PUNE, India, March 30, 2017 /PRNewswire/ --
According to the new report "LIDAR Market by Product (Aerial, Ground-Based, UAV, and Solid-State), Application (Corridor Mapping, Engineering, ADAS & Driverless Car, Exploration, Urban Planning, Cartography, & Meteorology), Component, Services, and Geography - Global Forecast to 2022", published by MarketsandMarkets, the market is expected to be worth USD 5,204.8 Million by 2022, growing at a CAGR of 25.8% between 2017 and 2022.
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Browse 68 market data Tables and 58 Figures spread through 158 Pages and in-depth TOC on "LIDAR Market"
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The growth in this market can be attributed to the encouragement from the governments, application of LiDAR in engineering projects and large magnitude set, and rise in demand for robust security and sensor accuracy.
LiDAR market for laser scanners is expected to grow at the highest rate between 2017 and 2022
The laser scanner is a major component contributing to the growth of this market. The market for laser scanners is increasing at good pace owing to the technological advancement in laser technology. Moreover, the market for laser scanners is also growing due to a rising demand for ground-based LiDAR.
Market for solid-state LiDAR is expected to grow at the highest rate between 2017 and 2022
The market for solid-state LiDAR is expected to exhibit the highest growth rate during the forecast period. Solid-state LiDAR systems use laser scanners to generate a 3D image of the environment, and this 3D image is processed automatically to perform monitoring, warning, braking, and steering tasks. The growth in the market for solid-state LiDAR can be attributed the advancement in the automotive industry, especially aimed at the driverless cars and advanced driver assistance systems (ADAS) application. Solid-state LiDAR can be used in various automotive applications such as in ADAS, autonomous cars, and so on. The inclination toward self-driven cars and few mandates for ADAS application is promoting the growth of the market.
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LiDAR market for GIS services is expected to show substantial growth during forecast period
The market for GIS services is witnessing a substantial growth opportunity owing to increasing demand for GIS services in canopy height estimation, forest planning, and harvesting planning applications. These applications are majorly adopted by the government for the forest management and for planning crops. Increasing interest of the governments is expected to encourage the overall LiDAR market.
North America held the largest share of the LiDAR market
North America dominates the LiDAR market owing to the increasing investment of business giants toward ADAS and driverless cars, providing new opportunities for small, versatile, and low-cost LiDAR systems. General Motors (U.S.), Google (U.S.), and Apple Inc. (U.S.) are the business giants which are in the race of manufacturing these cars. In addition, the major companies such as Trimble, Faro, and Velodyne are based in the U.S., which is also a key factor contributing to a large share of the U.S. in the market.
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Major players operating in the LiDAR market are Teledyne Optech Inc. (Canada), Leica Geosystems (Sweden), Riegl Laser Measurement Systems GmbH (Austria), Trimble Navigation Limited (U.S.), FARO Technologies (U.S.). Quantum Spatial (U.S.), Beijing Beike Technology Co., Ltd (isurestar) (China), Velodyne Lidar, Inc.(U.S.), Yellowscan (France), Geokno India Pvt. Ltd. (India), Trimble Inc. (U.S.), and SICK AG (Germany).
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