The global LiDAR market is expected to reach USD 944.3 million by 2022, according to a new study by Grand View Research, Inc. Technological advancements in automated processing ability in image processing and data processing capabilities are anticipated to be the major factors to spur growth.
Rising government initiatives towards the adoption of these systems and increasing automation leading to reduced human efforts are also expected to drive demand. The LiDAR market is expected to witness significant growth owing to large infrastructure investments along with the need for road mapping. Further, the segment is also expected to witness high growth due to increased penetration across wind projects, transportation agencies, and urban data acquisiton. Increased resolution by the use of mobile mapping as compared to airborne mapping is the result of reduced standoff distance.
LiDAR technology applications in government and commercial areas, which include railways, roadways management, and forestry, are also expected to spur growth owing to increasing demand for adoption of technology coupled with 3D imagery solutions over the forecast period. This technology has witnessed major evolutions with surge in eminence of laser beams driving the demand. 3D imaging and scanning are considered to be its major application, which are frequently used in the healthcare, manufacturing, and automotive sectors. It has successfully acquired the clientele of photogrammetry systems due to its higher accuracy and subtle operational deliverance. Surging applicability of UAVs in commercial operations is directly linked to industry growth.
Increased adoption of direct visualization using point splatting, façade modeling using LASERMAPs, and automated indoor modeling are some of key factors expected to drive the demand over the forecast period. Increasing speed of acquisition, better handling of sensors, and higher accuracy would have a major impact on the general use of low-cost mobile mapping systems.
However, lack of knowledge among customers owing to negligence and loss of potential resources is expected to pose a challenge to industry growth. LiDAR systems for space-based active remote sensing of the earth face a number of challenges owing to high power requirement in various systems. Lack of ability to sense the environment and use of perceptual information for controlling the technology are the major challenges faced by the operators. However, flash systems based on multi-element and 2D sensor arrays yield 3D imaging data, but are restricted from installing in UGV and robotic platforms owing to high cost.
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Further key findings from the study suggest:
- Terrestrial LiDAR market accounted for over 30% of the overall revenue in 2014 after airborne systems. Terrestrial systems offer remote acquisition and measurement increasing efficiency & safety of surveys and high point density data ensuring depiction of topography.
- Mobile mapping industry is anticipated to exhibit significant growth, growing at a CAGR of over 25% from 2015 to 2022. Increased penetration rate of mobile communication devices has compelled service providers to provide enhanced network coverage with high cost-benefit ratio
- North America LiDAR market is expected to have substantial share in terms of revenue over the forecast period. This may be primarily attributed to increasing adoption of 3D imagery technologies by the government in the region.
- Notable companies operating in the LiDAR market, such as Phoenix, Quanergy, and Velodyne provide varied data collection solutions. The key participants offer professional training and equipment deployment services in the art of data acquisition. Mergers and acquisitions are being adopted by the key players to extend their share across the globe. For example, Velodyne launched VLP-16 also known as the Velodyne Puck, which is capable of achieving 16 channels of data with 300,000 measurements per second. This technology has been incorporated into Phoenix Aerial System’s solution for UAV-based mobile mapping, combining high-end IMU with differential GPS along with Velodyne Puck device.
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About Grand View Research
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, the company offers market intelligence studies ensuring relevant and fact-based research across a range of industries including technology, chemicals, materials, healthcare and energy.
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