Transparency Market Research has published a new research report that studies and assesses the structure, scope, dynamics, and components of the global light detection and ranging (LiDAR) market. The 80-page research study is titled “LiDAR Market – Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2014 – 2024” and is available for sale on the company website. According to the report, the global LiDAR market is anticipated to expand at a 15.0% CAGR from 2014 to 2024, growing from a value of US$225 mn in 2013 to US$605.5 mn in 2024.
The global LiDAR market is primarily driven by the host of comparative advantages over conventional mapping technologies, growing demand for 3D imagery in commercial, consumer, and government applications, and the development of unmanned aerial vehicles. However, gaps in software development and lack of standardization of data formats threaten to impede the LiDAR market.The research report reviews the LiDAR market by segmenting it based on three parameters: product type, geography, and application.
On the basis of product type, the LiDAR market is bifurcated into terrestrial LiDAR and airborne LiDAR. Of these, airborne or aerial LiDAR mapping dominated the overall market.On the basis of application, the LiDAR market is segmented into forestry, infrastructure, transmission lines, coastal, transportation, defense and aerospace, flood mapping, and others such as hydrography and mining.
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Coastal applications dominate the overall LiDAR market owing to increased use of LiDAR in disaster management and control. Transmission lines, on the other hand, make up the fastest growing segment of the LiDAR market, thanks to the growing demand for power utilities.
On the basis of geography, the worldwide LiDAR market is divided into North America, Asia Pacific, Europe, and Rest of the World. North America held the largest share of the LiDAR market in 2013, driven by high penetration in defense and military applications as well as increased research and development spending to develop innovative LiDAR technologies.
Europe presently follows North America; however, the former is anticipated to surpass the latter during the course of the forecast period owing to presence of major players supporting the growth of the market and catering to the rising demand for the massive consumer base. The Rest of the World region and Asia Pacific are also anticipated to witness considerable growth by 2024.
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The notable players within the global LiDAR market include DigitalWorld Mapping Inc., FARO Technology, Inc., 3D Laser Mapping Ltd., Mosaic 3D, Airborne Hydrography AB, Leica Geosystems AG, Firmatek 3D Mapping Solutions LLC, Aerometric Inc., Intermap Technologies Corp., Avent Lidar Technology, Optech Incorporated, and RIEGL Laser Measurement Systems GmbH. These companies have been reviewed in the report, keeping in mind certain aspects such as business overview, business strategy, recent developments, financial standing, and a SWOT analysis.
