DUBLIN — (BUSINESS WIRE) — February 4, 2019 — The "LiDAR Market - Segmented by Component (GPS, Laser Scanners, Inertial Measurement Units), Product (Aerial LiDAR, Ground-based LiDAR), End-user Industry, and Geography - Growth, Trends and Forecasts (2019 - 2024)" report has been added to ResearchAndMarkets.com's offering.

In 2017, the global LiDAR market was valued at USD 1.69 billion and is projected to reach a value of USD 3.45 billion by 2023, recording a CAGR of 12.66% during 2018-2023 (the forecast period).

Increasing usage of drones across various applications, such as aerospace and defense, agriculture, and forestry, is a major factor driving the market growth. Moreover, rising investments in R&D of self-driven cars in the automotive sector are expected to positively impact the market.

Research indicates that the revenue from the autonomous cars is anticipated to go beyond EUR 10 billion by 2020. LiDAR systems are expected to benefit from this growth, along with other intelligent devices as they are expected to assist in averting accidents. The growth of 3D printing market and the demand for 3D printed images are likely to offer potential opportunities for the LiDAR market.

However, average LiDAR systems employed in autonomous cars cost around USD 60,000 to USD 80,000. Thus, relatively high cost of equipment for surveying applications, along with the lack of awareness about LiDAR technology, is challenging the market growth.

Rising Adoption in Government Sector Applications

Governments in different countries are using LiDAR technology for mapping, surveillance, monitoring, and topographical surveys predominantly in mining and oil & gas sectors. Enhanced features and low cost associated with these systems, when compared to conventional alternatives, are making it easily accessible for the government sector.

Over the last 17 years, the UK Environmental Agency has been collecting LiDAR data and making it available to archeologists to visualize ancient landscapes. In 2016, in India, the state government of Telangana proposed the use LiDAR in preparation of high-resolution maps for use in various engineering tasks and projects across the state.

LiDAR drones can help in creating rescue models, in order to analyze realistic situations and avert it in the situation of natural calamities. Recently, the Netherlands had a similar open-data scan of the country, which was presented in the form of a 3D web visualization. The project is led by TU Delft in collaboration with Netherlands eScience Center.

Increasing Rate of Adoption of LiDAR in the Automotive Sector to Drive Market Growth

Across the globe, the automobile industry is flourishing. It is expected that the total number of vehicles in the world could double, to reach around 2.5 billion by 2050. LiDAR in automobiles are used in to perform functions like mapping, improved and advanced driver-assistance (ADAS), and enable fully self-driving vehicles. The LiDAR systems enable the avoidance of collisions, and thus, support the production and use of ADAS.

When compared to traditional sensors, LiDAR functions better in the accurate profiling of static or dynamic objects that are impending over long distances. Also, it is less likely to provide missed or false alerts, making it much safer.

With the self-driving cars close to becoming a reality, major giants, like Google, Tesla, and BMW, have started releasing their prototype models. LiDAR would turn cars into machines that are keenly aware of their surroundings, where they can generate accurate 3D snapshots of every object surrounding them. Thus, LiDAR technology quickly being seen as the solution to assisted driving automobiles.

Topics Covered

1. Introduction

2. Research Approach and Methodology

3. LiDAR Market Insights

4. LiDAR Market Dynamics

4.1 LiDAR Market Drivers

4.1.1 Fast paced developments and increasing applications of drones

4.1.2 Adoption in government sector applications

4.1.3 Increasing adoption of LiDAR in automotive sector

4.2 LiDAR Market Restraints

4.2.1 High cost of the LiDAR systems

4.2.2 Dearth of awareness

5. Global LiDAR Market Segmentation

5.1 LiDAR Market By Product

5.1.1 Aerial LiDAR

5.1.2 Ground-based LiDAR

5.2 LiDAR Market By Component

5.2.1 GPS

5.2.2 Laser Scanners

5.2.3 Inertial Measurement Units

5.2.4 Others

5.3 LiDAR Market By End-user Industry

5.3.1 Engineering

5.3.2 Automotive

5.3.3 Mining, Oil & Gas, Forestry

5.3.4 Aerospace and Defense

5.3.5 Corridor Mapping & Topographical Survey

5.3.6 Others

5.4 LiDAR Market By Region

6. Competitive Intelligence - Company Profiles

6.1 Sick

6.2 Optech

6.3 Velodyne LiDAR

6.4 Quanergy Systems

6.5 Quantum Spatial

6.6 3D Laser Mapping

6.7 Faro Technology

6.8 GeoDigital International

6.9 Leica Geoystems

6.10 Riegl Laser Measurement Systems

6.11 Topcon Positioning Systems

6.12 Trimble Navigation

6.13 Denso Corporation

6.14 Novariant

6.15 Robert Bosch

6.16 Phantom Intelligence

7. Investment Analysis

8. LiDAR Market Future

For more information about this report visit https://www.researchandmarkets.com/research/4klm44/the_global_lidar?w=4

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