According to the market research report “LiDAR Market Analysis and Forecast (2017-2023): By Component (Navigation, Positioning Systems); By Type (Airborne, Terrestrial); By Software & Services (Aerial Surveying, GIS Services); By Industry Verticals (Geospatial, Natural Resources) and By Geography” published by IndustryARC, estimates the market to reach $1,811.5m by 2023.
Browse 60 Market Tables, 82 Figures spread through 163 slides and an in-depth TOC on “LiDAR Market (2017 – 2023)”
According to a recent study from IndustryARC, LiDAR market is forecast to reach $1,811.5m by 2023 with CAGR of 12.2% during the forecast period. Owing to modernization of existing LiDAR equipment, rapid penetration of LiDAR technology in renewable sector and rising demand for geospatial analytics for making decision has attributed towards the growth of LiDAR market.
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LiDAR market is all set to exhibit robust development with respect to wide range of industries such as geospatial, natural resources, transportation, agriculture, automotive and others. Geospatial industry is projected to continue its dominance till 2023 and is projected to witness the steady growth rate of 12.6% during forecast to reach $706.7m by 2023. Americas will be the largest market for LiDAR market in 2016. This region is projected to obtain 35% of the total market revenue by 2023 owing to the growing popularity for autonomous vehicles and implementation of advanced driver assistance systems (ADAS).
The Major Players in this Market Include
Leica Geosystems AG (Switzerland)
Teledyne Optech Inc. (Canada)
Trimble Navigation Limited (U.S.)
Riegl Laser Measurement Systems GmbH (Austria)
Velodyne LiDAR, Inc. (U.S.)
Leica Geosystems AG and Teledyne Optech Inc. are the two major companies for LiDAR market which are analyzed to generate revenue of 31% in 2015. LiDAR market key players have making different strategic initiatives include partnerships, acquisitions, products launches and collaborations majorly to augment entry into related markets and enhance core competencies through additions to product portfolio as well as leveraging capabilities of acquired companies to gain a foothold in the emerging markets.
The LiDAR market study on basis of product type is incorporated in the Report
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Based on product type, airborne systems is the dominant segment generating 60% of the total revenue in 2015. Rising use of UAV air drones for finding the existence of mines and oil & gas has propelled the growth of airborne systems throughout the forecast period. The overall market is also presented from the perspective of different geographic regions and the key countries for this industry. Competitive landscape for each of the product types is highlighted and market players are profiled.
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