SAN FRANCISCO, Feb. 18, 2020 /PRNewswire/ -- The global LiDAR market size is expected to reach USD 2.9 billion by 2025, expanding at a CAGR of 17.9%, according to a new report by Grand View Research, Inc. The surging acceptance in environmental mapping and automobile safety application arenas is expected to boost market growth. The increasing acceptance in the construction and architectural sectors for monitoring and 3D-modeling applications is further anticipated to bolster market growth.
Key suggestions from the report:
The global market is estimated to grow significantly over the forecast period due to automation in numerous industries, leading to reduced human efforts and increased efficiency. The technological superiority of LiDAR technology in several engineering projects of the large magnitude are estimated to trigger the demand by 2025
Airborne systems are expected to remain the dominant product segment over the forecast period. The segment is anticipated to gain prominence over the forecast period on account of surging adoption of aerial mapping devices. Mobile terrestrial scanning is a frequently preferred survey method in monitoring, conservative topography, and geospatial mapping. UAV systems, also popularly known as drone mappers, are a contemporary mapping technique that incorporates LiDAR devices mounted on a drone to conduct scanning and associated mapping operations
North America is expected to emerge as one of the leading regional markets owing to the rising R&D spending coupled with high adoption in the automotive sector and environmental scanning & modeling operations
Asia Pacific is expected to witness a substantial growth over the forecast period. The surge in the demand across the product segments is expected to drive the market
The key industry participants include Velodyne LiDAR, Inc.; Leica Geosystems Holdings AG; Faro Technologies Inc.; Trimble Navigation Limited; and RIEGL USA Inc. The current market environment is witnessing an intense competition between the key players for achieving the market domination via product differentiation and enhancement of quality.
The market can be categorized on the basis of application types into corridor mapping, engineering, environment, exploration, Advanced Driver Assistance Systems (ADAS) and others. The ADAS application segment is expected to grow at a remarkable pace owing to the surging incorporation in automotive safety and forward-collision avoidance systems; in the U.K. the regulatory authorities have mandated installation of certain automotive safety technologies such as the collision avoidance technologies. The Euro NCAP Advanced aims to provide buyers with clear guidance regarding the safety benefits offered by technologies such as blind spot monitoring, lane support, Autonomous Emergency Braking (AEB), speed alert, attention assist, vision enhancement, and pre-crash sensing.
In addition, growing environmental concerns have enforced formulation of government regulations over the past decade. The authorities have been implementing strategies, activities, and policies to tackle the concerns. Furthermore, the ability to store large LiDAR point files has been a stumbling block for new government users; however, the technological advancements in spatial resolution of LiDAR-based digital terrain models are providing incredible accuracy in applications such as change detection on hillsides, water runoff for agriculture or mining sites, and inland waterways.
Grand View Research has segmented the global LiDAR Market based on product type, application, component, and region:
LiDAR Product Type Outlook (Revenue, USD Million, 2014 - 2025)
Mobile & UAV
LiDAR Application Outlook (Revenue, USD Million, 2014 - 2025)
Advanced Driver Assistance Systems (ADAS)
LiDAR Component Outlook (Revenue, USD Million, 2014 - 2025)
LiDAR Regional Outlook (Revenue, USD Million, 2014 - 2025)
LiDAR Services Market– The global LiDAR services market size was valued at USD 985.4 million in 2018 and is expected to register a CAGR of 14.5% from 2019 to 2025.
Digital Map Market– The global digital map market size was estimated at USD 5,630.9 million in 2018 and is expected to grow at a CAGR of 12.1% from 2019 to 2025.
Vision Positioning System Market – The global vision positioning system market size was valued at USD 3.53 billion in 2016. Growing applications are expected to significantly contribute to market growth.
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About Grand View Research
Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.