Global LiDAR Market Insights, Opportunity Analysis, Market Shares and Forecast, 2016 - 2022
The Global LiDAR market is expected to grow with the CAGR of 13% during the forecast period with the major driving factors such as automation in LiDAR technology. The LiDAR automation based on Ethernet based components offer timing parameters, remote control for laser monitoring and transient recorders, which is increasing the application areas of the technology. More factors such as increasing use of drone in various applications such as agriculture, military etc., rising use of LiDAR in engineering projects, increasing demand of 3D imaging in various application etc. The market has some restraining factors such as lack of knowledge about LiDAR advantages and high cost of LiDAR systems. The market has huge opportunity due to rising adoption of aerial LiDAR systems, rising demand from automotive industry and growing new applications such as Google car demanding LiDAR technology. The market is facing some challenges such as reliability issues in airborne LiDAR and environmental restrictions regarding utilization of LiDAR technology. The Global LiDAR market is segmented according to application, product, components, service & software. On the basis of application, the market is sub segmented into seismology, corridor mapping, engineering, exploration and other applications. Corridor mapping application held the major share in 2015. On the basis of product, the LiDAR market is segmented into Aerial LiDAR, Ground-based LiDAR. Aerial LiDAR is again classified into bathymetric LiDAR and Topography LiDAR. Ground-based LiDAR is also again classified into Mobile LiDAR and UAV LiDAR. UAV LiDAR was anticipated to grow with the largest CAGR during the forecasted period. On the basis of component, the LiDAR market is further segmented into inertial navigation system, micro-electro mechanical system (MEMS), GPS/GNSS receiver, lasers and camera. On the basis of service & software, the LiDAR is sub-segmented into GIS service, asset management, ground-based surveying, mapping & modeling and others.
On the basis of geography, North America is leading the LiDAR market due to high growth in end user segment such as automotive sector in US. The US Sales of light trucks and cars likely establish a record in 2015 at approx. 17.5 million vehicles. It describes that the adoption of cars are increasing, which is contributing for the growth of LiDAR technology in the automotive segment. Asia Pacific is the fastest growing region with the rising awareness regarding the use of LiDAR in various applications such as Agriculture, Oil & gas etc.
The major players profiled in the report are AutonomouStuff, Blom, Faro Technologies, Velodyne LiDAR, Trimble, Teledyne Optech, Riegl, GeoDigital, Leica Geosystems, Michael Baker International, Mira Solutions, Quantum Spatial, Sick, Velodyne LiDAR, Topcon Positioning Systems Inc. and so on. These major companies are trying to gain major competitive advantage by using strategies i.e. mergers & acquisitions, product launches etc. For example: On Sep 2016, Velodyne introduced Puck Hi-Res 3D sensor for autonomous cars.
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