A new report published by Allied Market Research, titled,"Airborne LiDAR Market by Component, Application and End User: Global Opportunity Analysis and Industry Forecast, 2017 - 2025,"the global airborne LiDAR market was valued at $316.2 million in 2017 and is projected to reach $1010.5 million by 2025, growing at a CAGR of 16.4% from 2018 to 2025.
Advancements in laser technology and aerial vehicles have reduced the cost of airborne LiDAR systems. Furthermore, increase in airborne LiDAR applications in various industries, apart from conventional military applications, has accelerated the demand for airborne LiDAR globally. Moreover, reduction in price of drones, expansion of applications in defense & civil engineering, and rise in demand for 3D imaging are projected to supplement the market growth. Fueled by the high demand for accurate and high-resolution 3D images of the tracked object, these aerial vehicles are most widely used in defense & aerospace, civil engineering, forestry & agriculture, transportation & logistics among other domains.
Among the various industries, the defense & aerospace segment contributed the highest revenue share, of the overall market revenue. This segment is expected to maintain its dominant position throughout the forecast period. However, the mining industry sector is expected grow at the highest rate during the forecast period.
Key findings of the Airborne LiDAR Market:
- In 2017, the lasers segment led the overall airborne LiDAR market revenue in globally and is projected to grow at a CAGR of 15.4% during the forecast period.
- Micro electro mechanical system is expected to witness the highest CAGR of 20.8%.
- Among the various industries, aerospace & defense contributed the highest revenue share, accounting for around 31.8% share of the overall market revenue.
The major players profiled in this report include Teledyne Technologies, Saab Group, Airborne Imaging, Leica Geosystems, Faro Technologies, Inc., Flir Systems, Inc., RIEGL Laser Measurement Systems GmbH, Merrick & C