LiDAR Market is expected to surpass USD 10 billion in revenue by 2025. The increasing demand for advanced mapping and 3D imaging solutions is driving market growth. The existing conventional mapping and imaging solutions have certain performance limitations, hindering their adoption in certain high-precision use-cases. The LiDAR technology uses shorter wavelengths, enabling it to identify minuscule objects, making it significantly more accurate as compared to the traditional methodologies such as aerial mapping and radar. This is driving its usage for several applications including forest inventory, floodplain mapping, survey assessments, coastal engineering, geomorphology, landscape ecology, hydrology, and volumetric calculations across various industry verticals.
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The topographic LiDAR market is anticipated to grow at a CAGR of more than 25% over the projected time duration. The topographic systems are witnessing a high degree of demand due to their ability to penetrate forest canopy and generate precise 3D models of various regional landscapes. The topographic devices are being used to develop digital terrain models, contours, topographic classified point clouds, digital surface models, and topographic point clouds. The players present in the market are developing customized products to cater to applications such as disaster planning, forest inventory, country & state side mapping, soil erosion management, and emergency management.
The mechanical LiDAR market accounted for over 90% of the market share in 2018 due to the extensive demand for LiDAR systems in autonomous vehicles. The major automakers are exploring new avenues to develop inexpensive LiDAR devices for their driverless cars. Currently, LiDAR technology is being incorporated into advanced driver assistance systems to augment the safety features in semi-autonomous cars. The bulky nature and high price associated with mechanical LiDAR devices have been hindering LiDAR market growth. The solid-state LiDAR market is expected to attain a high CAGR over the forecast timeline. The technology is currently in the development phase and is anticipated to be commercialized by the end of 2020. The automotive enterprises and OEMs are undertaking various strategic initiatives to accelerate the innovations in the solid-state LiDAR landscape.
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The corridor mapping LiDAR market held more than 30% share in 2018 due to the rising demand for high-resolution and real-time data in network and infrastructure management services across numerous industry verticals such as roads, utilities, railways, and oil & gas. The corridor mapping allows the generation of high-resolution 3D models and maps of infrastructures, rivers, coastal sections, powerlines, roads, and networks. It thoroughly maps and scans the examined lines to process the 3D cloud data and characterize the elements of interest. The environment market is anticipated to attain a growth rate of over 32% over the forecast time period. It is being used for various geoscience applications to build accurate and high-quality 3D data and study various ecosystems of wildlife species.
The North America region has held a major market share of over 50% in the LiDAR market in 2018. This is attributed to the strong foothold of large automobile companies operating in the region, undertaking various R&D initiatives to develop advanced LiDAR devices. The rising use of drones for recreational & commercial purposes is also spurring the market. The Asia Pacific market is expected to register a CAGR of over 35% during the projected time duration. The increasing number of smart city initiatives in the countries including Japan, China, and India has given rise to various new expansion opportunities for the LiDAR industry.
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Some of the players in the LiDAR market are Beijing Surestar Technology, Geodigital, Leica Geosystems, Michael Baker International, Ouster, Teledyne Optech, Topcon Positioning Systems, Quantum Spatial, Velodyne LiDAR, Yellowscan, Trimble, Valeo, Riegl Laser Measurement Systems, Quanergy Systems, Innoviz Technologies, Leddartech, Geokno, and Faro Technologies.
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