LiDAR Market By Type, Component, Application and End User: Global Opportunity Analysis and Industry Forecast, 2020-2027

According to the report titled, 'LiDAR Market By Type, Component, Application and End User: Opportunity Analysis and Industry Forecast, 2020-2027', the global LiDAR market was valued at $700.2 million in 2019, and is projected to reach $2.90 billion by 2027, growing at a CAGR of 20.1% from 2020 to 2027.

According to LiDAR market forecast, North America dominated the market, contributing more than 40% share of the overall revenue, followed by Europe. Key impacting factors identified include automated systems in LiDAR, widening applications of LiDAR and rise in demand of LiDAR in 3D imaging. In addition, consumer awareness along with higher technological performance of LiDAR over alternatives technologies plays significant role in the LiDAR market growth.

Light detection and ranging (LiDAR) devices are used for capturing high-resolution 3D or 2D data of geospatial surfaces. LiDAR is an emerging technology that helps to capture high-definition 3D data of geospatial surfaces. Innovations in the laser technology help to bring price corrections in LiDAR products. Simultaneously, changes in demands and preferences of the urban population unveil newer LiDAR applications apart from conventional military applications. The sophistication of 3D imaging technology leads to increased corridor mapping activities by the LiDAR systems.

Factors that supplement the LiDAR market growth include rise in demand for 3D imaging technology across various application areas and increase in adoption of aerial LiDAR systems to explore and detect places and historic details. However, less awareness about the benefits of LiDAR systems and use of expensive components in these systems, such as laser scanner, navigation system, and high-resolution 3D cameras collectively increase the cost of LiDAR systems. These factors limit the adoption of LiDAR technology, thereby restricting the LiDAR market share.

The other types of applications include pollution modeling, coastline management and meteorology. Numerous end-user industries make use of LiDAR products. The report analyzes usage of LiDAR among end-users such as defense & aerospace, civil engineering, archaeology, forestry & agriculture, mining and transportation. In order to understand regional trends, the market is analyzed from the perspectives of four regions namely North America, Europe, Asia-Pacific and LAMEA (Latin America, Middle East & Africa).

Region wise, the LiDAR market size is analyzed across North America, Europe, Asia-Pacific, and LAMEA. North America was the highest revenue generator in 2019, accounting for $281.5 million, and is estimated to garner $1,111.3 million by 2027, growing at a CAGR of 18.0%. This is attributed to the fact that LiDAR systems find their major application in military and civil infrastructure sector in the region. However, Asia-Pacific is expected to account for $884.4 million by 2027, growing at a CAGR of 22.0% as per LiDAR market trends in 2019.

The global LiDAR market is segmented on the basis of the type of LiDAR systems, components used, their application, end-user sectors, and geography. Static or terrestrial, aerial, mobile, and short range are the various types of LiDAR systems elaborated. The components of LiDAR systems discussed are laser scanner, inertial navigation system, camera, GPS receiver, and micro-electro-mechanical system. The report also includes market segmentation by applications. By applications the market has been segmented into corridor mapping, seismology, exploration and detection and other applications segments.

The end-user segment consists of LiDAR systems that are used across various industry verticals namely, defense and aerospace, civil engineering, archaeology, forestry and agriculture, mining industry, and transportation. A study with respect to region is conducted to perform an in-depth analysis of LiDAR technology across various geographic locations. The regions examined are North America, Europe, Asia-Pacific, and LAMEA.

Key Findings of the Study:

The aerial segment accounted for the highest revenue of $359.2 million in 2019.
The laser segment accounted for the highest revenue share of the market in 2019, generating$291.5million.
The corridor mapping segment accounted for $331.4million in 2019.
The civil engineering garnered $225.4million in 2019.
North America is expected to dominate the market, garnering a major share during the forecast period.

The key players in the LiDAR market that are analyzed in the report are Velodyne, Airborne Hydrography AB, Leosphere SAS, Faro Technologies Inc., Leica Geosystems AG, GeoSLAM Ltd. (3D Laser Mapping), Firmatek, LLC, RIEGL Laser Measurement Systems GmbH, Mira Solutions, Inc., and Aerometric Surveys. These key players have adopted various strategies such as product portfolio expansion, mergers & acquisitions, agreements, geographical expansion, and collaborations to increase their market penetration and strengthen their position in the industry.