Pune, India, May 21, 2019 (GLOBE NEWSWIRE) -- As per the report found on Wise Guy Reports (WGR), the global Light detection and ranging (Lidar) market will be going places, accruing an approximate valuation of USD 4158.8 million by 2023. Moreover, the market is set to register a healthy CAGR of 14.14% during the forecast period (2017-2023).
Rising Penetration of Lidar Across Various Industries to Elevate the Market Position
In recent years, constant developments in the lidar mapping systems along with the associated technologies have gained entry into a variety of verticals such as corridor mapping, aerospace and defense, and topographical survey, oil and gas, mining, automotive, and other verticals. This factor is expected to help the lidar market gain substantial trajectory at a global level in the coming years.
A Hike in the Use of Drones to Favor the Market Growth
The increase in the usage of drones across diverse applications like agriculture and forestry, aerospace and defense, and natural resources management is projected to bring lucrative results for the lidar market in the following years. Moreover, the delivery and automation are considered to be the main sectors making immense investments in drone research.
Request Free Sample Report at https://www.wiseguyreports.com/sample-request/3822294-global-lidar-market-research-report-by-product-type
The Market to Benefit from the Surging Demand for 3D Imaging Technology
There has been a growth in the demand for innovative 3D imaging technology across a variety of areas coupled with the increase in the adoption rate of aerial lidar systems for detecting and exploring numerous places along with historical information. This factor is set to support the growth of the lidar market to a large extent.
Low-cost Nature of Lidar Increases Demand in the Government Sector
Various government bodies across several countries around the world are making extensive use of the lidar technology for topographical mapping, surveys, monitoring and surveillance within the mining as well as the oil and gas industries. On account of the low-cost and improved features compared to the traditional alternatives, lidar can be easily accessed by the government across the globe. This has brought on a slew of benefits for the lidar market in the past couple of years.
Lack of Awareness among the End-Users to Slow Down the Market Growth
The dearth of awareness among the end-users will cause the lidar market to slow down during the review period.
Airborne Lidars to have Substantial Growth in the Coming Years
According to the product type, the market has been broken down into the segments of airborne LiDAR, terrestrial LiDAR, and others. Airborne LiDAR was the top segment in the global LiDAR market in 2017, owing to their ability of covering a vast geographical area, in addition to producing accurate data in a short period. In addition; the segment of terrestrial LiDAR is identified to be the fastest-growing one, as these systems are able to collect substantial amounts of information accurately, increasing the ability to identify the objects precisely. The ‘others’ segment consists of topographic LiDAR, bathymetric LiDAR, mobile, and static LiDAR. These types of lidar systems are inclusive of airborne and terrestrial segment, with these having several functions, such as Topographic LIDAR systems which are useful in the extraction of surface models for applications like hydrology, forestry, urban planning, geomorphology, coastal engineering, and landscape ecology. Based on the report, the airborne LiDAR segment dominated the market, garnering the maximum revenue of USD 722.7 million in the year 2017, and is anticipated to rise at a CAGR of 11.76% during the given time frame. Apart from this, the terrestrial LiDAR segment was estimated at USD 701.0 million in 2017 and is on track to reach the valuation of USD 1693.4 million by 2023, expanding at a CAGR of 15.99% over the forecast period.
Increasing Use of 2D Lidar Sensors in the Automotive Sector to Benefit the Global Market
Technology-wise, the segments in the global market include 1D, 2D, and 3D LiDAR sensors. 2D has been the dominating segment in the global market, accruing the highest revenue of USD 761.4 million in the year 2017. In addition, it is presumed to expand at a significant CAGR of 14.63% in the forthcoming years. Generally, 2D LiDAR sensors are useful in the operation and detection as well as ranging of the tasks on the land surfaces.
The Laser Scanner Segment to Grow at a Significant Rate during the Forecast Period
Depending on the component, the market includes segments like laser scanners, navigation & positioning systems, and others. All these components of the lidar system help the user in measuring a target range using a laser beam. The report identifies laser scanner as the leading segment in the global LiDAR market, controlling a market share of 38% in 2017. It is expected to surge further achieving the valuation of USD 1,678.1 million, at a significant growth rate of 15.06% in the following years. Also, the navigation & positioning segment was worth USD 682.9 million in 2017, and is slated to be worth the value of USD 1,514.9 million at a growth rate of 14.31% by the end of the forecast period.
View Detailed Report at https://www.wiseguyreports.com/reports/3822294-global-lidar-market-research-report-by-product-type
The Corridor Mapping to Lead Among all the Functional Areas in the Global Market
The functional areas mentioned in the report include engineering, corridor mapping, environment, ADAS & driverless car, urban planning, cartography, and meteorology. The report states that the corridor mapping segment led the global LiDAR market at the share of 24% in 2017. It is presumed to reach the valuation of USD 973.7 million at the end of 2023, surging at a CAGR of 13.43% in the assessment time frame. Meanwhile, the growth of the ADAS & driverless segment has been excellent, with its worth being around USD 300.5 million in 2017. The segment will be expanding at the market value of USD 764.6 million, registering a CAGR of 16.98% by 2023.
North America is Projected to Account for a Considerable Share in the Global Market
North America is the leading region in the global lidar market on account of the growing demand for 3D imaging technology in the developed countries of the United States (US) and Canada. Besides, the growing adoption of lidar by the government sector will trigger the market growth even further. The expanding investments by the market giants in the region including Google Inc., Apple Inc. and General Motors for the development of ADAS and driverless cars are expected to present numerous growth opportunities for the lidar market in the upcoming period. Other than this, prominent vendors like Faro, Velodyne and Trimble are located in the United States, which seems to be working in favor of the market in North America. Another important reason backing the growth of the regional market is the increasing military and defense spending by the US defense sector.
Massive Efforts by the Government to Boost the Growth of the Asia Pacific Market
The market in Asia Pacific has experienced favorable growth in recent years, fueled by the emerging countries of New Zealand, Australia, Japan and China. In the region, China is said to the fastest growing economies with the highest GDP owing to the rapid growth in industrialization. Moreover, India holds the largest IT sector in the region. On that note, the government in Malaysia is making vast use of LiDAR for mapping the depth of the water table, in addition to checking the risk of flood in coastal areas as well as restoring the blockages. As a result, Asia Pacific is considered to be the fastest-growing region in the global lidar market, controlling over 17.06% of the overall market share.
The Europe Market to Profit from the Well-Established Manufacturing Sector
Europe boasts of an extremely well-developed manufacturing sector, particularly automotive, and is on the verge of penetrating software at an equally fast rate. The government in the region is known to be one of the best across the globe, in terms of holistic advancements, with massive investments being made in the development of the aerial LiDAR technology. Also, the government in the United Kingdom (U.K.) has been making huge efforts when it comes to gathering LiDAR data in the last 17 years, following which the information has been made available to the public. Similarly, Spain and Netherlands have publicly available data scans which are offered in 3D visual representations.
Top Players
The top players of LIDAR Market include Geokno India Pvt. Ltd (India), Hexagon AB(Sweden), Trimble Inc. (US), RIEGL Laser Measurement Systems GmbH (Austria), Faro Technologies Inc. (US), Teledyne Technologies, Inc. (US), YellowScan (France), Beike Tianhui Technology Co., Ltd (China), Quantum Spatial (US) among others.
About Us:
Wise Guy Reports is part of the Wise Guy Research Consultants Pvt. Ltd. and offers premium progressive statistical surveying, market research reports, analysis & forecast data for industries and governments around the globe.