The LiDAR market is estimated to achieve a size of about USD 605 million by 2020. It is predicted to grow at around 16 percent CAGR during 2014 to 2020. LiDAR is the short form of light detection and ranging and refers to a laser profiling technology. This technology produces information with respect to elevation and site to describe the earth’s exterior and other characteristics.LiDAR systems are either terrestrial or air borne in nature. They were abstracted in the 1960s for military purposes and environmental analysis.
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The commercial implementation of LiDAR technology has boosted in the last few decades. A usual LIDAR system consists of a laser scanner, inertial measurement unit and global positioning system. Conventional LiDAR technology was very expensive in the past. Hence, its applications were limited wherein the region to be monitored was big. However, in the last twenty years, technological developments in semiconductors have decreased the price and size of LiDAR systems. The accuracy of images generated by these systems has also augmented considerably.
This has caused growing awareness regarding LiDAR technology and implementation of the same in recent times. The forthcoming large-scale substitution of conventional mapping by mapping technologies of LiDAR is also expected to increase the demand for the LiDAR market. The coming to front of LiDAR technology has made the identification, analysis and mapping of objects simpler than conventional procedures. Enhanced mechanized processing capabilities of LiDAR systems in relation to data and image resolutions as againstother technologies aredriving the demand for the LiDAR market at present.
Another element contributing further demand for the worldwide market includes accelerated 3D imaging technology demand in different application sectors. The rising implementation of aerial LiDAR systems to identify and discover places also propels the sales of the LiDAR market. Conversely, low consciousness regarding the advantages of LiDAR systems and utilization of costly constituents in LiDAR technology magnify the price of LiDAR systems. These factors are likely to hinder the pace of the LiDAR market and restrict it from growing.
Accelerated ecological concerns and intensifiedneeds for homeland safetyare also predicted to grow the LiDAR market further. The worldwide market is segmented on account of four categories. These are products, applications, components and geographies.
The various products of the LiDAR market include terrestrial, air borne, mobile and short range. Air borne LiDAR systems occupy a major share in the worldwide revenue.
The different application sectors are civil engineering, military and defense, corridor mapping, government and topographical surveys.Enhanced demand for LiDAR systems across these sectors is also likely to steer the market forward.
On account of components, the LiDAR market is fragmented in view of data storage and management systems, GPS, laser scanners, inertial navigation systems and others.
The LiDAR market, on the basis of geographies, is fragmented into Asia Pacific, Europe, rest of the world and North America.North America is projected to lead the market during the forecast phase. It is expected to be followed by Europe. The Asian Pacific LiDAR market is likely to display huge growth in the years ahead. This is in view of augmented defense investments in the region.
Information Source: Grand View Research