BANGALORE, India, May 5, 2020 /PRNewswire/ -- LIDAR is a method of calculating distances by lighting the target with laser light and using a sensor to measure the reflection. Differences in laser return times and wavelengths can then be used to render optical 3-D depictions. LIDAR, it has mobile, airborne, and terrestrial applications.
The global LIDAR market size in 2019 was estimated at USD 700.2 Million and is expected to reach USD 2.90 Billion by 2027, rising at a 20.1 % CAGR from 2020 to 2027.
Thanks to their ability to provide highly accurate data and 3D images in a shorter period, this technology is used over traditional surveying methods. The major factor driving the growth of the LIDAR market is the improved automated processing capacity of LIDAR systems in terms of image resolution and data processing capacity over other technologies. However, less understanding of the advantages of LIDAR systems and the use of costly components in these systems, such as laser scanners, a navigation system, and high-resolution 3D cameras, significantly raises the costs of LIDAR systems. These factors hinder the adoption of LIDAR systems.
Factors such as growing demand for 3D imaging technology across a variety of applications and increasing the adoption of LIDAR aerial systems to explore and detect locations and historical data is expected to increase the LIDAR market size.
The growing adoption of mobile and UAV LIDAR systems and the rising number of new product releases are expected to attract huge investment from key players, driving the LIDAR market size during the forecast period.
LIDAR processing system automation involves a combination of scientific algorithm computation and cloud-based processing for a sophisticated analysis of the captured data points. The algorithms increase the accuracy and efficiency of LIDAR systems in detecting target objects. In addition, some of the automated LIDAR processing systems select suitable algorithms as per environment, while other systems allow users to interact and choose their algorithm choices. These features increase LiDAR's suitability in various applications, accelerating its adoption around the globe, thus driving market development.
The airborne segment holds the largest LIDAR market share and is expected to increase in the next few years due to the growing adoption of aerial mapping tools. Aerial LIDAR is a precise method of creating models of digital elevation, replacing the photogrammetry. Compared to its terrestrial counterparts, this system delivers enhanced precision and greater area coverage. It offers a more detailed mapping of the area in comparatively shorter intervals of time.
Based on the region, the North American region is expected to hold the highest LIDAR market share. Due to the increasing implementation of automotive safety technologies such as advanced driver-assistance systems (ADAS) and automatic emergency braking (AEB) systems, the North American region is expected to see tremendous growth opportunities from the automotive sector.
Terrestrial LIDAR may be mobile and stationary and resides on the surface of the Earth. Stationary terrestrial scanning is a commonly preferred method of surveying, traditional topography, forensics, and data on cultural heritage. Mobile and UAV LIDAR operate in both mobile and aerial modes and work respectively on the Earth's surface and environment.
In terms of rising investment by domestic and overseas players, China and India are expected to remain lucrative markets. Many companies are expanding their presence in the Europe and Asia Pacific regions to allow better customer relationships and enhance customer service. This is expected to increase the region's LIDAR market share.
LIDAR MARKET COMPETITIVE ANALYSIS
Market players embrace product releases and partnerships as their main strategies for meeting consumer demands and growing their customer base. Partnerships are supposed to help players set up a shared forum for technology and share their technical needs. Ultimately, this will help market players boost their product portfolio in less investment and raise their market share across different regions.
Asia Pacific LIDAR market size is expected to reach USD 205.6 Million by 2022, growing at a 25 % CAGR during the 2016-2022 forecast period.
LIDAR, which stands for Light Detection and Ranging, is a remote sensing tool that uses light for measuring variable distances to the Earth landscape in the form of a pulsed laser.
Increasing the use of drones in farming, cartography, and mapping of corridors provides numerous opportunities for growth for the LIDAR industry. In addition, the rise in the usage of drones across various commercial industries, such as media & entertainment, forestry department, inspection, and surveying, has fuelled LIDAR demand.
In the Asia-Pacific terrestrial LIDAR market, China is the largest revenue-generating country and is expected to retain its dominant position over the forecast period.
The global airborne LIDAR market size is projected to hit USD 1.010 Billion by 2025, rising at a CAGR of 16.4 % during the 2018-2025 forecast period.
Airborne LIDAR is mainly an aircraft-mounted laser array designed to measure 3D coordinates of the Earth's surface. It is an effective technology for the acquisition of high precision surface data.
Airborne LIDAR systems are commonly used in forest management & planning, flood modeling, urban / town modeling, emissions modeling, coastal management, transportation planning, and cellular network planning. The industry commonly adopts a new trend to collect higher point densities by traveling lower and slower to collect multiple data sets. This method is supposed to provide precise and accurate object mapping and has been widely used in recent years for topographic surveys.
Low-cost, drone-based imaging is one of the main factors driving global airborne LIDAR market growth. Drones help in producing 3D models with high accuracy at a very low cost relative to other rival technologies.
In 2018, the Wind LIDAR market size was estimated at USD 88 Million and was projected to cross USD 160 Million by 2025, at a CAGR of 7.8 percent over the forecast period.
Wind LIDAR is a type of LIDAR that can be used to calculate wind speed and provide information on the vertical aerosol particle distribution. Wind LIDAR is the only successful method for achieving remote sensing for the atmospheric wind field in three dimensions.
This report presents the global Wind LIDAR market size, splits the breakdown (data status 2014-2019 and forecast up to 2025) by manufacturers, country, form, and application. The report also analyses the market status, market share, growth rate, future trends, market drivers, opportunities and challenges, threats and entry barriers, distribution channels, distributors, and Porter's Five Forces Analysis.
The LIDAR market for Solid-State was estimated at USD 990 Million in 2018 and is expected to hit USD 7.330 Billion by 2025, at a CAGR of 28.5 percent over the forecast period.
Globally, several firms, such as Velodyne, Quanergy, LeddarTech, etc., are well-known for the excellent performance of their LIDAR Solid-State and related services. Europe is expected to hold 48 percent of the Solid-State LIDAR Market share.
This report presents the global Solid-State LIDAR market size (value, output, and consumption), splits the breakdown (data status 2014-2019 and forecast to 2025), by manufacturers, area, form, and application. The research also analyses the industry status, market size, growth rate, potential trends, market dynamics, opportunities and challenges, risks and barriers to entry, distribution channels, distributors, and Porter's Five Forces Analysis.
The Automotive LIDAR Sensor Market Size will cross USD 260 Million by 2025, from USD 38 Million in 2018 to a CAGR of 27.5 percent during the forecast period.
North America holds the largest share in the Automotive LIDAR Sensor market, with approximately 84 percent export market share in 2016. Europe is Automotive LIDAR Sensor's second-largest manufacturer, with a market share volume of almost 11 percent in 2016.
North America is the largest place of consumption, with a market share of consumption nearly 28 percent in 2016. Europe is the second-largest customer spot after China, with a consumption market share of 22 percent.
The research report studies the demand for LIDAR sensors using different methodologies and analysis to provide reliable and in-depth market information. The report is further broken in several sections to cover various areas of the business for a better understanding.
The report includes a list of all main players on the LIDAR Sensor market, along with a thorough overview of the strategies that are being adopted by the companies. The tactics include primarily new product growth, analysis, and growth, and also include revenue reports, business summary, and recent business innovations to stay competitive in the marketplace.
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