LiDAR Market Analysis Report on Size and Growth to 2024
Market overview:
Light Detection and Ranging (LiDAR) systems have done the detection, examination, and mapping of objects simpler than conventional methods. Use of laser light offers precise and accurate data points in a short time. LiDAR systems are used over traditional surveying procedures due to their ability to give highly exact data and 3D scanning of images in a shorter time.
The global LiDAR Market worth was USD 1.95 Billion in 2019, and it is estimated to rise at a CAGR of 12.45% to reach USD 3.90 Billion by 2024.
Recent developments:
In August 2018, Sick AG started a new range of high-precision light ranging and detection sensors. With this launch of the LMS1000 and MRS1000 infrared LiDAR sensors, the company has improved the bar in high precision and reliable distance ranging and sensing.
Market Drivers and Restrains:
The increasing use of drones, across several applications, such as defense and aerospace, forestry and agriculture, and natural resources management, among others, are expected to increase the industry’s growth.
The better-automated processing ability of LiDAR systems in terms of data processing and of image resolutions capabilities over other technologies are the significant aspects that are presently driving the development of the global market.
Other aspects that are increasing the growth of LiDAR market as a whole are growing demand for 3D imaging technology across different application areas, and the rising adoption of aerial LiDAR systems to detect and explore places, historical details, etc.
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Report is segmented as:
By Type
• Mechanical LiDAR
• Solid-State LiDAR
By Installation
• Airborne
• Ground-Based
Geographical Segmentation:
Based on geography, the market is divided under many regions, namely North America, Europe, Asia-Pacific and the Rest of the World. North America is expected to lead the global LiDAR market during the forecast period.
Key market players:
• Faro Technologies
• Beijing Surestar Technology
• Geokno
• Geodigital
• Leddartech
• Innoviz Technologies
• Michael Baker International
• Leica Geosystems
• Quanergy Systems
• Topcon Positioning Systems
• Teledyne Optech
• Valeo
• Trimble
• Yellowscan
• Velodyne LiDAR
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Scope of the report:
The report offers a comprehensive examination of the industry by providing the estimations of market potential and forecasts with utmost granularity. Along this, the factors influential in influencing the market dynamics and trends discussed in detail at the product level. Further, the performance of the market at the regional and country-level had assessed and the prospects with huge growth potential identified and debated.
The key players in the industry are profiled giving insights on their financial performance, market position and growth strategies. Comparative analysis on prime strategically activities of the market players delineating the key developments like mergers & acquisitions, collaborations and an evaluation of the competitive environment within the industry had provided. The report also provides a broad outlook of the current market along with recommendations from industry experts on the opportunities for investment activity.
What else? Apart from the syndicated report, our in-house team has an expertise and experience in designing custom reports to meet your specific research needs and assist you in making well-informed decisions.
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