LiDAR Market: Snapshot
Light detection and ranging (LiDAR) is an active, remote sensing and distance mapping technology. Over the past decade the technology has become synonymous with 3D scanning and sensing using sensors. The robust capabilities of 3D-LiDAR in enabling wide area scanning with unparalleled accuracy has made its usage popular in robotics and autonomous vehicle systems. The capabilities of real-time detection of data and high-precision maps inherent in 3D-LiDAR have unlocked exciting potential in self-driving cars application, thus opening lucrative prospects for market players. Several automakers who are serious on developing next generation autonomous cars can’t afford to ignore the vast potential of LiDAR. The technology provides better awareness of the surroundings essential for the success of self-driving cars, even more so without any human driver. However, the uptake of LiDAR for the automotive industry fails to match the pace of marked commercialization that autonomous cars have made in recent years. The exorbitant costs that several of the sensors used in these cars attract is a crucial factor impeding the uptake of LiDAR in the end-use industry. The availability of robust radars that can withstand the demanding conditions of vehicle operations is another factor that has impeded automakers to realize the full potential of the technology in self-driving cars.
Laser light offers precise and accurate data points in a short time span. Owing to their capability of offering accurate 3D scanning and data images in a very short span of time, LiDAR systems are always preferred over conventional method of surveying. LiDAR is generally utilized to create maps with high-resolution, and with applications in seismology, laser altimetry, geodesy, airborne laser swath mapping, geomatics, laser guidance, archaeology, atmospheric physics, geography, forestry, and geomorphology. LiDAR technology is utilized in navigating and controlling autonomous cars. There are two types of LiDAR namely, Terrestrial LiDAR and Airborne LiDAR. The word LiDAR stands for Laser Imaging, Detection and Ranging.
LiDAR Market- Driver and Restraints
One of the most important factors that is driving the growth of LiDAR market is improvisation in LiDAR system’s ability of automated processing. Few of the other factors that are supporting the growth of the market include rising demand for innovative 3D imaging technology throughout several areas of applications and growing adoption of aerial LiDAR systems to detect and explore various places and historical details. Along with these drivers, there are few factors that have a restraining effect on the growth of the LiDAR market. For instance, low awareness about various advantages associated with LiDAR system and the usage of costly elements in LiDAR system such as 3D cameras with high resolution, laser scanners, and navigation system are jointly making the LiDAR system an expensive one. All these aspects are impelling the end user industries to not adopt LiDAR technology and thus limiting its growth across the globe.
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LiDAR Market- Overview
At present, LiDAR market is fuelled by the unique strategy of product launch. The chief contributor for the rise of LiDAR market is rising acceptance of imaging technology using 3D technique to capture geospatial scans for agriculture, military, forest, and for the purpose of civil infrastructure. With a view to initiate improvisation in their products, the key players are now implementing use of advancements in technology and are also introducing new products to gain advantage over market competition. To increase penetration in the market, particularly for short range and airborne LiDARs, several companies are introducing innovative products. This high ratio of product promotions highlights the rise of technology of LiDAR in the global market. Some of the key players such as Leica Geosystems, Faro Technologies and Airborne Hydrography AB are improvising their product line by introducing innovative and new LiDAR systems. In addition, Faro Technologies, a company associated with this technology, concentrates on the progress of various elements and software that are appropriate for short range LiDARs.
LiDAR Market- Regional Outlook
North America dominated the market in terms of revenue share and it is also expected to grow at higher rate during the projected period. Due to rising investment of key players towards driverless cars application, North America is expected to lead the LiDAR market. Moreover, some of the top companies for example Faro, Trimple and Velodyne are located in the Unites States which is also one of the major factors that is fuelling the growth of LiDAR market in North America region.
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LiDAR Market- Key Players
Sick AG, Quantum Spatial (Aerometric, Inc.), Trimble Inc., Faro Technology, Geokno India Pvt. Ltd., Beijing Beike Technology Co., Ltd, YellowScan, Riegl Laser Measurement Systems GmbH Leica Geosystems - Part of Hexagon AB, Velodyne LiDAR, Inc., Teledyne Optech Inc. are some of the key players which are functioning in the LiDAR market.
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LiDAR Market to register a healthy CAGR for the forecast period, 2018 to 2027
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