LiDAR Market Growing at a CAGR of 25.8% During 2017 to 2022 - ReportsnReports
PUNE, India, April 4, 2017 /PRNewswire/ --
The LiDAR market is expected to reach $5,204.8 million by 2022 from $1,429.7 million in 2016, at a CAGR of 25.8% from 2017 to 2022. Laser scanners are expected to grow at a rapid pace during the forecast period led by North America.
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The LiDAR market is expected to reach $5,204.8 million by 2022 from $1,429.7 million in 2016, at a CAGR of 25.8% from 2017 to 2022.
The major factors which drive the LiDAR market are arise in encouragement from the governments and institutes for the adoption of LiDAR, increasing application of LiDAR in engineering projects, and technological superiority of LiDAR technology. ADAS and driverless car application segment is expected to show remarkable growth during the forecast period. This growth can be attributed to the growing investment in the automotive industry for autonomous or driverless cars and increasing use of solid-state LiDAR in automotive applications for advanced driver assistance systems (ADAS).
The major players operating in the LiDAR market are Teledyne Optech Inc. (Canada), Leica Geosystems (Sweden), Riegl Laser Measurement Systems GmbH (Austria), Trimble Navigation Limited (U.S.), FARO Technologies (U.S.), Quantum Spatial (U.S.), Beijing Beike Technology Co., Ltd (isurestar) (China), Velodyne Lidar, Inc.(U.S.), Yellowscan (France), Geokno India Pvt. Ltd. (India), Trimble Inc. (U.S.), and SICK AG (Germany).
The solid-state LiDAR expected to hold the largest size of the LiDAR market during the forecast period. The market for solid-state segment is expected to grow at the highest rate during the forecast period. Increasing investment in ADAS and driverless cars is a major factor driving the market for solid-state LiDAR. Increasing application of solid-state LiDAR in the automotive industry is accelerating the speed of its development. Solid-state LiDAR systems are used to analyse and scan the environment; they make 3D images and process these images to perform controlling functions for driverless cars. Moreover, in ADAS application, they assist the driver in the driving process, ensuring safety and better driving.
The market for laser scanners is expected to grow at the highest CAGR during the forecast period. The laser scanner is used to scan and to generate 3D images of the scanned areas. A rapid development of laser technology and increasing demand for LiDAR system contribute to the highest growth rate of the market for laser scanners. Laser scanners provide a high degree of accuracy, deliver better image quality, and can operate in extreme and challenging environments to collect, exploit, and distribute vital information efficiently.
The LiDAR market in North America expected to grow at the highest rate between 2017 and 2022. The market in North America is expected to grow at the highest CAGR during the forecast period. Growing awareness, increasing adoption of LiDAR in various applications, and easy functionality, better quality, less complexity, and improved features are the factors fuelling the growth of the market in the region.
Order a copy of LIDAR Market by Product (Aerial, Ground-Based, UAV, and Solid-State), Application (Corridor Mapping, Engineering, ADAS & Driverless Car, Exploration, Urban Planning, Cartography, & Meteorology), Component, Services, and Geography - Global Forecast to 2022 research report at
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In this report, various segments such as product, application, component, services, and geography have been covered. It also discusses the drivers, restraints, opportunities, and challenges pertaining to the market. The report gives a detailed view of the market across four main regions: North America, Europe, APAC, and RoW. The Porter's five forces analysis has been included in the report, along with the description of each of its forces and their impact on the market.
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