LIDAR Device Manufacturing in the US Industry Market Research Report from IBISWorld Has Been Updated
New York, NY (PRWEB) January 18, 2015 -- The LIDAR Device Manufacturing industry has performed well over the five years to 2015, with industry revenue expected to increase at an annualized rate of 5.4% to $136.1 million. LIDAR (Light Detection and Ranging) uses pulses of laser light to map terrain, model water flow and pollution and facilitate urban planning and building construction. The technology also has a wide range of military and intelligence applications. The range of downstream markets that use LIDAR technology insulated industry participants from the economic downturn and is continuing to drive demand for the industry. Nevertheless, the LIDAR Device Manufacturing industry's revenue is anticipated to slow to just 1.3% in 2015, due largely to lower federal funding for defense.
According to IBISWorld Industry Analyst Lucas Isakowitz, “A major trend in the industry has been technological advancements that lower the cost and increase the efficiency of LIDAR data acquisition.” For example, multiple pulses in air technology has increased the coverage area of LIDAR surveying, and automatic feature extraction in LIDAR processing software has reduced data processing time and cost. As a result, the technology has become more cost-effective and accessible to end users, increasing the industry's customer base and boosting industry profitability.
“Companies that offer LIDAR data processing have also emerged,” says Isakowitz. While these companies are not included in the industry, they supplement demand for the industry by abstracting the technical aspects of processing LIDAR data away from end users; these users may not have the specialized knowledge required to analyze large data sets and would have been previously unable to derive much utility from LIDAR systems.
Industry growth is expected to continue moving forward. The increasing prominence of several burgeoning LIDAR applications is expected to underpin revenue growth. These include LIDAR used in adaptive cruise control systems in automobiles, crime scene analysis and gaming and virtual reality applications. Additionally, LIDAR technology integrated with other digital imaging technology is anticipated to be increasingly offered to end users, as LIDAR-only systems are insufficient for some applications. This factor will effectively serve to increase the barriers to entry in the industry because integrated systems necessitate a higher level of technical expertise and capital resources to manufacture.
For more information, visit IBISWorld’s LIDAR Device Manufacturing in the US industry report page.
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IBISWorld industry Report Key Topics
Companies in this industry manufacture Light Detection and Ranging (LIDAR) equipment, which is an optical remote sensing technology that can measure the distance to, or other properties of, a target by illuminating the target with pulses from a laser. This industry excludes revenue earned from providing LIDAR processing services and processing software. However, processing software is essential in the use of LIDAR systems and many industry operators provide this software to customers.
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About IBISWorld Inc.
Recognized as the nation’s most trusted independent source of industry and market research, IBISWorld offers a comprehensive database of unique information and analysis on every US industry. With an extensive online portfolio, valued for its depth and scope, the company equips clients with the insight necessary to make better business decisions. Headquartered in Los Angeles, IBISWorld serves a range of business, professional service and government organizations through more than 10 locations worldwide. For more information, visit http://www.ibisworld.com or call 1-800-330-3772.
Gavin Smith, IBISWorld, +1 (310) 866-5042, [email protected]
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