LiDAR Market is Expected to Reach $921.2 Million by 2022 - Allied Market Research
According to a new report by Allied Market Research titled, "World LiDAR Market - Opportunities and Forecast, 2015 - 2022", the world LiDAR market is expected to garner $921.2 million by 2022, growing at a prominent CAGR of 18.5% from 2016 to 2022. Increasing adoption of LiDAR systems in various applications, such as precision farming, media and entertainment, and commercial applications is the major factor driving the market growth. The world LiDAR market is categorized based on type, component, application, and end user. Among types, the aerial LiDAR dominated the market with more than 50% share in 2015, and is expected to continue its dominance throughout the forecast period owing to its numerous applications in civil engineering, archaeology and forest land management. From a growth perspective, terrestrial LiDAR segment is projected to grow at the highest CAGR of 23.9% during 2016 - 2022. By component, the laser segment dominated the market with around 39% share in 2015 and is expected to maintain its dominance throughout the forecast period due to increasing applications of near-field lasers enabled LiDAR systems in the defense sector. Application wise, corridor mapping, and exploration and detection segments collectively accounted for more than 80% share of the overall market value in 2015, with corridor mapping constituting around 50% revenue. For modern age infrastructure planning and disaster management, corridor mapping is performed using LiDAR technology. Among end users, the civil engineering segment dominated the market in terms of spending on LiDAR systems, followed by forestry and agriculture segment in 2015. The civil engineering applications significantly drive the market with the usage of LiDAR in infrastructure planning. Expenditure on LiDAR systems by the transportation sector is expected to grow at the highest CAGR, primarily for vehicle monitoring purposes and emerging transportation applications such as driverless cars. In the world LiDAR market, North America represented more than 45% of the overall market revenue, followed by Europe, with around 33% revenue share in 2015. Growing industrial automation and technological advancements in metrological applications are projected to accelerate the adoption of LiDAR systems in the North American region. In addition, Asia-pacific is expected to be the fastest growing region, with the highest CAGR of 25.0%, owing to increasing awareness among end-user verticals regarding benefits of these systems. Key findings of the study: The world LiDAR market is likely to grow at a double-digit rate in the future owing to increasing demand for aerial LiDAR from the various end user sectors. The aerial segment accounts for a major share in this market. The application of LiDAR in the transportation sector is anticipated to expand at the highest CAGR of 23.5% from 2016 to 2022. North America is the highest revenue-generating region in this market. The major players in this market include Airborne Hydrography AB, Leosphere SaS, Faro Technologies Inc., Leica Geosystems Inc., 3D Laser Mapping Inc., Firmatek LLC, RIEGL Laser Measurement Systems GmbH, Aerometric Inc., Mira Solutions Inc., Optech Inc., and Quanergy Systems, Inc. These players consistently invest in R&D to come up with enhanced products and solutions. In addition, strategic mergers and acquisitions are some of the other major strategies followed by prominent players to expand their market presence and gain a competitive edge.
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