Press Release / Technology / LiDAR Market by Service (Aerial Surveying, GIS services) Global Forecast to 2024
LiDAR Market by Service (Aerial Surveying, GIS services) Global Forecast to 2024
By prashant on December 03 2019 | 579 Views
LiDAR Market by Type (Mechanical, Solid-state), Installation Type, Service (Aerial Surveying, GIS services), Application (Corridor Mapping, Environment, Engineering, ADAS & Driverless Cars), Component
The LiDAR market is projected to grow from USD 844 million in 2019 to USD 2,273 million by 2024, at a CAGR 18.5% between 2019 and 2024. The major factors driving the growth of the LiDAR market include the rising adoption of LiDAR systems in UAVs, engineering, and construction applications; increasing use of LiDAR in geographical information systems (GIS) applications; and emergence of 4D LiDAR.
By installation type, the ground-based segment is estimated to account for the largest share of the LiDAR market by 2024. Ground-based LiDAR is adopted widely in applications such as environment, meteorology, corridor mapping, and ADAS & driverless cars, among others. Ground-based LiDAR systems cost less and have less stringent approval criteria for mapping and surveying applications, which leads to the larger size of these systems in the market.
By technology, the 3D LiDAR segment is expected to lead the LiDAR market during the forecast period. The growth of the market for 3D LiDAR is attributed to the widespread adoption of 3D LiDAR in applications such as corridor mapping, engineering, environment, meteorology, and cartography.
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By range, the short-range segment is expected to lead the LiDAR market during the forecast period. Due to its adoption in applications such as automobile, security, and robotics, short-range LIDAR is expected to lead the market.
By application, the environment segment is expected to lead the LiDAR market during the forecast period. LiDAR is widely adopted in environmental applications for the surveying and monitoring of environmental resources. Laser scanning systems are suited for environmental monitoring applications—from airborne carbon mapping to coastal monitoring surveys. LiDAR is widely adopted to survey and monitor environments in various applications, including forest management, coastline management, pollution modeling, agriculture, wind farms, and precision forestry.
In terms of geographic coverage, the LiDAR market has been segmented into North America, Asia Pacific (APAC), Europe, and Rest of the World (RoW). The growth of the North American market is attributed to the use of LiDAR in applications such as environment, corridor mapping, meteorology, and urban planning. The market growth is also attributed to the use of LiDAR in ADAS and driverless cars, which are expected to grow significantly in the coming years. Major LiDAR companies, such as Teledyne Technologies (US), Trimble (US), and FARO (US), have their presence in North America.
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