LiDAR Market by Component (Laser, Scanner, GPS Receiver, Inertia Measurement Unit (IMU), High Precision Clock, and Others), by Product (Topographic LiDAR and Bathymetric LiDAR), by End use Industry (Space Exploration, Meteorology, Automotive, Defense & Marine, Construction, Mining, and Others): Global Industry Perspective, Comprehensive Analysis and Forecast, 2017 – 2024

Global LiDAR market expected to reach USD 2,136.7 million globally by 2024, growing at a CAGR of around 17.6% between 2018 and 2024. A lidar is a machine that uses a laser to detect the position and motion of an object. The machine emits light which is reflected from the three-dimensional object’s surface.

14-Aug-2018 | Number of pages: 110 | Report Code: ZMR-3271 | Report Format : | Status : Published

Analysis

LiDAR is a method of detecting and mapping using a laser. The laser works in synchronization with a camera. The laser illuminates the object and the system calculates the time required by the laser to reflect back. LiDAR is used in combination with GPS in various sectors for surveying and mapping.

Technological advancement in the automotive sector is preliminarily driving the LiDAR market. The technology used in various applications such as driver assistance systems, identifying signboards, and tracking pedestrians systems that are deployed in autonomous vehicles. Further, major automotive equipment manufacturers had spent around USD 46 billion in 2015 to invent products that supported driverless vehicles. The investments are expected to increase as automotive manufacturers such as BMW, Mercedes, and Volkswagen are planning to introduce autonomous vehicles over the next five years. These developments are expected to fuel the growth of the LiDAR market during the forecast period.

Global LiDAR Market

Increasing usage of LiDAR in space exploration projects is noteworthy. Over the past decade, investments in space exploration programs have increased owing to the involvement of private firms. In the U.S., during 2017, about 120 firms invested in these projects as compared to 89 firms in 2015. These companies spent about USD 4 billion in 2017 for launching a total of 37 commercial satellites as compared to 51 the U.S. government satellites. It is anticipated that the number of commercial satellites would increase over the next five years. Further, in 2017; a total budget of about USD 68 billion was allocated for space exploration as compared to USD 62 billion in 2013. As per the projections of “the Bank of America”, the global space industry would grow from USD 350 billion in 2017 to at least USD 2.7 trillion over the next three decades. Thus, global LiDAR market is predicted to grow rapidly due to rising investments in space exploration projects. However, lack of awareness about the LiDAR technology can have an adverse effect on its adoption rate. Further, developments in transportation and agriculture sectors may open new avenues for the market in the near future.

Based on the component, the global LiDAR market is divided into laser, scanner, GPS receiver, Inertia Measurement Unit (IMU), high precision clock, and others. Laser segment is expected to hold a significant market share during the forecast timeframe. Space exploration, meteorology, automotive, defense & marine, construction, mining, and others are notable end-user industries for the LiDAR market. Automotive segment is predicted to grow at a substantial rate during the forecast period.

North America holds a substantial share in the global LiDAR market and will maintain its dominance in the near future. Increasing usage of LiDAR for military and defense application along with rapid advancements in technology are the major drivers for regional market growth. Further, the presence of significant market players in the region is predicted to shape the LiDAR market massively. Government initiative for space exploration venture is the major driving factor for the growth of the LiDAR markets in Asia Pacific region. The Asia Pacific is expected to grow at a significant rate during the analysis period.

Some of the key players in the LiDAR market are Leica Geosystems Holdings AG, Teledyne Optech Inc., Quantum Spatial, Inc., Faro Technologies, Inc., Velodyne LiDAR, Inc., Sick AG, Geokno, Trimble, Inc., RIEGL USA, and YellowScan, among others.


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