New York, NY, Aug. 20, 2018 (GLOBE NEWSWIRE) -- Zion Market Research has published a new report titled “LiDAR Market by Component (Laser, Scanner, GPS Receiver, Inertia Measurement Unit (IMU), High Precision Clock, and Others), by Product (Topographic LiDAR and Bathymetric LiDAR), by End-use Industry (Space Exploration, Meteorology, Automotive, Defense & Marine, Construction, Mining, and Others): Global Industry Perspective, Comprehensive Analysis and Forecast, 2017 – 2024”. According to the report, the global LiDAR market accounted for USD 688.6 million in 2017 and is expected to reach USD 2,136.7 million globally by 2024, growing at a CAGR of around 17.6% between 2018 and 2024.
LiDAR is a machine that uses a laser to detect the position and motion of an object. The machine emits light which is reflected from the three-dimensional object’s surface. The system then generates details about the object. LiDAR consists of systems to map and display results. The technology is used in various industries such as automotive, mining, defense, construction, power generation, and meteorology.
Browse through 60 Tables & 31 Figures spread over 110 Pages and in-depth TOC on “Global LiDAR Market Size, Share 2017 Report: Industry Growth, Trends, Analysis and Forecast, 2024”.
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Increasing usage of LiDAR in the mining applications is preliminarily fueling the market growth. LiDAR is used to assist mine operators with mine planning and slope stability assessment. In 2017, top 40 global companies in the mining industry generated revenue of about USD 600 billion as compared to USD 490 billion in 2016. Increasing investment in the mining industry is expected to propel the LiDAR market. In 2017, Russia and China raised about USD 1 billion to invest in Russia’s mining industry. Government initiatives in India will further lead to the growth of the market. In 2018, the government of India allowed 100% Foreign Direct Investment in coal mining. Thus, it is anticipated that the mining industry will contribute significantly to the growth of LiDAR market.
The usage of LiDAR in power generation has been noteworthy. The rising investments in this sector are expected to fuel the growth of the LiDAR market. The global investments in clean energy technology were about USD 333 billion in 2017 as compared to USD 324 billion in 2016. In 2017, China was the leading investor with USD 132 billion followed by the U.S. with USD 57 billion. This number is estimated to rise during the forecast period. Thus, the growth of the LiDAR market in the power generation sector is evident.
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Laser, scanner, GPS receiver, Inertia Measurement Unit (IMU), high precision clock, and others are the component segment of global LiDAR market. Laser segment holds a considerable share in this segment and is expected to propel in the forecast period. The share is attributed to the increasing adaptation in the automotive sector. Further, the LiDAR market is classified on the basis of product into Topographic LiDAR and Bathymetric LiDAR. Topographic LiDAR segment is estimated to boost at a significant rate during the forecast time frame. The growth is projected due to the use of Topographic LiDAR in various industries such as meteorology, construction, mining, agriculture, and transportation, among others.
In terms of revenue, North America holds a substantial share in the global LiDAR market. The presence of recognized companies such as Teledyne Optech Inc., Faro Technologies, Inc., Quantum Spatial, Inc., and Velodyne LiDAR, Inc., among others is majorly contributing to the highest market share. The U.S. government is also using LiDAR in various military and defense applications. In 2018, the U.S. government had declared a defense budget of about USD 611 billion as compared to USD 606 billion in 2017. The U.S. defense department estimated a budget of about USD 686 billion for 2019, an additional USD 74 billion as compared to 2018. It is projected that investments in the defense sector will continue to increase over the next five years. Thus, North America will continue its dominance in the LiDAR market during the forecast period.
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The European LiDAR market is preliminarily driven by increasing usage of the technology in the automotive industry. From 2016 to 2017, automobile registrations in Europe grew by 3.3%. This number is predicted to rise during the time frame. Further, European automotive manufacturers such as BMW, Mercedes, and Volkswagen consider LiDAR as an important part of their autonomous vehicles. These driverless vehicles are to be launched in the next five years. The UK and Germany are anticipated to hold significant market share in the Europe region.
The Asia Pacific is expected to grow at a significant rate from 2018 to 2024 in the global LiDAR market. Developing economies such as China and India have a great potential for LiDAR application. Rapid economic growth along with investments in the construction sector is predicted to drive the market in this region. In China, investments in the construction industry grew by about 2% in 2017 from 2016. The Indian government is also taking initiatives to boost the construction sector by allocating a budget of about USD 92 billion in 2018 as compared to USD 59 billion in 2017. Further, the Foreign Direct Investment in the Indian construction sector has also increased. In 2018, the Asian Infrastructure Investment Bank announced an investment of USD 200 million in India’s construction sector. This number is projected to rise during the forecast period and hence several top players in the construction sector have opted to use LiDAR for speed and accuracy for surveying and mapping purposes. Thus, the growth of LiDAR in Asia Pacific region is still imminent.
Browse the full "LiDAR Market by Component (Laser, Scanner, GPS Receiver, Inertia Measurement Unit (IMU), High Precision Clock, and Others), by Product (Topographic LiDAR and Bathymetric LiDAR), by End-use Industry (Space Exploration, Meteorology, Automotive, Defense & Marine, Construction, Mining, and Others): Global Industry Perspective, Comprehensive Analysis and Forecast, 2017 – 2024" report at https://www.zionmarketresearch.com/report/lidar-market
Latin America also has a potential market for the future growth of the LiDAR market. Rising adoption of LiDAR in the agriculture sector will propel the demand for the LiDAR market in this region. Brazil and Argentina are anticipated to be the key contributors for the growth of this market in Latin America. The Middle East is projected to be one of the growing regional markets in the coming years. The military expenditure for countries in this region grew by 6.2% over the past year. Owing to its rising demand in military applications, LiDAR market is predicted to grow at a substantial rate in this region.
Prominent manufacturers in the LiDAR market are Leica Geosystems Holdings AG, Teledyne Optech Inc., Quantum Spatial, Inc., Faro Technologies, Inc., Velodyne LiDAR, Inc., Sick AG, Geokno, Trimble, Inc., RIEGL USA, and YellowScan, among others. Top players are concentrating on upgrading their products to cater to the increasing demand in the emerging markets.
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The report segments the global LiDAR market as follows:
Global LiDAR Market: Component Segment Analysis
- Laser
- Scanner
- GPS Receiver
- Inertia Measurement Unit (IMU)
- High Precision Clock
- Others
Global LiDAR Market: Product Industry Segment Analysis
- Topographic LiDAR
- Bathymetric LiDAR
Global LiDAR Market: End-use Industry Segment Analysis
- Space Exploration
- Meteorology
- Automotive
- Defense & Marine
- Construction
- Mining
- Others
Global LiDAR Market: Regional Segment Analysis
- North America
- The U.S.
- Europe
- UK
- France
- Germany
- Asia Pacific
- China
- Japan
- India
- Latin America
- Brazil
- The Middle East and Africa
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