The global LiDAR market is expected to expand at CAGR by 13.5 per cent from 2016 to 2023. Light Detection and Ranging (LiDAR) is a sensing technology used to measure distance to a target using laser light. Unlike radar technology, LiDAR uses short wavelength waves to measure distance. The technology is used to obtain 3-dimensional information on the shape and surface characteristics of the target, enabling scientists and mapping experts to study and examine the target with precision and accuracy. Although the use of LiDAR technology was initially limited to defense, government, and corridor mapping applications, increased awareness of the benefits offered (cost, accuracy, reach, etc.) has extended their applications to disaster preparedness and risk assessment, transport, and power transmission, among others. The global LiDAR market is still at an emerging stage of development and is set to offer strong business and investment opportunities in the 2016-2023 forecast period.
Some of the leading players on the LiDAR global market include Quantum Spatial (Aerometric, Inc.), Leica Geosystems AG, Riegl Laser Measurement Systems GmbH, Faro Technology, Optech Inc., Trimble Navigation Limited, 3D Laser Mapping, GeoDigital, Airborne Imaging Inc., Avent Lidar Technology, Renishaw Plc, Michael Baker International, Sick AG, Topcon Positioning Systems, Inc., YellowScan, Velodyne Ltd. and others.
In order to maintain this highly competitive market, manufacturers and technology developers need to invest heavily in research and development and focus on product innovation. In the future, manufacturers have already begun to accelerate their efforts to develop advanced unmanned aerial vehicle systems capable of offering advanced airborne imaging capabilities. The competitive rivalry between current market players is relatively high and is expected to remain high throughout the 2016-2023 forecast period. The adoption of LiDAR technology has been relatively higher in developed economies such as North America and Europe. However, penetration in emerging economies has begun to build momentum with technological advancements and a growing awareness of the benefits of technology. In addition, government initiatives to promote foreign investment in the geospatial sector have had a positive impact on the demand for LiDAR systems. With advancements in technology and lowering costs, LiDAR has offered accurate 3D capabilities to just about anyone who uses a map.
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Key research study highlights comprise:
- Exhaustive research and analysis of the global LIDAR industry
- The key market segments along have been explained in the report thoroughly along with their existing and estimated market size
- Major elements of market dynamics such as drivers, challenges and opportunities and their effect on LIDAR market is also covered in the report
- Key players operating in the market are profiled and accompanied with the competitive landscape evaluated on the basis of product offering & business strength
- Cross sectional analysis of each region covering individual segments for the forecast period 2016 – 2016 in terms of value (US$Mn)
Research methodology applied for this study:
Methodology of this research study includes primary and secondary research for defining the market size, shares and forecast for global LIDAR market specific to key segments, and regional segmentation.
- Secondary Research
Secondary research was initiated with data collected through sources such as press releases, company annual reports, and relevant documents focusing on the current developments in the global LIDAR market. Authentic sources such as university research papers, scientific journals, and government websites were similarly screened for identifying business opportunities in several geographical markets and penetration of various products/services in these geographies. Paid databases were excavated to assemble information beneficial for broad commercial study of the key players operating in LIDAR market. In case lack of data availability on the public domain, we used estimation models to arrive at comprehensive data sets. Secondary research helped to create a firm base to build market size, analyze trends, and understand the dynamics of LIDAR market study.
- Primary Research
The exhaustive secondary research practiced was supported & validated by extensive primary research. Primary research was carried out with the help of e-mail interactions, telephonic interviews, as well as face-to-face interviews with the leading industry stakeholders.
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