LiDAR Market : Increasing Number of New Applications Demanding LiDAR Technology

[151 Pages Report] The LiDAR market was valued at USD 677.5 Million in 2017 and is estimated to reach USD 1,809.5 Million by 2023, at a CAGR of 17.2% during the forecast period. The base year considered for the study is 2017, and the forecast period is between 2018 and 2023. The objective of the report is to provide a detailed analysis of the LiDAR market based on component, type, installation, range, service, application, and geography. The report provides detailed information regarding the major factors influencing the growth of the LiDAR market. The report also provides a detailed overview of the LiDAR value chain.

The overall LiDAR market is to grow from USD 819.1 Million by 2018 to USD 1,809.5 Million by 2023, at a CAGR of 17.2%. The growth of this market is driven by the increasing use of drones equipped with LiDAR for greater accuracy, growing demand for the 3D imaging technology, and developments in the LiDAR ecosystem through organic and inorganic growth strategies, such as product launches and developments, agreements, contracts, partnerships, collaborations, acquisitions, and expansions.

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The market for solid-state LiDAR is expected to grow at the highest CAGR during the forecast period. This growth of this segment is attributed to the increasing applications of this type in the automotive and robotics industries. In a solid-state LiDAR, the entire components, such as scanner and precision clock, are integrated on one or two chips to reduce its size and cost. The low cost of these systems enables combining two or more sensors to increase the area coverage and meet the specific requirements of the planned application.

The ground-based LiDAR systems are expected to hold a major share of the market during the forecast period. The ground-based LiDAR systems are either stationary or movable. They are placed on a moving platform such as sports utility vehicle (SUV) or all-terrain vehicle (ATV) with the help of a tripod and balancing assembly. The ground-based LiDAR systems cost less and have less stringent approval criteria for mapping or survey, which leads to the larger size of these systems in LiDAR market.

Major players operating in this market are Teledyne Optech (Canada), Leica Geosystems (Switzerland), Reigl Laser Measurement Systems (Austria), Trimble (US), Faro Technologies (US), Quantum Spatial (Aerometric) (US), Velodyne LiDAR (US), Beijing Surestar Technology (Isurestar) (China), Geokno (India), Sick AG (Germany).

The research methodology used to estimate and forecast the LiDAR market begins with obtaining data through secondary research sources such as the International LiDAR Mapping Forum (ILMF), National Oceanic Atmospheric Administration (NOAA), and American Society for Photogrammetry and Remote Sensing (ASPRS). The offerings of LiDAR providers have also been considered to determine the market segmentation. The bottom-up procedure has been employed to arrive at the overall size of the LiDAR market considering the revenues of key players. After arriving at the overall market size, the overall market has been split into several segments and subsegments, which is later verified through primary research by conducting extensive interviews with officials, such as CEOs, VPs, directors, and executives, holding key positions in the various companies operating in the LiDAR market. The market breakdown and data triangulation procedures have been employed to complete the overall market engineering process and arrive at the exact statistics for all segments and subsegments. The breakdown of the profiles of primaries has been depicted in the following figure.

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