(MENAFN- Meridian Market Consultants) The report titled “LiDAR Market: Opportunity Analysis and Future Assessment 2022-2030” recently issued by Reports & Insights has the key objective to provide its readers with an absolute detailed and precise information about the respective market in conjunction with the profound knowledge of the statistics geared towards the development of the respective market. For better understanding of the readers, the report also includes extensive know-how of the market, conceptual framework, and prevailing trends of the market along with the precise textual and graphical representation. Moreover, the report also mentions thoroughly about the leading players competing in the market for the consistent intrigue of its readers.
The global LiDAR market is estimated to reach at a value of US$ 1.4 Bn by the end of 2020 and expected to reach at a value of US$ 6.4 Bn by 2028 with a significant CAGR of 20.9%.
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LiDAR Introduction
Light Detection and Ranging, more commonly known by its acronym LiDAR, is a remote sensing technique that employs light in the form of a pulsed laser in order to calculate ranges (variable distances) to the Earth. These pulsed lasers joined with other data reported by the airborne system — generate accurate, three-dimensional images about the shape of the Earth and its surface attributes.
A LiDAR equipment primarily consists of a scanner, a laser, and a specially designed GPS receiver. It carries the capability to generate 2D and 3D images with the help of high-intensity laser equipment, GPS transceiver, and micro-electro mechanical system (MEMS) scanner. The most commonly used platforms for abstaining LiDAR data over broad areas are helicopters and airplanes.
LiDAR is also categorized into two types comprising bathymetric and topographic. Topographic LiDAR basically employs a near-infrared laser to map the land, while bathymetric LiDAR employs water-penetrating green light to also calculate riverbed and seafloor elevations. Owing to which, LiDAR serves its utility in numerous kinds of applications including, atmospheric physics, geomorphology, archaeology, geomatics, seismology, airborne laser swath mapping and many others.
LiDAR Market Dynamics
One of the primary factors that is mainly expected to propel the growth of the global LiDAR market over the forecast period is the soaring demand of 3D imaging technology for usage in applications areas like defense and military, civil engineering, topographical surveys, and corridor mapping and others.
With the same token, applications such as city planning, 3D mapping, and corridor mapping also stimulate the demand for textured 3D imagery, which further positively fuels the demand of LiDAR in the global markets, thereby boosting the growth of the global LiDAR market.
Additionally, various industries across the world like aerospace & defense, automotive, healthcare, and others also employ LiDAR technology in several different applications. In the automotive industry, there is an emerging advancement of autonomous cars which further evokes the need for LiDAR technology to navigate and control the vehicle. Attributing to such factors, the global LiDAR market is projected to observe substantial growth in the forthcoming years.
Moreover, the advent of light detection and ranging systems, or LiDAR, in the global markets has favorably allowed the analysis, detection, measurement, and outlining of objects to be smoother and simple than traditional methods.
The LiDAR technology has the potential to offer highly accurate information and high-resolution 3D images in a shorter period of time, which is resulting in a shift from conventional methods to LiDAR technology. Such factors are also playing a positive role in providing numerous breakthroughs to the growth of the global LiDAR market in the years to come.
The enhanced automated processing capability of LiDAR systems with regard to data processing capabilities and image resolution over other technologies is acting as a major factor that is estimated to support the growth of the global LiDAR market in the near future.
However, the lack of awareness and knowledge about the advent and beneficial factors of LiDAR technology, especially in emerging regions, may limit the growth of the global LiDAR market in the upcoming years.
In addition to that, the LiDAR systems consist of high-priced components such as navigation systems, laser scanners, and high-resolution 3D cameras which when combined, escalates the cost of LiDAR systems. Such factors are also likely to inhibit the adoption of LiDAR systems in the coming years, thereby impeding the growth of the global LiDAR market.
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LiDAR Market Segmentation
The global LiDAR market is segmented on the basis of product type, technology, component, functional areas, and region. On the basis of the product type, the LiDAR market is segmented into airborne LiDAR, terrestrial LiDAR, and others. The technology segment is divided into 1D, 2D, and 3D. Furthermore, the component segment is divided into Laser scanner, navigation & positioning systems, and other components. On the basis of functional areas, the market is bifurcated into engineering, corridor mapping, environment, ADAS & driverless cars, urban planning, cartography, and meteorology.
By Product Type
Airborne LiDAR
Terrestrial LiDAR
Others
By Technology
1D
2D
3D
By Component
Laser scanner
Navigation & Positioning Systems
Other Components
By Functional Areas
Engineering
Corridor Mapping
Environment
ADAS & Driverless Cars
Urban Planning
Cartography
Meteorology
By Region
North America
Latin America
Europe
Asia Pacific
Middle East
Africa
LiDAR Market Key Players
The global LiDAR market is dominated by Trimble Inc., Faro Technologies Inc., Teledyne Technologies Inc., Beike Tianhui Technology Co. Ltd., Hexagon AB, Quantum Spatial, YellowScan, RIEGL Laser Measurement Systems GmbH, Geokno India Pvt Ltd, among others.
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