LiDAR Market Projected to Reach $551.26 Million by 2018 – Report by MarketsandMarkets
(PRWEB) May 05, 2014 -- According to a new market research report of "LiDAR Market by Components (INS, Laser, GPS/GNSS, Camera, MEMS), Product Types (Airborne, Mobile, Terrestrial), Applications (Corridor Mapping, Forestry, Mining, Topographic Surveying, Volumetric Mapping) - Analysis & Forecast (2013 - 2018)", is expected to grow at a CAGR of 16.64% from 2013 to 2018 and reach 551.26 million by 2018. The data mentioned is for dedicated LiDAR systems only.
Browse 80 market data tables and 73 figures spread through 278 pages and in-depth TOC on "LiDAR Market"
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Though LiDAR was developed in the early 1960s, it was just used for military and the government applications only. However, due to the technological developments and reduction in cost of LiDARs, it is heavily penetrating into the commercial and industrial sectors. The market research report Global LiDAR Market - Forecast & Analysis (2013 - 2018) covers both the government/military and the commercial applications of LiDAR systems. The few of the major applications currently harnessing LiDAR technology are: corridor mapping, forestry, mining, topographic surveying, and volumetric mapping.
The extensive research study conducted resulted in identifying civil engineering and planning application as one of the top revenue grossing application for LiDAR systems. However, the highest growth rate is expected for the corridor mapping application which is estimated to grow at a rate of more than 20% annually from 2013 to 2018.
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The application market for the LiDAR products is divided into six major types such as: the government, civil engineering, military/defense/aerospace, corridor mapping, topographic surveys, and volumetric mapping. Out of the total market of $218.87 million, the maximum share was contributed by the civil engineering application in 2012. However, the highest CAGR is expected for the corridor mapping application from 2013 to 2018. Each of the application mentioned above is further divided in to various sub categories. The following figure gives the segmentation chart of applications considered for the analysis.
The total market which is currently valued at $218.87 million is estimated to grow at an excess rate of 15% annually. The total market is divided among various product types such as: airborne, terrestrial, mobile, and short range. The maximum contribution currently is from the airborne LiDAR type. One of the reasons for the highest share of airborne LiDAR is its high average selling price. Also, as compared to other types, airborne LiDAR Market is mature and reliable. Thus, it is preferred by users for whom the budget is not a constraint. However, the airborne LiDAR Market has the lowest CAGR among all the product types. This indicates the shift in trend in the LiDAR market. Due to innovations in terrestrial and mobile LiDAR systems, the cost-benefit ratio for these LiDAR types is expected to surpass that of airborne LiDAR system. It can be said that the terrestrial and mobile LiDAR systems are disrupting the airborne LiDAR Market to some extent.
Geographical split for each and every type is included in the report. The report describes the overall market into four major geographical segments, namely, North America, Europe, APAC, and ROW. North America and Europe are the market leader in the overall LiDAR Market followed by APAC. In ROW, the Middle East, and Africa is coming up with this technology because of its benefits in a wide range of applications.
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