Vancouver, Dec. 18, 2023 (GLOBE NEWSWIRE) -- The global terrestrial LiDAR market size was USD 1.38 Billion in 2022 and is expected to register a steady revenue CAGR of 11.7% during the forecast period, according to the latest analysis by Emergen Research. Technological advancements in LiDAR technology and increasing need for Three Dimensional (3D) imaging technology for various applications are major factors driving market revenue growth.
Terrestrial LiDAR is a remote sensing technique, in which light in the form of a laser is utilized to measure varying distances to the Earth. This technique is also known as 3D laser scanning as this combines 3D scanning and laser scanning. 3D laser scanning technology can document and record various objects, structures, buildings, and topographies, from a tiny, exquisitely detailed artwork to a massive and georeferenced landscape.
Commercially, laser scanning has shown to be particularly effective in the documentation of constructions such as oil and chemical refineries, highways, bridges, and other complex structures, producing precise ‘as-built’ measured drawings in a fraction of time and cost of older systems.
However, high initial costs of terrestrial LiDAR systems is a key factor, which could restrain market revenue growth. The necessary hardware, such as scanners, LiDAR sensors, and data processing software, can be expensive, particularly for high-accuracy or long-range systems. Due to the cost, smaller companies or those with smaller resources could find it challenging to deploy terrestrial LiDAR technology. Massive amounts of point cloud data are generated by terrestrial LiDAR, which requires specialized equipment and experience to handle and understand.
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Scope of Research
| Report Details | Outcome |
| Market Size in 2022 | USD 1.38 Billion |
| CAGR (2023–2032) | 11.7% |
| Revenue Forecast To 2032 | USD 4.17 Billion |
| Base Year For Estimation | 2022 |
| Historical Data | 2019–2021 |
| Forecast Period | 2023–2032 |
| Quantitative Units | Revenue in USD Billion and CAGR in % from 2023 to 2032 |
| Report Coverage | Revenue forecast, company ranking, competitive landscape, growth factors, and trends |
| Segments Covered | Type, weight, solution, application and region |
| Regional Scope | North America, Europe, Asia Pacific, Latin America, and Middle East & Africa |
| Country Scope | U.S., Canada, Mexico, Germany, France, UK, Italy, Spain, Benelux, Rest of Europe, China, India, Japan, South Korea, Rest of APAC, Brazil, Rest of LATAM, Saudi Arabia, UAE, South Africa, Turkey, and Rest of Middle East & Africa |
| Key Companies Profiled | FARO Technologies, Carl Zeiss Optotechnik, 3D Digital Corporation, RIEGL Laser Measurement Systems, Creaform, Zoller + Fröhlich, Trimble Inc., Hexagon, Maptek, and Teledyne Technologies |
| Customization Scope | 10 hours of free customization and expert consultation |
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MAJOR COMPANIES and Market Share Analysis
The global terrestrial LiDAR market is fairly consolidated with few small and medium-sized market players accounting for the majority of revenue. Major players are deploying various strategies, entering into mergers and acquisitions, strategic agreements and contracts, developing, testing, and introducing more effective in the market. Some major players included in the market report are:
- FARO Technologies
- Carl Zeiss Optotechnik
- 3D Digital Corporation
- RIEGL Laser Measurement Systems
- Creaform
- Zoller + Fröhlich
- Trimble Inc.
- Hexagon
- Maptek
- Teledyne Technologies
Strategic Development
- On 13 December, 2022, Velodyne Lidar and GreenValley International signed a multi-year deal. This agreement links a top provider of 3D surveying and mapping solutions with one of the top manufacturers and distributors of lidar, Velodyne. The sensors are anticipated to be used for GreenValley International's handheld, mobile, and Unmanned Aerial Vehicle (UAV) mapping solutions, which include equipment that can be used in Global Positioning System (GPS)-denied environments. Velodyne stated that they were already shipping sensors to GreenValley International at the time of the announcement.
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Some Key Highlights from the Report
- The phase-shift segment is expected to account for largest revenue share in the global terrestrial LiDAR market during the forecast period. This is because phase shift LiDAR offers high measurement accuracy. Phase shift LiDAR can detect distances with an accuracy of less than one millimeter. This degree of accuracy can be very useful in applications that require precise measurements such as industrial metrology, engineering, and construction.
- The Transport Layer Security (TLS) system authentication segment is expected to register steadily fast revenue growth rate in the global terrestrial LiDAR over the forecast period. This is because terrestrial LiDAR systems are helpful for protecting and keeping a watch on the environment. In addition to the evaluation of forest resources, it permits the examination of vegetation, monitoring of land deterioration, and evaluation of habitat characteristics.
- The Building Information Modelling (BIM) segment is expected to account for significantly large revenue share in the global terrestrial LiDAR market over the forecast period. This is due to increasing use of BIM software to create a 3D model of building using the point cloud data.
Segments Covered in Report
Emergen Research has segmented the global terrestrial LiDAR market on the basis of type, solution, application, and region:
- Type Outlook (Revenue, USD Billion; 2019–2032)
- Phase-Shift
- Mobile Scanner
- Pulse Based
- Solution Outlook (Revenue, USD Billion; 2019–2032)
- Transport Layer Security (TLS) Service
- Mining
- Oil & Gas (O&G)
- Forestry & Agriculture
- Transportation & Logistics
- TLS System
- Interface Devices
- Digital Cameras
- Hardware
- Laser Scanners
- Wireless LAN Antenna
- Global Positioning System (GPS)
- Inertial Measurement Systems
- Others
- Transport Layer Security (TLS) Service
- Application Outlook (Revenue, USD Billion; 2019–2032)
- Surveying
- Research & Development (R&D)
- Building Information Modelling (BIM)
- Others
- Regional Outlook (Revenue, USD Billion; 2019–2032)
- North America
- U.S.
- Canada
- Mexico
- Europe
- Germany
- France
- UK
- Italy
- Spain
- Benelux
- Rest of Europe
- Asia Pacific
- China
- India
- Japan
- South Korea
- Rest of APAC
- Latin America
- Brazil
- Rest of LATAM
- Middle East & Africa
- Saudi Arabia
- UAE
- South Africa
- Turkey
- Rest of Middle East & Africa
- North America
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