LiDAR Market by,Component, Application, Services and Geography - Global Forecast to 2022
The LiDAR
market was valued at 1.39 Billion in 2016 and is expected to reach USD 3.22
Billion by 2022, at a CAGR of 12.4% to
2022.
Factors
such as technological superiority, encouragement from government, and various
applications of LIDAR such as engineering projects, and large magnitude set are
key drivers for the growth of LiDAR market.
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The vendor
offerings were also taken into consideration to determine the market
segmentation. The bottom-up procedure was employed to arrive at the overall
market size of the global LiDAR market from the revenue of key players in the
market.
Major players operating in this market are Quantum Spatial
(Aerometric) (U.S.), Faro Technology (U.S.), Geodigital (Canada), Leica
Geosystems AG (Switzerland), Optech, Inc. (Canada), Reigl Laser Measurement
Systems GmbH (Austria), Topcon Positioning Systems, Inc. (U.S.), Trimble
Navigation Limited (U.S.), Sick AG (Germany), Velodyne (U.S.), BLOM (Norway),
Michael Baker International (U.S.), and YellowScan (France).
After
arriving at the overall market size, the total market was split into several
segments and subsegments which are then verified through the primary research
by conducting extensive interviews with key people such as CEOs, VPs,
directors, and executives.
Laser
scanner segment held the largest share of the overall component market. The
rise in applications of LiDAR has resulted in the increasing deployment of
lasers. In addition, the high wavelength of laser scanner is one of the key
reason for its largest market share. The corridor mapping application accounted
for the largest share of the overall market. Increasing infrastructure
development and use of LIDAR during construction of roadways, highways, and
railways drives the overall corridor mapping application market.
Report
Information :
UAV
LiDAR is expected to grow at the highest CAGR
In the
LiDAR market by product, UAV segment is estimated to grow at the highest CAGR
during the forecast period. The increasing adoption of UAV for various
applications such as media and entertainment, precision farming, and many other
commercial applications is reason for the high growth of UAV LiDAR segment.
The
corridor mapping application held the largest market share
Corridor
mapping application accounted for largest share in 2015. The growth is
attributed to the data generated from these surveys that can be used to build
three-dimensional (3D) elevation models of the earth’s surface. Infrastructure
development is further expected to increase in coming years, which will lead to
increased use of LiDAR. These benefits drive the market in the corridor mapping
application.
APAC
expected to grow at the highest CAGR during the forecast period
APAC
market is expected to grow at the highest CAGR between 2016 and 2022. The
growth is attributed to increasing industrialization and urbanization in the
region.
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