The LiDAR market is anticipated to reach over USD 2,019 million by 2026 according to a new research published by Polaris Market Research. In 2017, the corridor mapping application segment dominated the global market, in terms of revenue. North America is expected to be the leading contributor to the global market revenue in 2017.
The growing need for 3D imaging from various sectors, and increasing adoption of aerial LiDAR systems have boosted the adoption of LiDAR solutions. Increasing government investments in defense, agriculture, and city planning boosts the adoption of LiDAR. Additionally, the increasing demand of LiDAR from mining and transportation industries has supported market growth over the years. Increasing investments by vendors in technological advancements coupled with increasing development of autonomous vehicles and integration of advanced safety systems in vehicles would accelerate the growth of the LiDAR market. Growing demand from emerging economies, and technological advancements are expected to provide numerous growth opportunities in the coming years.
The Global Lidar Market is segmented on the basis of component, installation, range, application, and geography. Based on the component, the market is segmented into Navigation and Positioning Systems, Laser Scanners, Cameras, and others. Laser Scanners accounted for the highest share in the global LiDAR market in 2017. The installation segment is categorized into ground-based, and airborne. The ground-based LiDAR systems dominated the global market in 2017. Lower costs associated with ground-based LiDAR systems coupled with lesser stringent regulations drive the growth of this segment. The range in the global LiDAR market include Short Range LiDAR, Medium Range LiDAR, and Large Range LiDAR. The applications included in the report are Urban Planning, ADAS & Driverless Cars, Corridor Mapping, Environment, Engineering, Exploration, and others.
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North America generated the highest revenue in the LiDAR market in 2017, and is expected to lead the global market throughout the forecast period. The growth of industrial automation and technological advancements in metrological applications have accelerated the adoption rate of LiDAR technology in North American region. In airborne applications, LiDAR technology has exhibited exceptional advantages over RADAR technology such as improved accuracy, real-time mapping ability and better visualization, thereby driving the LiDAR market across all the countries in North American region. Asia-Pacific is expected to grow at the highest CAGR during the forecast period owing to growing demand from emerging countries such as China, Japan, and India.
The leading companies profiled in the LiDAR market report include Trimble Navigation Limited, Faro Technologies, Inc., Quantum Spatial, Inc., Velodyne LiDAR, Inc., Sick AG, Teledyne Optech, Riegl Laser Measurement Systems, Leica Geosystems Inc., GeoDigital, and Beijing Surestar Technology. These companies launch new products and collaborate with other market leaders to innovate and launch new products to meet the increasing needs and requirements of consumers.