Attractive Growth Opportunities in LiDAR Market
[151 Pages Report] 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.
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. 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.
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LiDAR market for ADAS and driverless car application to grow at highest CAGR during forecast period
Among the LiDAR applications, the market for ADAS driverless car is estimated to grow at the highest CAGR during the forecast period. The growth of this market is attributed to rising adoption of solid-state LiDAR in ADAS and driverless cars for assuring safety. Moreover, automotive giants are adopting LiDAR systems for their L3-level vehicles to boost the sales of these vehicle types.
LiDAR market in APAC expected to grow at highest CAGR during forecast period
LiDAR market in APAC is expected to grow at the highest CAGR between 2018 and 2023. LiDAR systems are in high demand in APAC owing to the mandate of using LiDAR in the airborne mapping applications. For instance, the National Highways Authority of India (NHAI) has made the LiDAR survey mandatory before any highway construction. The Indian government is becoming aware of the benefits of using LiDAR in various surveys. Such initiatives from the governments of the countries in APAC are the driving growth of the LiDAR market in this region.
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).
This research report categorizes the global LiDAR market based on component, type, installation, service, range, application, and region. It describes the drivers, restraints, opportunities, and challenges with respect to the LiDAR market.
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Mr. Shelly Singh
MarketsandMarkets™ INC.
630 Dundee Road
Suite 430
Northbrook, IL 60062
USA : 1-888-600-6441
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