The Global LIDAR Market accounted for USD 1.28 billion in 2016 growing at a CAGR of 24.6% during the forecast period of 2017 to 2024. The upcoming market report contains data for historic year 2014, 2015, the base year of calculation is 2016 and the forecast period is 2017 to 2024.
LIDAR stands for Light Detection and Ranging, which is a remote sensing method that uses light in the form of a pulsed laser to measure distance to a target by a sensor. The distance is measured in terms on basis of the time between transmitted and reflected pulses. This technology is popularly being used in both terrestrial and hydrographic surveys as it has replaced the traditional, time-consuming, and expensive methods to collect the data. The market is significantly being driven by the increasing demand for drones in surveying, rising automation in engineering applications, and technological advancements in the LIDAR systems. However, the lack of awareness about the technology, and the high cost of implementation are the factors hampering the growth of the market.
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Global LIDAR Market by Geography, Component (Laser Scanners, Navigation & Positioning Systems); Product (Aerial, Ground-Based, UAV, Solid-State), Service (Aerial Surveying, Asset Management, GIS Service, Ground-Based Surveying, Mapping & Modeling), Application (Corridor Mapping, Engineering, Environment, ADAS & Driverless Cars, Exploration, Urban Planning, Cartography, Meteorology) – Industry Trends and Forecast to 2024
The report for LIDAR market include detailed vendor level analysis for market shares in 2016 for Global, North America, Europe, Asia Pacific, Middle East and Africa and South America specifically. Also impact and development analysis of key vendors is LIDAR in the market and factored on the basis of Vendor Positioning Grid Analysis which measures the vendors strengths and opportunities against present market challenges, measure providers ability to identify or satisfy present market needs, map providers market vision to current and upcoming market dynamics among others. The report also measures technology life line curve and market time line to analyses and do more affective investments.
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TOP Competitors of Market:
- Quantum Spatial,
- FARO Technologies, Inc.,
- Beijing Beike Digital Medical Technology Co.,Ltd.,
- Leica Geosystems AG,
- Teledyne Optech Incorporated,
- RIEGL Laser Measurement Systems GmbH,
- Velodyne LiDAR, Inc.,
- SICK AG,
- Trimble Inc.,
- Quanergy Systems, Inc.,
- Innoviz technologies, Inc.,
- Infineon Technologies AG,
- Mira Solutions, Inc.,
- Teledyne Optech Incorporated,
- Geokno India Private Limited.
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Major Market Drivers:
- Increasing demand for drones
- Increasing usage of LIDAR in engineering applications
- Government initiatives for adoption of LIDAR
- Technological developments in LIDAR systems
- Lack of awareness among the customers
- High cost of equipment
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