The global LiDAR Market size is estimated to reach USD 1.34 billion by 2024. LiDAR market covers key segments such as terrestrial, airborne and mobile & UAV LiDAR systems. It is a surveying method that measures the distance with help of laser light and sensors that creates 3D representation of target. Airborne systems dominated in market share and are predicted to grow in forecast period. The advantages such as high accuracy and detailed information of Airborne system has increased their use over photogrammetry. The systems delivers large area mapping in short time and are efficient.
LiDAR is used in high-resolution maps the technology is also used in navigation and control of autonomous cars. The vertical integration in LiDAR market has various advantages and adds significant value to supply chain operators. Light Detection and Ranging systems have made mapping of objects, detection, and examination easier than photogrammetry technique. The Chinese firm Nova Workvision Digital Technology Co. Ltd. Provides outsourcing service along with mapping products such as Digital Terrain model (DTM), Digital surface model (DSM), and Digital elevation model (DEM).
“The airborne systems market is expected to grow at a CAGR of over 13.6% from 2016 to 2024”
Airborne systems uses laser light generate a 3D representation of target landscape. LiDAR systems provide a precise data points in short time for creating digital elevation models and are anticipated to replace the present photogrammetry mapping technique due to their high ability of 3D scanning of images in short time.
Government initiatives, large scale engineering infrastructure projects, increasing urbanization and improved project efficiency are vital factors that will have a positive impact on the market in forecast period.
LiDAR is used for atmospheric research and meteorology and the LiDAR instruments also have applications in aircraft, satellites with main purpose of surveying and mapping. The mobile system collects 3D point cloud data for creating map. Mobile and UAV systems will have great opportunities in emerging Economies and will drive the market worldwide over forecast period.
“The corridor mapping application segment accounted for over 37.99% of the global market in 2015”
LiDAR market is segmented based on application that includes Engineering environment, Advanced Driver Assistance (ADAS), corridor mapping and others. Among these segments the corridor mapping is expected to dominate with over 37.99% of industry share in 2015.
By 2024, he ADAS application is expected to gain prominence because of its application in automotive safety such as Automated Emergency Braking (AEB) systems especially in Europe and North American region.
“Velodyne LiDAR, Inc. to dominate the automotive LiDAR solicitation arcade”
The key players at present are witnessing severe competition in market. Major players are aiming high market share by providing enhanced quality products and opting different strategic initiatives such as merger and acquisitions.
Leica Geosystems Holding AG, RIEGL USA Inc., Velodyne LiDAR Inc., Faro Technologies Inc., and Trimble Navigation limited are major players in LiDAR market.