Esticast Research’s report, “LIDAR Market by Product (Terrestrial/Static, Aerial, Mobile, Short-range), and By Application (Corridor mapping, Seismology), Industry Trends, Estimation & Forecast, 2016-2024”, indicates the global LIDAR market was valued at $332.2 million in 2016, and is projected to reach $1.4 billion by 2024, having a CAGR of 21.4 % from 2017 to 2024. In 2016, Aerial LIDAR technology lead the market garnering a revenue of $182.5 million and growing with the highest growth rate, having a CAGR of 17.4% during the forecast period. Among major regions, North America leads the market having the highest market share of $154.8 million; however, the highest growth rate would be experienced by Asia Pacific growing with a rate of 28.2 % during the forecast period.
Highlights
- Aerial LIDAR lead the market holding more than 50% market share in 2016
- Laser components generated the highest revenue of $136.6 million in 2016; the highest growth was exhibited by Camera component having the CAGR of 27.1 % during the forecast period
- North America was the highest revenue-generating region, garnering for over 45% of the total LIDAR market share in 2016
- IT services and IT-based manufacturing, applications in civil engineering, rise of smart automation industry and need of LIDAR datasets to create innovative software are the key factors, which are responsible for the immense use of LIDAR technology in the North American region.
- Asia Pacific region is expected to have the fastest growth with a CAGR of 28.2 % over the forecast period. The region generated the revenue of $45.6 million in 2016.
- North America holds the major segment of the LIDAR market.
- Terrestrial LIDAR type is expected to witness the highest growth having a CAGR of 26.8% over the forecast period (2017-2024)
- Laser component holds the largest share of LIDAR market. It accumulated the revenue of $136.6 million in 2016
- Some of the key market players operating in the industry are Airborne Hydrography AB, Leosphere SaS, Faro Technologies Inc., Leica Geosystems Inc. (Hexagon), 3D Laser Mapping Inc., Firmatek LLC, RIEGL Laser Measurement Systems GmbH, Aerometric Inc., Mira Solutions Inc., Optech Inc. (Teledyne Technologies), Quanergy Systems, Inc.
For more gleanings, peruse the LIDAR Market report.