According to the report, the Global LiDAR Market accounted for USD 688.6 million in 2017 and is expected to reach USD 2,136.7 million globally by 2024, growing at a CAGR of around 17.6% between 2018 and 2024.
New York, NY, Aug. 16, 2018 (GLOBE NEWSWIRE) —
Zion Market Research has published a new report titled “LiDAR Market by Component (Laser, Scanner, GPS Receiver, Inertia Measurement Unit (IMU), High Precision Clock, Others) by Product (Topographic LiDAR, Bathymetric LiDAR) by End use Industry (Space Exploration, Meteorology, Automotive, Defense & Marine, Construction, Mining, Others) by Region (North America, Europe, Asia Pacific, Latin America, Middle East & Africa): Global Industry Perspective, Comprehensive Analysis and Forecast, 2017 – 2024.” According to the report, the global LiDAR market accounted for USD 688.6 million in 2017 and is expected to reach USD 2,136.7 million globally by 2024, growing at a CAGR of around 17.6% between 2018 and 2024.
LiDAR is a remote sensing device that uses light from a laser to measure distance. This light is reflected from the surface of the system which generates accurate three-dimensional details about the object. A LiDAR consists of laser, scanner, GPS receiver, and timing unit along with various other systems to survey, map, evaluate, and display the result. LiDAR is used for surveying and mapping purposes.
In terms of revenue, North America holds a substantial share in the global LiDAR market. The presence of recognized companies such as Teledyne Optech Inc., Faro Technologies, Inc., Quantum Spatial, Inc., and Velodyne LiDAR, Inc., among others is majorly contributing to the highest market share. The U.S. government is also using LiDAR in various military and defense applications. In 2018, the U.S. government had declared a defense budget of about USD 611 billion as compared to USD 606 billion in 2017. The U.S. defense department estimated a budget of about USD 686 billion for 2019, an additional USD 74 billion as compared to 2018. It is projected that investments in the defense sector will continue to increase over the next five years. Thus, North America will continue its dominance in the LiDAR market during the forecast period.
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The European LiDAR market is preliminarily driven by increasing usage of the technology in the automotive industry. From 2016 to 2017, automobile registrations in Europe grew by 3.3%. This number is predicted to rise during the time frame. Further, European automotive manufacturers such as BMW, Mercedes, and Volkswagen consider LiDAR as an important part of their autonomous vehicles. These driverless vehicles are to be launched in the next five years. The UK and Germany are anticipated to hold significant market share in the Europe region.
The Asia Pacific is expected to grow at a significant rate from 2018 to 2024 in the global LiDAR market. Developing economies such as China and India have a great potential for LiDAR application. Rapid economic growth along with investments in the construction sector is predicted to drive the market in this region. In China, investments in the construction industry grew by about 2% in 2017 from 2016. The Indian government is also taking initiatives to boost the construction sector by allocating a budget of about USD 92 billion in 2018 as compared to USD 59 billion in 2017. Further, the Foreign Direct Investment in the Indian construction sector has also increased. In 2018, the Asian Infrastructure Investment Bank announced an investment of USD 200 million in India’s construction sector. This number is projected to rise during the forecast period and hence several top players in the construction sector have opted to use LiDAR for speed and accuracy for surveying and mapping purposes. Thus, the growth of LiDAR in Asia Pacific region is still imminent.
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Latin America also has a potential market for the future growth of the LiDAR market. Rising adoption of LiDAR in the agriculture sector will propel the demand for the LiDAR market in this region. Brazil and Argentina are anticipated to be the key contributors for the growth of this market in Latin America. The Middle East [Arundhuti1] is projected to be one of the growing regional markets in the coming years. The military expenditure for countries in this region grew by 6.2% over the past year. Owing to its rising demand in military applications, LiDAR market is predicted to grow at a substantial rate in this region.
Some of the major players in the LiDAR market are Leica Geosystems Holdings AG, Teledyne Optech Inc., Quantum Spatial, Inc., Faro Technologies, Inc., Velodyne LiDAR, Inc., Sick AG, Geokno, Trimble, Inc., RIEGL USA, YellowScan among others.
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The report segments the global LiDAR market as follows:
Global LiDAR Market: Component Segment Analysis
- GPS Receiver
- Inertia Measurement Unit (IMU)
- High Precision Clock
Global LiDAR Market: Product Segment Analysis
- Topographic LiDAR
- Bathymetric LiDAR
Global LiDAR Market: End-use Industry Segment Analysis
- Space Exploration
- Defense & Marine
Global LiDAR Market: Regional Segment Analysis
- North America
- The U.S.
- Rest of Europe
- Asia Pacific
- Rest of Asia Pacific
- Latin America
- The Middle East and Africa
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