Latest Research on Global LiDAR Technology Market Size and Forecast to 2024

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LiDAR Market is Expected to Witness Substantial Growth due to Increasing Demand for 3D Imaging Technology

9 October 2018, Global LiDAR Market was worth USD 260 million in 2015. It is estimated to grow at a CAGR of 12% from 2016 to 2024 (forecast period). Rising demand for 3D imaging technology in a variety of applications is an important market driver. The adoption of aerial systems for detection and exploration of historic details is increasing. Vendors are in the process of introducing several novel products in this space. These factors are propelling market growth.

However, LiDAR system’s components like laser scanner, navigation systems, high-resolution 3D cameras, etc. are expensive. This coupled with poor consumer awareness may hamper its future prospects.

The market is segmented as per applications, products, components, and regions. Applications are divided into civil engineering, government, topographical surveys, corridor mapping, and military &defense. Civil engineering, which includes areas like power line deployments and flooded mapping, would grow at a CAGR of 17% over the forecast period.

Topological surveys, and military &defense are projected to grow at a steady rate till 2024. Government applications could increase owing to technological developments in forestry management, railways, roadways, etc.

Products comprise short range, airborne, mobile, and terrestrial. Terrestrial products held over 30% of the total revenues in 2015. Their advantages include remote acquisition and measurement, and high point density data. Mobile systems are foreseen to grow at a CAGR of over 24% in the next eight years. This attributes to surging demand for accurate, high-resolution 3D geospatial data.

Components include laser scanners, GPS (Global Positioning System), data storage & management, navigation/IMU (Inertial Measurement Unit), and others. ‘Others’ consist of MEMS (Micro-Electro-Mechanical Systems) mirror and cameras. IMU is expected to grow at a 23% CAGR through the forecast period.

Browse Details of Report @ https://www.hexaresearch.com/research-report/lidar-market