The global LiDAR market is expected to grow with a CAGR of 22.49%, during the forecast period of 2021 to 2028. The market growth is attributed to factors such as, the growing demand from various sectors, better features than other alternatives, the extensive use of LiDAR in airborne applications, and technological advancements.
LiDAR (light detection and ranging) entails a laser 3D scanning technology, utilizing laser beams to generate the considered surface’s 3D model. It involves emitting laser in the environment, particularly towards the target surface from where it then bounces off, returning to the sensor. As a result, the time taken by every laser pulse to return to the sensor indicates the distance it travels.
Geographic information systems (GIS) are presently observing increased popularity across sectors such as, military, agriculture, and government. LiDAR also serves as an ideal system, in order to capture the high-resolution 3D details of geographic locations. For instance, the aerial LiDAR systems mounted on drones and aircraft are utilized for implementing GIS. The information captured is used for corridor mapping by the government and environment protection authorities, for forest zone monitoring, among other uses. Thus, the system’s primary application includes GIS, which propels the global market growth.
The global LiDAR market growth analysis includes the Asia Pacific, Europe, North America, and the rest of the world. The market in North America observes significant growth owing to the increased applications across industrial and defense sectors, and the rising research and development, in terms of autonomous vehicles. Therefore, the region’s LiDAR market is anticipated to harbor the largest revenue share over the forecast period.
However, the system’s high cost is likely to hinder the market growth.
LiDAR technology’s market penetration is moderate, with numerous firms exploring its potential. This creates various opportunities for companies to attract new markets, thereby driving the market growth. Although the levels of advertising and marketing are high, the firm concentration is adequate. Hence, the industrial rivalry is anticipated to be intense during the forecast years.
Some of the distinguished enterprises operating in the market are, Leica Geosystems AG, RIEGL Laser Measurement Systems GmbH, Topcon Corporation, Quanergy Systems Inc, etc.
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