LiDAR Market Industry Overview :
LiDAR Market is expected to garner $921.2 million by 2022, growing at a prominent CAGR of 18.5% from 2016 to 2022. Introduction of Light Detection and Ranging (LiDAR) systems have made the examination, detection and mapping of objects easier than conventional methods. Use of laser light provides accurate and precise data points in short time. LiDAR systems are used over conventional surveying methods due to their ability to provide highly accurate data and 3D scanning of images in a shorter time. The improved automated processing ability of LiDAR systems in terms of image resolutions and data processing capabilities over other technologies are the major factors that are presently driving the growth of the global market. Other factors that are supplementing the growth of LiDAR market as a whole are rising demand of 3D imaging technology across various application areas, and the increasing adoption of aerial LiDAR systems to explore and detect places, historic details, etc. On the other hand, less awareness about the benefits of LiDAR systems and the use of expensive components in LiDAR systems viz., laser scanners, navigation system, high-resolution 3D cameras, etc. collectively increases the cost of LiDAR systems. These factors are causing less adoption of LiDAR technology and restricting the growth of the market.
The global LiDAR market is segmented based on type of LiDAR systems, components used, their application, end user sectors and geography. Static or terrestrial, aerial, mobile and short range are the various types of LiDAR systems elaborated in the report. The components of LiDAR systems discussed are laser scanner, inertial navigation system, camera, GPS receiver and micro-electro-mechanical system. The report also includes corridor mapping, seismology, and exploration and detection purpose as some of the major application of LiDAR systems. End-user segment consists of LiDAR systems that are used across various industry verticals viz., defense and aerospace, civil engineering, archaeology, forestry and agriculture, mining industry and transportation. A study with respect to regions is conducted to perform in-depth analysis if LiDAR technology across various geographies. The regions examined are North America, Europe, Asia-Pacific and LAMEA.
Top Impacting Factors in World LiDAR Market
Automated systems in LiDAR
The automated systems help to improve overall functioning of LiDAR and user experience. The automated system drives the usage of LiDAR in automobiles and other consumer applications. However, the impact of this factor is presently low due to the limited availability of automated cars. In future, this factor would pose a higher impact with increasing number of automated cars.
High cost of devices
The adoption of LiDAR devices faces strong challenge due to their high prices. As compared to alternative technology i.e., RADAR, LiDAR instruments are available at about 10100 times the usual prices. However, with fall in laser generator costs and 3D imaging software prices, the negative impact of this factor would reduce significantly.
Adoption of aerial LiDAR
Aerial LiDAR segment is the major market-driving segment due to its applications in aircrafts and drones for numerous purposes including military, corridor mapping, etc. In future, the aerial LiDAR business would continue to garner higher portion of LiDAR market revenue due to persistent adoption from its present application industries.
Emergence of newer applications
LiDARs are identified as impressive technology for driverless-car-concept implementation. The Google Car is one such project based on LiDAR technology. In future, this emerging application would contribute significantly for the uptake of LiDAR market.
Top Winning Strategies for World LiDAR Market (2015-2022)
Presently, the market is largely driven by product launch strategy. The increasing adoption of 3D imaging technology to capture geospatial scans for military, forest, agricultural and civil infrastructure purposes is a key contributor for the emergence of the LiDAR market. With an improved product portfolio, companies can target the market with differentiated offerings. Companies are launching new products to increase their market penetration, especially for airborne and short-range LiDARs. The high proportion of product launches highlights the emergence of LiDAR technology in the global market. Key LiDAR market players, such as Faro Technologies, Airborne Hydrography AB, Leica Geosystems, etc. are enhancing their product portfolios by launching innovative LiDAR systems. Faro Technologies focuses on development of several components and software that are relevant for short-range LiDARs.
- The study highlights the global LIDAR market with current market situation and forecast the adoption of LIDAR technology across varied industry verticals to look for the prominent investment pockets in the market
- Market analysis unveils the dominant aspects viz., improved automated processing of data in LIDAR systems, performance of LIDAR systems as compared to other technologies, rising demand of 3D imaging, which drives the global LIDAR market
- Trends of the global market are outlined to determine the overall attractiveness and single out market trends to gain a stronger foothold in the market
- Microscopic analysis of segments is conducted to gauge the potential of the market. The segments highlight the major favorable conditions for the growth of global LIDAR market
- Porters five force’s model helps in analyzing the potential of buyers & suppliers with a competitive sketch of the market, which help market players in making better decisions
- The value chain analysis of the industry provides a clear view of key intermediaries involved and elaborates their roles and value addition at every stage in the chain
LiDAR MARKET SEGMENTS:
The market segmentation is illustrated below:
Market By Product Type
- Terrestrial / Static
Market By Application
- Corridor mapping
- Exploration and detection
Market By Components
- Inertial navigation system
- Gps/Gnss receiver
- Micro Electro Mechanical System (MEMS)
Market By End-User
- Defense and aerospace
- Civil Engineering
- Forestry and Agriculture
- Mining Industry
Market By Geography
- North America