LiDAR Market by Type (Mechanical LiDAR and Solid-State LiDAR) Global Forecast to 2023

The overall LiDAR market is expected to reach USD 1,809.5 Million by 2023 from USD 819.1 Million by 2018, at a CAGR of 17.2%. Encouragement from the governments and institutes for the adoption of LiDAR while conducting geological surveys is the major factor driving the growth of this market. Introduction of technologically enhanced LiDAR also fuels the market.

The research methodology used to estimate and forecast the LiDAR market begins with obtaining data through secondary research sources such as the International LiDAR Mapping Forum (ILMF), National Oceanic Atmospheric Administration (NOAA), and American Society for Photogrammetry and Remote Sensing (ASPRS). The offerings of LiDAR providers have also been considered to determine the market segmentation. The bottom-up procedure has been employed to arrive at the overall size of the LiDAR market considering the revenues of key players.

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After arriving at the overall market size, the overall market has been split into several segments and subsegments, which is later verified through primary research by conducting extensive interviews with officials, such as CEOs, VPs, directors, and executives, holding key positions in the various companies operating in the LiDAR market. The market breakdown and data triangulation procedures have been employed to complete the overall market engineering process and arrive at the exact statistics for all segments and subsegments. The breakdown of the profiles of primaries has been depicted in the following figure.

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).