LiDAR Market to Garner $2.90 Bn, Globally, by 2027 at 20.1% CAGR, Says Allied Market Research
Surge in need for aerial LiDAR, rise in demand for 3D imaging, and automated processing in LiDAR systems have boosted the growth of the global LiDAR market.
PORTLAND, Ore., Aug. 5, 2020 /PRNewswire/ -- Allied Market Research recently published a report, "LiDAR Market By Type (Terrestrial, Aerial, Mobile, and Short Range), Component (LASER, Inertial Navigation System, Camera, GPS GNSS Receiver, and MEMS), Application (Corridor Mapping, Seismology, Exploration & Detection, and Others), and End User (Defense & Aerospace, Civil Engineering, Archaeology, Forestry and Agriculture, Mining, and Transportation): Global Opportunity Analysis and Industry Forecast, 2020–2027". According to the report, the global LiDAR industry generated $700.2 million in 2019, and is projected to reach $2.90 billion by 2027, growing at a CAGR of 20.1% from 2020 to 2027.
Major determinants of the market growth
Surge in need for aerial LiDAR, rise in demand for 3D imaging, and automated processing in LiDAR systems have boosted the growth of the global LiDAR market. Moreover, the enhanced performance of LiDAR systems compared to other technologies supplemented the market. However, lack of awareness regarding LiDAR technology hampers the market. On the contrary, surge in need for LiDAR-captured data in newer applications is expected to open lucrative opportunities for the market players in the coming years.
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Covid-19 scenario:
- LiDAR technology can be used to monitor crowd density and maintain safe distance in public facilities during the pandemic, which would increase the demand for LiDAR technology..
- In Australia and New Zealand, the LiDAR-powered remote sensing device is used to measure wind farms to resume operations amid the lockdown.
Aerial segment dominated the market
By type, the aerial segment held the largest share in 2019, accounting for more than half of the global LiDAR market, due to high adoption in forestry management & planning, flood modeling, urban/city modeling, pollution modeling, coastline management, transport planning, and cellular network planning. However, the mobile segment is expected to register the highest CAGR of 23.6% during the forecast period, owing to integration of IoT in LiDAR systems.
Seismology segment to portray highest CAGR through 2027
By application, the seismology segment is expected to manifest the highest CAGR of 27.0% during the study period, owing to the penetration of LiDAR in seismology application. However, the corridor mapping segment dominated the global LiDAR market in 2019, contributing to nearly half of the market, due to adoption of river corridor planning, highway and railway route analysis, infrastructure asset management, and airport glide.
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North America held the largest share
By region, the global LiDAR market across North America contributed to around two-fifths of the market, due to surge in adoption of advanced technologies in the region. However, the market across Asia-Pacific is expected to register the highest CAGR of 22.0% during the forecast period, owing to large number of developing countries in the region that have adopted the LiDAR technology for various applications.
Major market players
- Velodyne
- Leosphere SAS
- Airborne Hydrography AB
- Leica Geosystems AG
- Faro Technologies Inc.
- Firmatek LLC
- GeoSLAM Ltd. (3D Laser Mapping)
- Mira Solutions Inc.
- RIEGL Laser Measurement Systems GmbH
- Aerometric Surveys
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