LONDON, April 13, 2016 /PRNewswire/ -- The LiDAR market is expected to grow at a CAGR of 12.4% between 2016 and 2022 and estimated to reach USD 3.22 billion by 2022. A key driving factor for the growth of the market is the technology superiority of LiDAR. Besides, several other factors such as encouragement from government and institutes for adoption of LiDAR, automation, and use of LiDAR in automotive sector are also propelling the growth of this market.
"UAV LiDAR expected to grow at the highest CAGR"
In the LiDAR market, by product, UAV segment is estimated to grow at the highest CAGR during the forecast period. Presently, the increasing adoption of UAV for various applications such as media and entertainment, precision farming, and many other commercial applications is the reason for high growth of UAV LiDAR.
"APAC to be the fastest-growing region in the LiDAR market"
The market in APAC is expected to grow at the highest CAGR between 2016 and 2022. The growth is attributed to increasing industrialization and urbanization in this region. Increasing awareness among governments and customers is driving this market in APAC region. Further, availability of local players and favorable economic conditions are some of the reasons for the high growth of the market in this region.
Several primary interviews with experts have been conducted across four major regions, namely, North America, Europe, Asia-Pacific, and Rest of the World (the Middle East, Africa, and South America). The primary participants considered for the study are C level executives, managers, and D level executives of tier 1, tier 2, and tier 3 companies.
The breakdown of primary interviews is as follows:
- By Company Type -Tier 1- 55%, Tier 2- 20%, Tier 3- 25%
- By Designation – C Level- 49%, Manager Level- 31%, Director level- 20%
- By Region - North America-10%, Europe-20%, Asia-Pacific-40%, RoW-30%
Key players operating in the market are Quantum Spatial (Aerometric) (U.S.), Faro Technology (U.S.), Geodigital (Canada), Leica Geosystems AG (Switzerland), Optech, Inc. (Canada), Reigl Laser Measurement Systems GmbH (Austria), Topcon Positioning Systems, Inc. (U.S.), Trimble Navigation Limited (U.S.), Sick AG (Germany), Velodyne (U.S.), BLOM (Norway), Michael Baker International (U.S.), and YellowScan (France).
"Reasons to buy the report":
- This report includes the market statistics pertaining to LiDAR type, component, service, application, and geography along with their respective revenues.
- The Porter's five forces framework has been utilized along with the value chain analysis to provide an in-depth insight into the LiDAR market.
- Major drivers, restraints, and opportunities for the LiDAR market have been detailed in this report.
- Illustrative segmentation, analyses, and forecasts for the market based on LiDAR type, component, service, application, and geography have been conducted to give an overall view of the LiDAR market.
- A detailed competitive landscape includes key players, in-depth analysis, and revenue of key players.
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