Global LiDAR market to grow up to $4.5 Bn at 24 percent CAGR by 2022: Report

The global LiDAR market should grow up to $4.5 billion by 2022 from $1.5 billion in 2017 at a CAGR of 24%, from 2017 to 2022, says report.

Global LiDAR market to grow up to $4.5 Bn at 24 percent CAGR by 2022: Report
Global LiDAR market to grow up to $4.5 Bn at 24 percent CAGR by 2022: Report

Global LiDAR market to grow up to $4.5 Bn at 24 percent CAGR by 2022: Report

The global LiDAR market should reach $4.5 billion by 2022 from $1.5 billion in 2017 at a compound annual growth rate (CAGR) of 24.0%, from 2017 to 2022, according to Trends Market Research. The report represents an in-depth analysis of the global LiDAR market by component, type, application and region. The report discusses the differentiation between LiDAR to derive specific market estimates. 

The report discusses a comparative study between conventional and emerging laser and the importance of the advances in LiDAR. The report also discusses strategies adopted by major players in the global LiDAR market. Patent analysis imparted in the report provides a snapshot of technological trends in the global market over time as well as by geography— namely for the U.S., Europe and Japan. The global LiDAR market is segmented by type of LiDAR: airborne, terrestrial, mobile and UAV.

LiDAR enables the collection of a wealth of information for numerous applications and delivers several advantages over traditional methods of aerial mapping. This technology is changing the paradigm of terrain mapping and attaining popularity in several applications such as floodplain mapping, forest inventory, geomorphology, hydrology, landscape ecology, urban planning, survey assessments, volumetric calculations and coastal engineering.

These applications can benefit from a combination of LiDAR and geographic information systems (GIS) in order to manage and conduct analysis, disseminate and visualize LiDAR data. Due to these and many other factors, the LiDAR market is expected to grow at a compound annual growth rate (CAGR) of 24.0% between 2017 and 2022 to attain a market value of $4.5 billion in 2022. Many alternatives to LiDAR can be considered as failed technologies; it follows, then, that the need for a more accurate, more reliable and easier method of collection of the data of the region, and the resulting growth LiDAR technology are key drivers for the market.

However, the growth of the LiDAR market is limited by factors such as lack of industrial standards of operations and non-interoperability of technologies, as well as the high cost associated with it. If the LiDAR market were at a different stage of its evolution, these restraints could hinder market growth. However, it is expected that further technological advances will bring cost corrections and that standards of operation will improve. The key opportunities for the market are in the adoption of LiDAR by small and medium-size enterprises (SMEs) and superior growth potential in emerging economies. Once the cost of LiDAR is reduced, SMEs and emerging economies are forecasted to deploy these devices in various application sectors in big numbers.