trends
2.6 Application trends
2.7 End-user trends
Chapter 3 LiDAR in Construction Industry Insights
3.1 Introduction
3.2 Impact of COVID-19 outbreak
3.3 Impact of Russia-Ukraine conflict
3.4 LiDAR in construction industry ecosystem analysis
3.5 LiDAR evolution
3.6 Technology & innovation landscape
3.7 Benefits of using LiDAR across the construction industry
3.8 Use cases
3.9 Investment portfolio
3.10 News
3.11 Patent analysis
3.12 Regulatory landscape
3.13 Industry impact forces
3.13.1 Growth drivers
3.13.2 Industry pitfalls & challenges
3.14 Growth potential analysis
3.15 Porter’s analysis
3.16 PESTEL analysis
Browse Complete Table of Contents (ToC) @ https://www.gminsights.com/toc/detail/lidar-in-construction-market
About Global Market Insights
Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.
