The global LiDAR market, according to a research by MarketsandMarkets, is expected to reach $1809.5 million by 2023 up from $819.1 million in 2018, at a CAGR of 17.2% during the period.
LiDAR or LIght Detection And Ranging works on the principle of time of light. The system uses light waves or light source in the form of pulsed laser to measure the distance between the objects. Through measuring distances, it makes 3D maps of terrain or earth surfaces which are not visible naturally by the human eye or through photogrammetry methods. LiDAR includes laser scanners, specialized GPS receivers, and high-precision clocks as components.
The objectives of the market report includes, forecast of the LiDAR market size in terms of value for type (Mechanical LiDAR and Solid-State LiDAR), Installation (Airborne and Ground-Based), Application (Corridor Mapping, ADAS & Driverless Car, and Engineering), Range, Component, Service, and Geography.
Market for Solid-State Lidar to Grow at Highest CAGR During 2018–2023
The market for Solid-State LiDAR is expected to grow at the highest CAGR during the forecast period. The higher CAGR of the market for solid-state LiDAR during the forecast period is attributed to the increasing range of applications of this type in the automotive and robotics industries. The solid-state LiDAR systems were specially introduced for the automotive industry. These LiDAR systems can also be installed in economy cars due to their low costs.
By Installation, Ground-based LiDAR to Grow at Highest Rate During Forecast Period
On the basis of installation, ground-based LiDAR is expected to grow with the highest CAGR during forecast period. Ground-based LiDAR systems are used in the applications including small area scanning, corridor mapping, volumetric mapping, and defense area surveying. Mobile ground-based LiDAR is a new and emerging technology used in many applications such as corridor mapping, transportation, hydrology, forestry, and construction. Mobile ground-based LiDAR systems are mounted on a mobile platform, preferably on a terrestrial vehicle. The advantage of being mounted on a vehicle is that it enables the LiDAR to scan large areas accessible by road. The automotive sector is emerging as an application area for the mobile ground-based LiDAR systems, and the number of premium cars equipped with advanced driver assistance systems (ADAS) is rising every year. This is expected to further boost the market for mobile ground-based LiDAR systems.
North America to Hold Major Share of Market in 2018
North America is expected to dominate the LiDAR during the forecast period. This growth can be attributed to the supportive government initiatives and increasing utilization of LiDAR systems by various institutes for various applications, such as corridor mapping, forestry, environmental, and exploration, along with some of the emerging applications including advanced driver assistance systems (ADAS) and urban planning. The growing awareness regarding the benefits of LiDAR systems, which include easy functionality, better quality, less complexity, and improved features, can also be the driving factors for the growth of the LiDAR market in the US. In addition, major companies such as Trimble, Faro, and Velodyne are based in the US, which is also a key factor leading to the large share of the US in the LiDAR market.
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