A new report projects the global LiDAR market will grow from $844 million in 2019 to $2,273 million by 2024, recording a CAGR of 18.5 percent between 2019 and 2024.
Teledyne Technologies (US), Hexagon (Sweden), Trimble (US), FARO (US), RIEGL (Austria), SICK AG (Germany), Quantum Spatial (US), Beijing Beiketian Technology Co., Ltd. (China), Velodyne Lidar (US), and YellowScan (France) are some of the key players in the LiDAR market. The study includes an in-depth competitive analysis of these companies, with their company profiles, recent developments, and key market strategies.
Rising adoption of LiDAR systems in UAVs, engineering, and construction applications; increasing use of LiDAR in geographical information systems (GIS) applications; and the emergence of 4D LiDAR are the major factors driving the growth of the LiDAR market. However, safety threats related to UAVs and autonomous cars act as restraints for the market growth.
Ground-based LiDAR scanning technology is widely used across a range of applications, such as mapping, engineering, environment, and meteorology. Ground-based LiDAR systems are either stationary or movable and are further segmented into static LiDAR and mobile LiDAR. Ground-based LiDAR is typically mounted on a tripod or placed on a moving platform, for example, vehicles. These systems are less costly as compared to airborne-LiDAR systems.
The LiDAR market in the Asia Pacific region is expected to grow at the highest CAGR during the forecast period. The growth of this market can be attributed to the increase in surveying and mapping operations due to increasing infrastructural development, focus on forest management, and mining activities in the region. The increasing applications of airborne and ground-based LiDAR systems and the growing number of surveying and mapping activities in the region are anticipated to drive the demand for LiDAR in APAC according to the report at ResearchAndMarkets.com.