WELLESLEY, Mass., Oct. 06, 2017 (GLOBE NEWSWIRE) -- Demand for accurate, reliable and easy methods of collecting geographic data is helping to drive the Light Detection and Ranging (LiDAR) market worldwide. BCC Research forecasts the LiDAR market to reach $4.5 billion by 2022 with a compound annual growth rate (CAGR) of 24.0%.
LiDAR is a remote sensing technology that measures scattered light (laser) to find information about and the range of a distant target. Comparable to radar in some aspects, LiDAR uses shorter wavelengths, and its technology enables direct measurement of 3D structures and underlying terrain with high resolution and high data accuracy. This high resolution makes it superior to other conventional optical instruments used for measuring height ranges.
North America had the highest market value in 2016 at $337 million and is expected to continue to dominate the revenue share, according to the report Light Detection and Ranging (LiDAR): Technologies and Global Markets. Since North America is a technologically advanced region, LiDAR technology initially formed a strong base there, although forces are now pointing toward market growth in the Asia-Pacific region.
Research Highlights
- Globally, the LiDAR application market is led by coastal mapping, with a projected 5-year CAGR of 22.3%. Other leading market applications include transportation and forestry.
- Although small in comparison to other uses, driverless cars and advanced driver assistance systems are expected to see the most growth in LiDAR use, with average annual market expansion through 2022 projected to be at 29.2%.
- Airborne LiDAR is currently the largest component market, with a 2016 market value estimated at $36 million and is expected to grow at a CAGR of 19.3% through 2022. Component use in unmanned aerial vehicles is projected to grow at an even higher CAGR.
“LiDAR allows for the collection of so much information and also offers several advantages over traditional aerial mapping methods,” said Kevin Fitzgerald, BCC Research editorial director. “This technology is causing a paradigm shift in terrain mapping and is gaining popularity in many applications, such as floodplain mapping, landscape ecology and urban planning.”
Between 2015 and 2017, about half of all patents worldwide were granted to companies based in the United States. Major players in the LiDAR market include 3D Laser Mapping, Digitalworld Mapping, Faro Technologies, Firmatek, Innoviz Technologies, Leica Geosystems, Quanergy Systems and Velodyne LiDAR.
Market Limits Include Operating Costs and a Lack of Industrial Standards
The LiDAR market does face challenges. Limiting factors include a lack of industrial standards and non-interoperability of technologies, plus high costs. Ongoing technological developments, however, could slow cost rises, and it is expected that operating standards will improve. Key market opportunities point toward small and medium-sized businesses and growth potential in emerging economies.
Editors/reporters requesting analyst interviews should contact steven.cumming@bccresearch.com.
About BCC Research
BCC Research is a publisher of market research reports that provide organizations with intelligence to drive smart business decisions. By partnering with industry experts worldwide, BCC Research provides unbiased measurements and assessments of global markets covering major industrial and technology sectors, including emerging markets. For more information about BCC Research, please visit bccresearch.com. Follow BCC Research on Twitter at @BCCResearch.