LiDAR Market estimated to be worth $1,809.5 million by 2023

(IT-NEWSWIRE.COM, June 08, 2019 ) The LiDAR market was valued at USD 677.5 Million in 2017 and is estimated to reach USD 1,809.5 Million by 2023, at a CAGR of 17.2% during the forecast period. The base year considered for the study is 2017, and the forecast period is between 2018 and 2023. The objective of the report is to provide a detailed analysis of the LiDAR market based on component, type, installation, range, service, application, and geography. The report provides detailed information regarding the major factors influencing the growth of the LiDAR market. The report also provides a detailed overview of the LiDAR value chain.

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LiDAR is the acronym of the term light detection and ranging. It works on the principle of time of light. The system uses light waves or light source in the form of pulsed laser to measure the distance between the objects. Through measuring distances, it makes 3D maps of terrain or earth surfaces which are not visible naturally by the human eye or through photogrammetry methods. LiDAR includes laser scanners, specialized GPS receivers, and high-precision clocks as components.

The objectives of the report includes forecast of the LiDAR market size in terms of value for type (Mechanical LiDAR and Solid-State LiDAR), Installation (Airborne and Ground-Based), Application (Corridor Mapping, ADAS & Driverless Car, and Engineering), Range, Component, Service, and Geography.

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The market for Solid-State LiDAR to grow at the highest CAGR during 2018–2023

The market for Solid-State LiDAR is expected to grow at the highest CAGR during the forecast period. The higher CAGR of the market for solid-state LiDAR during the forecast period is attributed to the increasing range of applications of this type in the automotive and robotics industries. The solid-state LiDAR systems were specially introduced for the automotive industry. These LiDAR systems can also be installed in economy cars due to their low costs.

By Installation Ground-based LiDAR to grow at the highest rate during forecast period.

On the basis of installation, ground-based LiDAR expected to grow with the highest CAGR during forecast period. The ground-based LiDAR systems are used in the applications including small area scanning, corridor mapping, volumetric mapping, and defense area surveying. Mobile ground-based LiDAR is a new and emerging technology used in many applications such as corridor mapping, transportation, hydrology, forestry, and construction. Mobile ground-based LiDAR systems are mounted on a mobile platform, preferably on a terrestrial vehicle. The advantage of being mounted on a vehicle is that it enables the LiDAR to scan large areas accessible by road. The automotive sector is emerging as an application area for the mobile ground-based LiDAR systems, and the number of premium cars equipped with advanced driver assistance systems (ADAS) is rising every year. This is expected to further boost the market for mobile ground-based LiDAR systems.

North America to hold a major share of the LiDAR market in 2018

North America is expected to dominate the LiDAR during the forecast period. This growth can be attributed to the supportive government initiatives and increasing utilization of LiDAR systems by various institutes for various applications, such as corridor mapping, forestry, environmental, and exploration, along with some of the emerging applications including advanced driver assistance systems (ADAS) and urban planning. The growing awareness regarding the benefits of LiDAR systems, which include easy functionality, better quality, less complexity, and improved features, can also be the driving factors for the growth of the LiDAR market in the US. In addition, major companies such as Trimble, Faro, and Velodyne are based in the US, which is also a key factor leading to the large share of the US in the LiDAR market.

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Major players operating in this market are Teledyne Optech (Canada), Leica Geosystems (Switzerland), Reigl Laser Measurement Systems (Austria), Trimble (US), Faro Technologies (US), Quantum Spatial (Aerometric) (US), Velodyne LiDAR (US), Beijing Surestar Technology (Isurestar) (China), Geokno (India), Sick AG (Germany).

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LiDAR Market estimated to be worth $1,809.5 million by 2023