Global LiDAR Market is expected to reach $1636 million by 2024 from $360 million in 2016; growing at a CAGR of 20.8% from 2016 to 2024.
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Global LiDAR Market is expected to reach $1636 million by 2024 from $360 million in 2016; growing at a CAGR of 20.8% from 2016 to 2024. By geography, Asia Pacific and RoW are expected to grow at a CAGR of 26.2% and 25.3%, respectively, during the forecast period.
Major drivers of global LiDAR market are technological advancements, adoption of LiDAR in various government sectors, and growing use of drones for multiple applications. Furthermore, research and development of self-driven cars in automotive sector and growth of 3D printing market are also expected to boost the market growth.
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The LiDAR market has been bifurcated into product, component, end-user, application and geography. Product segment includes terrestrial, aerial, mobile, and short range. Aerial held for the highest market share in 2016 and expected to remain the largest over the forecast period 2016 – 2024. Component segment comprises laser, inertial navigation system, camera, GPS/GNSS receiver, and micro electro mechanical system. Furthermore, application is further categorized into corridor mapping, seismology, exploration and detection and others. Corridor mapping held the highest market respectively in 2016. End-user can be segmented into defense & aerospace, archaeology, civil engineering, forestry & agriculture, mining industry and transportation. Civil engineering accounted for the largest market share 34.4% in 2016.
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North America, Europe, Asia-Pacific and RoW are the key sub segments of global LiDAR market. Asia-Pacific is anticipated to grow at a fastest CAGR over the forecast period 2016 – 2024. The growth is attributed to increasing in product launches and high low-cost manufacturing activities in the region.
The key market players are Hokuyo Automatic Co Ltd., Quanergy, Velodyne LiDAR, Phoenix Aerial Systems, Quantum Spatial, 3D Laser Mapping, Airborne Imaging Inc., GeoDigital, Avent LiDAR technology, and Leica Geosystems AG.
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