08-23-2018 11:54 AM CET - Business, Economy, Finances, Banking & Insurance

Global LiDAR Market Increases Growth with Rising Demand for Innovative 3D Imaging throughout Several Applications

Press release from: Fact.MR
PR Agency: Fact.MR

The global light detection and ranging (LiDAR) market is anticipated to gather pace in its growth with rapid development of the system on the part of automated processing. The need to explore historical details and different places around the globe could increase the demand for aerial LiDAR systems. The technology is also increasing its adoption due to the swelling demand for 3D imaging in various applications. While these could support the growth of the market, there could be other factors putting brakes on market development. For instance, expensive cost of LiDAR systems because of the use of navigation system, laser scanners, high-resolution 3D cameras, and other high-end components is expected to challenge the demand in the market.

However, the rising popularity of 3D-LiDAR systems in the robotics industry could set the tone for valuable growth in the market. Such advanced systems are also used in autonomous vehicles at a high rate. They offer unequalled accuracy and enable wide area scanning. There could be lucrative prospects created in the global LiDAR market as the application of self-driving cars sees growth in the coming years. 3D-LiDAR systems have a very impressive potential in this application owing to their high-end features such as high-precision maps and real-time detection of data.

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LiDAR Falls Short of Matching Vast Commercialization of Autonomous Cars

The vast potential of LiDAR is difficult to turn a blind eye to. Scores of automakers are focusing on the development of next-generation autonomous cars. In this regard, it could be said that LiDAR may see high growth in its demand in the near future. Self-driving cars are expected to have a better success rate with the use of LiDAR which allows better awareness of the surroundings. However, LiDAR may not be able to match its adoption rate with the fast-paced commercialization of autonomous cars observed in the recent years. The uptake of LiDAR could face challenges due to the expensive cost of sensors installed in autonomous cars. On the other hand, robust radars capable of enduring tough conditions of vehicle operations are projected to pull back the demand for LiDAR.

Nonetheless, the growing preference for LiDAR over traditional surveying and detection techniques because of its ability to provide accurate 3D scanning and data images within no time is foreseen to create ample of opportunities in the market. LiDAR finds application in an extensive range of domains which includes geomatics, airborne laser swath mapping, geodesy, laser altimetry, and seismology. It is also used in controlling and navigating autonomous cars. Airborne and terrestrial are the two main types of LiDAR.

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Companies Use Forward-thinking Technology to Initiate Improvisation of Products

Players functioning in the global LiDAR market are foretold to take advantage of new product launch for securing a position of strength. Increasing adoption of 3D imaging technology for capturing geospatial scans used in civil infrastructure, forest, military, and agriculture industries could augment the demand in the market. Launch of new products could also help players to dominate their competitors in the industry. Use of advanced technology could enable players to improve their product portfolio in the long term. North America is prophesied to lead the market with large sums of investment directed toward driverless cars application.

Product innovation is one powerful tactic that players are expected to adopt to penetrate the global LiDAR market, especially in rewarding segments such as airborne and short range LiDARs. The market marks the presence of leading players such as Airborne Hydrography AB, Faro Technologies, and Leica Geosystems.

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