Light Detection and Ranging (LiDAR) is a widely-accepted technique for generating precise & directly georeferenced spatial information of the shape & surface characteristics of the Earth. The technological advancements in LiDAR mapping systems have driven their adoption across various industry verticals. The market is estimated to grow significantly over the forecast period due to automation in LiDAR, leading to a reduction in human efforts and increased efficiency. Further, owing to the rising accuracy of LiDAR technology, it is expected to create great applicability in various industrial applications.
Growing demand for 3D imagery in various application areas drives the LiDAR market. The increasing adoption of 3D imaging technology to capture geospatial scans for military and defense, topographical surveys, civil engineering, and corridor mapping are the key contributor to the emergence of the LiDAR market. Textured 3D imagery is applied in various applications such as 3D mapping, city planning, and corridor mapping. The installation base of advanced safety features is increasing exponentially is expected to significantly drive the market over the forecast period.
The increasing range of applications of this LiDAR type in the automotive and robotics industries attribute the LiDAR market growth. The LiDAR technology is gaining a lot of traction among automakers across the world as the designs are built without motorized mechanical scanning, and it is expected that they would be used for mass-production automotive LiDAR solutions. Solid-state LiDAR is expected to be adopted in autonomous robots, drones, and cars.LiDARs are identified as impressive technology for driverless-car-concept implementation.
“Global Light Detection and Ranging (LiDAR) market was valued at USD 994 million in 2018 and it is expected to reach more than USD xx million by 2027, likely to grow at a CAGR of 17.3% during the forecast period.”
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The laser scanner segment is estimated to be one of the leading segments over the forecast period. The segment accounted for the major share of the overall industry in 2018. The demand for laser scanners is expected to increase substantially with a CAGR of 19.9% during the forecast period. Laser scanners are used to record an intensity value, which is a measure of return signal strength that can be helpful to distinguish objects of variable reflectivity. Laser scanner (LiDAR) produces 2D point cloud data, which can be used in localization, mapping, and object/environment modeling.
Corridor mapping application segment accounted for a major portion over 30%of the total revenue share in the LiDAR market in 2018The increasing demand for LiDAR data in infrastructure and network management services in various sectors such as utilities, railway, roads, and oil & gas. The corridor mapping enables high-resolution mapping of artificial infrastructures, networks, and natural corridors with linear development including railways, pipelines, coastal sections & rivers, powerlines, and roads.
North America to dominate the LiDAR market during the forecast period. North America is expected to hold a significant market value share over 40% in the global LiDAR market and it is expected to witness an immense growth to register a CAGR of XX% in the global market during the forecast period. Rapidly growing adoption of administrative regulations, mandating the installation of specific automotive safety technologies in both lightweight and heavyweight vehicles in the region will drive the market.
Asia Pacific LiDAR market expected to grow at highest CAGR throughout the forecast period.The LiDAR market in the APAC region is estimated to grow at the highest CAGR during the forecast period. Asia Pacific will emerge as the fastest-growing region with a CAGR of 23.9% during the forecast period. The growth LiDAR market can be attributed to the increase in surveying and mapping operations due to increasing infrastructural development, rising focus on forest management, and growing mining activities in the region.
Impact of COVID-19 on Economy, Industry and Company
The emergence of novel coronavirus has affected the global economy, industry dynamics and company’s top line. The entire ecosystem has to suffer the impact of this pandemic disease which would result in demand & supply gap, production delay and weak consumer demand of end products across industries.
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