LIDAR Market Is Anticipated To Reach USD 5.76 Billion By 2024

By Goldstein Market Intelligence || 2018-03-09 2:10:41 AM

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Innovative LiDAR Technology improving GIS services

According to Goldstein Research, “Rising adoption of automation in LiDAR systems in designing safety systems for driver’s assistance in autonomous and semi-autonomous cars automation is drawing huge investment from key market players. For instance, companies such as Uber Technologies Inc. and Alphabet Inc. are using lidar navigation system for self-driving cars. Automation in LiDAR systems to meet high security and sensors accuracy in the automotive industry is bolstering the growth of LiDAR market.

Global LiDAR Market Outlook 2024

Global LiDAR market is segmented on the basis of components, by product type, by services, by application and by the end user. Based on product type, aerial LiDAR segment is the dominant segment owing to its huge applications in drones and aircraft for defence, corridor mapping and surveying purpose.

Global LiDAR market valued USD 1.1 billion in 2016, growing at healthy CAGR during the forecast period. North America region is held a colossal share of global LiDAR market followed by Europe in 2016. Early adoption wide implementation of LiDAR technology for geological survey, autonomous cars, exploration, urban planning and defence purposes are driving the market growth in the region. Moreover,m presence of leading market players is supporting the dominance of North America for global LiDAR market.

SFM Technology: Threat for LiDAR business

Recent developments in photogrammetric range imaging techniques for estimating 3D structures from a 2D image is becoming a substitute for LiDAR technology and may hinder the market growth in coming few years. Structure From Motion (SFM) technologies is an example of new photogrammetric range imaging technique which delivers 3D images and maps on basis of visual and IR photography data. Structure from motion (SFM) is helpful in obtaining data from remote environments at a minimal cost where ground-based and airborne laser scanning is limited.

Global LiDAR Market

This report contains a detailed overview of the global LiDAR market in terms of market segmentation by components, by product type, by services, by application and by the end user. Further, for the in-depth analysis, the report encompasses the industry growth drivers, market challenges, risk analysis, market attractiveness, BPS (Base Point Scale) analysis, Porter’s five force model and SWOT analysis.

Global LiDAR market also provides competitive outlook of some of the major players of global LiDAR market which includes profiling of companies such as AutonomouStuff, Blom, Faro Technologies, Geokno India Pvt, Geodigital, Leica Geosystems, Michael Baker International, Mira Solutions, Quantum Spatial, Riegl, Sick AG, Teledyne Optech Inc., Topcon Positioning Systems Inc, Trimble Navigation Limited, Velodyne LIDAR, Quanergy Systems Inc., Airborne Hydrography AB and 3D Laser Mapping. The company profiles include business strategy, geographical revenue distribution, major information of the companies which encompasses business outlook, products, services and industries catered, financial analysis of the company and recent developments.

Overall, the report represents comprehensive synopsis on the global LiDAR market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market-centric strategies according to the ongoing and expected trends in the future.

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