PORTLAND, May 07, 2020 (GLOBE NEWSWIRE) -- According to the report published by Allied Market Research, the global LiDAR market generated $700.2 million in 2019, and is estimated to reach $2.9 billion by 2027, registering a CAGR of 20.1% from 2020 to 2027. The report offers an extensive analysis of changing market dynamics, key winning strategies, business performance, major segments, and competitive scenarios.
Improved performance of LiDAR systems in comparison with other technologies, automated processing in LiDAR systems, and rising demand for 3D imaging drive the growth of the global LiDAR market. However, unawareness regarding the benefits of LiDAR systems hinders the market growth. On the other hand, surge in need for data captured by LiDAR in newer applications would create new opportunities in the coming years.
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Covid-19 scenario:
- In late March, governments of several countries declared lockdowns to slow down the spread of the novel coronavirus (COVID-19). Thus, various industries such as aerospace & defense and mining have shut down their operations. Due to this, the demand for LiDAR is likely to decline as these industries are the major consumers of LiDAR technology.
- During the coronavirus pandemic, the revenue generated from the civil engineering segment will be reduced for a few months as building and construction activities have been stopped amid lockdown. However, the market sale will rebound quickly.
- Several LiDAR manufacturers across China and India have a huge opportunity to grow and generate maximum revenue as COVID-19 pandemic is receding slowly in these countries and governments are now lifting the lockdown to start the industrial activities.
The report offers a detailed segmentation of the global LiDAR market based on type, component, application, end user, and region. Based on type, the aerial segment contributed to the largest share in 2019, accounting for more than half of the total share, and is estimated to maintain its dominant position during the forecast period. However, the mobile segment is expected to register the highest CAGR of 23.6% from 2020 to 2027.
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Based on component, the LASER segment accounted for the largest share in 2019, holding more than two-fifths of the total share, and is expected to maintain the largest share throughout the forecast period. However, the camera segment is estimated to portray the highest CAGR of 22.7% during the forecast period.
Based on region, North America contributed the highest share, accounting for around two-fifths of the total market share in 2019, and will maintain its dominance throughout the forecast period. However, Asia-Pacific is expected to grow at the highest CAGR of 22.0% from 2020 to 2027.
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Leading market players analyzed in the research include Airborne Hydrography AB, Velodyne, Faro Technologies Inc., Leosphere SAS, GeoSLAM Ltd. (3D Laser Mapping), Leica Geosystems AG, RIEGL Laser Measurement Systems GmbH, Firmatek LLC, Aerometric Surveys and Mira Solutions Inc.
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