U.S. Airborne LiDAR Market to Reach $135 Million by 2022 - Allied Market Research
PORTLAND, Oregon and PUNE, India, November 17, 2016 /PRNewswire/ --
A new report published by Allied Market Research, titled, "U.S. Airborne LiDAR Market by Component, Application and End User - Opportunities and Forecasts, 2014-2022," the U.S. airborne LiDAR market is expected to garner $135 million by 2022, growing at a CAGR of 12.1% from 2016 to 2022.
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Summary of the U.S. Airborne LiDAR Market Report can be accessed on the website at: https://www.alliedmarketresearch.com/US-airborne-lidar-market
U.S. represents more than 80% share of the overall aerial LiDAR system market in North America. 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 in U.S. 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.
By components, the market is segmented into lasers, inertial navigation systems, cameras, GPS/GNSS receivers, and micro-electromechanical systems. Among these, lasers generated the maximum revenue in the year 2014. However, GPS/GNSS receiver is expected to witness the highest CAGR during the forecast period. The ability to operate in difficult environments highlights the need of these components in efficient LiDAR devices.
Applications wise, corridor mapping accounted for the maximum revenue share in 2015. However, other types of applications, which include pollution modeling, coastline management, and meteorology, are expected to register highest CAGR of 13.3% during the forecast period. This growth is observed due to the improved capabilities of LiDAR systems to record and process the data points in a shorter time for pollution modelling, coastline management, and metrology applications in U.S.
Among the various industries, defense & aerospace contributed the highest revenue share, of the overall market revenue. This segment is expected to maintain its dominant position throughout the forecast period. However, forestry & agriculture sector is expected to be the most prominent industry in the U.S. airborne LiDAR, and is anticipated to witness a high CAGR of 13.5%, owing to increase in drone applications in precision agriculture for crop monitoring and analyzing.
"The current business scenario in U.S. has witnessed an upsurge in the adoption of airborne LiDAR owing to low cost, drone-based imaging. Further, innovations in the laser technology help to bring price corrections in different airborne LiDAR products. Various government agencies and commercial users are on a constant lookout for ways to replace traditional aerial photography methods with drones, due to high-resolution images at a low cost. With the collective effect of these factors and extensive R&D, Airborne LiDAR market in U.S. is anticipated to witness a high growth in next 5-6 years." states Rachna Singh, Sr. Research Associate, Semiconductor and Electronics at AMR.
Key findings of the study:
- In the year 2015, lasers segment led the overall airborne LiDAR market revenue in U.S., and is projected to grow at a CAGR of 11.4% during the forecast period.
- GPS/GNSS receiver is expected to witness the highest CAGR of 15.2%.
- Among the various industries, defense & aerospace contributed the highest revenue share, accounting for around 32% share of the overall market revenue.
- Forestry & agriculture sector is expected to be the most prominent industry in the U.S. airborne LiDAR, anticipated to witness a high CAGR of 13.5%, owing to increase in drone applications in precision agriculture for crop monitoring and analyzing
Leading players consistently invest in R&D to develop enhanced products and solutions. In addition, strategic joint venture and acquisitions are other major strategies followed by prominent players to expand their market presence and gain a competitive edge in U.S. market. For instance, Faro Technologies owns a wide geographical presence and is active in product launches and acquisitions, whereas Teledyne Technologies is active in research collaborations along with product launches.
The major players profiled in this report include Faro Technologies Inc., Leosphere SaS, Leica Geosystems Inc. (Hexagon), 3D Laser Mapping Inc., Firmatek LLC, RIEGL Laser Measurement Systems GmbH, Teledyne Technologies, Quanergy Systems, Inc., Saab Group, and Raymetrics S.A. among others.
Summary of similar reports can be viewed at: https://www.alliedmarketresearch.com/semiconductor-and-electronics/sensors-and-controls-market-report
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