According to a new report by Allied Market Research titled, "Global LiDAR Market - Size, Industry Analysis, Trends, Opportunities, Growth and Forecast, 2013 - 2020", the global LiDAR market is expected to reach $624.9 million by 2020, registering a CAGR of 16.3 % during 2014 - 2020.
Aerial LiDARs would drive the market significantly by the year 2020, contributing to about 1/2 of the total market revenue throughout the forecast period. Corridor mapping applications of LiDAR are a major market driving force, contributing to more than 50% of the total market size by value in 2013.
Among all types of LiDARs which include aerial, mobile, terrestrial and short range; the aerial LiDARs should remain the most preferred type due to their numerous applications in civil engineering, archaeology and forest land management. The civil engineering applications significantly drive the market with the usage of LiDAR in infrastructure planning. The transportation applications of LiDAR would rise rapidly during the forecast period, primarily for vehicle monitoring purposes. Moreover, emerging transportation applications such as driverless cars would begin to gain traction by 2020. The technology giants such and Google and Apple are eyeing the driverless cars market. For instance, Google recently demonstrated its first driverless car. Following the trend, in future there would be numerous players operating in driverless car market.
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The corridor mapping applications presently are the major market drivers. For modern age infrastructure planning and disaster management, corridor mapping is performed using LiDAR technology. The North American region would continue to dominate the LiDAR market throughout analysis period. However, with rising applications in civil engineering, defence and forestry & agriculture, Asia-Pacific market would witness rapid growth.
Key findings of the study:
- Global market for LiDAR would grow due to increased adoption across key sectors such as civil engineering, defence, forestry & agriculture during the forecast period (2014 - 2020)
- Seismology applications of LiDARs would grow at the fastest CAGR of 30.0% during 2014-2020
- Civil engineering activities would continue to drive the global LiDAR market over the analysis period with around 1/3rd of market size by value each year
- Forest & agriculture activities involving the use of LiDARs would increase rapidly, at a CAGR of 18.2% during 2014-2020
- Asia-Pacific would prove to be one of the most lucrative markets, in terms of growth. The market in the region is expected to reach $126.5 million by the year 2020, growing at a CAGR of 22.9% during 2014-2020
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The market growth is attributed to innovative launches of LiDAR products along with rising demand from defence and forest & agriculture land management activities. Moreover, due to rising need of 3D geospatial scanning, several players such as Faro Technologies, Airborne Hydrography AB and Leica Geosystems, are upgrading their products. In order to gain a higher market share, in addition to the production launches, the companies are adopting acquisition/ partnership as key strategies. For example; Faro Technologies acquired CAD Zone Inc. which possesses expertise in developing software for end to end point cloud applications. Prominent companies profiled in the report include Avent LiDAR Technology, Intermap Technologies, Optech Inc., Mira Solutions, Aeromatic, Firmatek, Leosphere and RIEGL Laser Measurement Systems.