LONDON, April 5, 2017 /PRNewswire/ --
KEY FINDINGS
The North America LiDAR technology market is anticipated to grow $487 million by 2024. The market growth is expected at the CAGR of 12.32% in the forecast period. The base year considered for the market study is 2016. The increase in the use of drones in numerous applications, automation in the LiDAR systems, the rise in the usage of engineering projects, need for strong security accuracy are the major reasons for the growth of the LiDAR market.
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MARKET INSIGHTS
The LiDAR technology market of North America is segmented on the basis of applications, products, components and services and geography. The North America LiDAR technology market by application is segmented into corridor mapping and engineering, exploration, seismology and disaster management, automotive vehicles and other applications. The product type is segmented into aerial LiDAR, ground-based LiDAR, and UAV LiDAR. The components are further segmented into lasers, micro-electro-mechanical systems, GPS/GNSS receiver, internal navigation and others. The services in LiDAR technology is further segmented into GIS services, ground based surveying, mapping, and modeling and asset management. The North America LiDAR technology market by geography is segmented into US and Canada. Excess use of drones in various applications, automation in LiDAR systems, increase in the usage of LiDAR in engineering projects, need for stronger security and sensor accuracy, government support for the adoption of LiDAR technology and LiDAR aided 3D technology transforming imaging are the primary drivers for the growth of the market. Contrarily, high cost and size of LiDAR sensors and lack of awareness about LiDAR are few factors that are restricting the growth of the market. The leading players in the market are facing challenges in regulatory and environmental issues and reliability issues in airborne LiDAR.
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