Global LiDAR Market: Snapshot
The global LiDAR market is predicted by seasoned market analysts to expect high growth prospects taking birth on the back of leading applications such as meteorology, cartography, urban planning, exploration, driverless cars, advanced driver assistance systems (ADAS), engineering, and corridor mapping. Amongst all of these applications, the demand for LiDAR could be considerably improved by the rising usage of corridor mapping in roadways mapping. The swelling demand in engineering and construction applications is anticipated to add to the popularity of ground-based LiDAR in the coming years. Nevertheless, there could also be opportunities created for other products such as unmanned aerial vehicle (UAV) LiDAR, aerial LiDAR, and solid-state LiDAR.
The global LiDAR market for driverless cars and ADAS is envisaged to grow at an aggressive pace in the near future. This could be because of the rising adoption of ADAS and growing inclination toward self-driven cars in important automotive regions such as North America and Europe. Besides this, the market for laser scanners could see a consistent rise in the foreseeable future owing a vital application in LiDAR related to scanning and the generation of 3D images of the scanned areas. The faster growth rate of this market could be attributed to the mounting demand for LiDAR system and quick development of laser technology.
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Companies operating in the global LiDAR market are foreseen to hold a portfolio comprising of a broad array of products that could help diversify business risks and enable sustainable business growth.
Global LiDAR Market: Overview
LiDAR, acronym for Light Detection and Ranging, is a remote sensing technology that emits light towards a target object to unearth information about it and gauge the range of a distant target from the light that is being reflected back. It can be compared to RADAR and SONAR in many ways. However, unlike a RADAR and SONAR, LiDAR uses light waves of shorter wavelengths. The wavelengths of the electronic spectrum for LiDAR technology are mostly within the visible, ultraviolet, and infrared range.
The LiDAR technology helps in measuring of 3D structures directly and assessing the underlying terrain with high resolution and data accuracy. The two main types of LiDAR are Airborne LiDAR, consisting of topographic and bathymetric LiDAR, and Terrestrial LiDAR, consisting of mobile LiDAR and short range LiDAR.
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Global LiDAR Market: Key Trends
The soaring demand for 3D imagery in different end use segments such as construction, transportation, power transmission, and defense and aerospace is the primary driving factor in the global LiDAR market. Additionally, LiDAR technology saves both cost and time which has resulted in their higher uptake compared to conventional methods of mapping. LiDAR technology has already superseded photogrammetry as it steals a march over the latter in terms of light independency and high accuracy.
Countering the growth in the global LiDAR market is the complexity in data interpretation because of dearth of standardization.
Global LiDAR Market: Market Potential
LiDARs find application in autonomous driving, which is yet to become mainstream. Once it so happens, their market will receive a substantial boost. LiDAR/INS integrated navigation systems can bring about continuous and accurate navigation solutions in GNSS-challenged environments, on different platforms that include mobile robot navigation, unmanned ground vehicles, and autonomous driving. Another factor working to their favor are their increasing availability and decreasing prices.
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Depending upon the type of product, the global LiDAR market is segmented into terrestrial LiDAR and airborne LiDAR. Among them, airborne or aerial LiDAR mapping leads the market. Based on application again, the LiDAR market is divided into transmission lines, forestry, infrastructure, coastal, transportation, defense and aerospace, flood mapping, and others such as hydrography and mining. Different coastal applications contribute maximum to the LiDAR market because of the growing utilization of LiDAR in disaster management and control. In terms of growth, however, transmission lines will overtake all other segments in the LiDAR market because of robust demand for power utilities.
Global LiDAR Market: Regional Outlook
Geography-wise, the global market for LiDAR is segmented into Asia Pacific, North America, Europe, and the Rest of the World. Among them, North America is a market leader because of high penetration of LiDAR in defense and military applications and substantial spending on research and development to improvise on existing LiDAR technologies. Europe trails North America in terms of market share and going forward is predicted to overtake North America due to the presence of prominent players bolstering the market and catering to the rising demand for the massive consumer base. The Rest of the World and Asia Pacific will also witness stellar growth.
Global LiDAR Market: Competitive Analysis
Some of the main strategies adopted by companies in the global LiDAR market is new product development and enhancements leveraging cutting-edge technologies. To assess the competition in the global market for LiDAR, the report profiles companies such as Airborne Hydrography AB, 3D Laser Mapping Ltd., Aerometric Inc., DigitalWorld Mapping Inc., Intermap Technologies Corp., FARO Technology, Inc., RIEGL Laser Measurement Systems GmbH, Leica Geosystems AG, Mosaic 3D, Avent Lidar Technology, Firmatek 3D Mapping Solutions LLC, and Optech Incorporated.