The global LiDAR market size is expected to reach USD 2.9 billion by 2025, expanding at a CAGR of 17.9%, according to a new report by Grand View Research, Inc. The surging acceptance in environmental mapping and automobile safety application arenas is expected to boost market growth. The increasing acceptance in the construction and architectural sectors for monitoring and 3D-modeling applications is further anticipated to bolster market growth.
The market can be categorized on the basis of application types into corridor mapping, engineering, environment, exploration, Advanced Driver Assistance Systems (ADAS) and others. The ADAS application segment is expected to grow at a remarkable pace owing to the surging incorporation in automotive safety and forward-collision avoidance systems; in the U.K. the regulatory authorities have mandated installation of certain automotive safety technologies such as the collision avoidance technologies. The Euro NCAP Advanced aims to provide buyers with clear guidance regarding the safety benefits offered by technologies such as blind spot monitoring, lane support, Autonomous Emergency Braking (AEB), speed alert, attention assist, vision enhancement, and pre-crash sensing.
In addition, growing environmental concerns have enforced formulation of government regulations over the past decade. The authorities have been implementing strategies, activities, and policies to tackle the concerns. Furthermore, the ability to store large LiDAR point files has been a stumbling block for new government users; however, the technological advancements in spatial resolution of LiDAR-based digital terrain models are providing incredible accuracy in applications such as change detection on hillsides, water runoff for agriculture or mining sites, and inland waterways.
Further key findings from the report suggest:
- The global market is estimated to grow significantly over the forecast period due to automation in numerous industries, leading to reduced human efforts and increased efficiency. The technological superiority of LiDAR technology in several engineering projects of the large magnitude are estimated to trigger the demand by 2025
- Airborne systems are expected to remain the dominant product segment over the forecast period. The segment is anticipated to gain prominence over the forecast period on account of surging adoption of aerial mapping devices. Mobile terrestrial scanning is a frequently preferred survey method in monitoring, conservative topography, and geospatial mapping. UAV systems, also popularly known as drone mappers, are a contemporary mapping technique that incorporates LiDAR devices mounted on a drone to conduct scanning and associated mapping operations
- North America is expected to emerge as one of the leading regional markets owing to the rising R&D spending coupled with high adoption in the automotive sector and environmental scanning & modeling operations
- Asia Pacific is expected to witness a substantial growth over the forecast period. The surge in the demand across the product segments is expected to drive the market
- The key industry participants include Velodyne LiDAR, Inc.; Leica Geosystems Holdings AG; Faro Technologies Inc.; Trimble Navigation Limited; and RIEGL USA Inc. The current market environment is witnessing an intense competition between the key players for achieving the market domination via product differentiation and enhancement of quality.