Surge in demand for 3D imaging, declining prices of drones, and increasing applications in the aerospace and defense sector drive the growth in the global airborne LiDAR market.
PORTLAND, Oregon, Feb. 5, 2019 /PRNewswire/ -- Allied Market Research published a report, titled, "Airborne LiDAR Market by Component (Lasers, Inertial Navigation Systems, Cameras, GPS/GNSS Receivers, and Micro-electromechanical Systems), Application (Corridor Mapping, Seismology, Exploration & Detection, and Others), and End User (Aerospace & Defense, Civil Engineering, Archaeology, Forestry & Agriculture, Mining Industry, and Transportation & Logistics): Global Opportunity Analysis and Industry Forecast, 2018–2025." The report offers a detailed analysis of changing market trends, competitive landscape, market size & estimations, top winning strategies, and key market players. According to the report, the global airborne LiDAR market is expected to reach $1,010 million by 2025, from $316 million in 2017, growing at a CAGR of 16.4% from 2018 to 2025.
Surge in demand for 3D imaging, declining prices of drones, and increasing applications in the aerospace and defense sector drive the growth in the market. However, stringent regulations by FAA (Federal Aviation Administration) for the commercial drone usage limit the growth in the market. On the other hand, the emerging applications in meteorology and autonomous vehicles along with rise in demand from the forestry and agriculture sectors create new pathways in the industry.
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Lasers to dominate in terms of revenue throughout the forecast period
Lasers contributed the major market share in 2017, accounting for more than two-fifths of the total market share and is expected to dominate throughout the forecast period. This is due to increase in usage in military & aerospace sectors, high capital investments in LiDAR solutions for the marine and utility industries, and emerging applications in archaeology, meteorology, and autonomous vehicles. However, micro-electro mechanical system (MEMS) is expected to grow at the highest CAGR of 20.8% from 2018 to 2025, owing to its ability to support various functions of electrical and mechanical instruments and manage numerous sensing and analysis activities in synchronization in LiDAR. The study also analyzes inertial navigation systems, cameras, and GPS/GNSS receivers.
Corridor mapping segment to continue its dominance by 2025
The corridor mapping segment contributed to more than one-third of the total market share in 2017 and is expected to continue its dominance by 2025. This is due to its efficacy for planners and examiners to outline smooth and short routes with less obstacles during the construction activity and determine the preferred routes and their alternatives. Other applications would register the highest growth with a CAGR of 18.2% from 2018 to 2025, owing to surge in its usage in coastline management and metrological applications along with pollution modeling for its effectiveness in detecting particles in air and water. The research also explores seismology and exploration & detection applications.
Mining industry to grow at the fastest CAGR
Mining industry would grow at the highest CAGR of 18.7% from 2018 to 2025, owing to widespread usage of photogrammetric processing and aerial imagery to speed up the process of data collections, detect mine locations, and improve cost-effectiveness. However, aerospace and defense industry contributed the highest market share in 2017, with nearly one-third of the total market share. This segment is expected to maintain its dominance throughout the forecast period, owing to increase in usage to protect perimeters, lower the loss of life on the field of war, monitor borders, and keep locations under aerial surveillance. The research also analyzes civil engineering, archaeology, forestry & agriculture, and transportation & logistics.
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North America to maintain its leadership by 2025
North America contributed to nearly half of the total market share in 2017, and is expected to maintain its leadership status by 2025. This is due to significant rise in usage in military applications as a replacement of the RADAR technology along with geospatial measurement and ships mapping. However, LAMEA is expected to register the highest growth rate, with a CAGR of 19.3% from 2018 to 2025, owing to rise in archeological surveying operations in North African region, rise in oilfield industrial applications, and advancements in missile and drone technologies for regional geospatial mapping in the Middle East region. The report also analyzes regions including Europe and Asia-Pacific.
Leading market players
Key market players analyzed in the research include Teledyne Technologies, Airborne Imaging, Saab Group, Faro Technologies, Inc., Leica Geosystems, RIEGL Laser Measurement Systems GmbH, Flir Systems, Inc., Firmatek, Merrick & Company, and Lasermap Inc. They have adopted various strategies including product portfolio expansion, agreements, mergers & acquisitions, geographical expansion, partnerships, and others to gain a major market share and stronghold in the industry.
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