United States Lidar Market Forecast 2021-2025
The United States LiDAR market is anticipated to register a CAGR of 22.19%, over the forecast years. The major factors fueling the country's market growth include government initiatives, the growing use of autonomous vehicles, and the increased production of commercial aircraft and helicopters. The base year considered for the market study is 2020, and the forecast period is from 2021 to 2025.
The increase in the manufacture of helicopters and commercial aircraft, across the United States, plays a vital role in driving the country's LiDAR market growth. The United States' extensive aerospace division also exports over 60% of all aerospace production, worldwide. Moreover, several international enterprises are inclined towards the country's market, since it is the largest, globally, and entails advantages such as, skilled and hospitable workforce, comprehensive distribution systems, and diverse offerings. For instance, as per the United States Department of Commerce, the aerospace and defense industry's sales, in 2018, exceeded $929 billion, and sustained more than 2.5 million jobs across the country, as well. Besides, this figure signified an increase of nearly 4.17%, when compared to the previous year.
On the other hand, the sector contributed at least $374 billion to the United States' gross domestic product (GDP), representing more than 1.5% of the total GDP. It is also projected that the number of large commercial aircraft is likely to grow at a rate of 3.5%, annually, reaching an overall 34,000 units and valued at $4.5 trillion. Therefore, these factors are likely to fuel the country's LiDAR market, during the forecast period.
Key companies operating in the market are, Airborne Hydrography AB, Faro Technologies Inc, Phantom Intelligence Inc, Trimble Inc, etc.
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