LiDAR Market to Observe Strong Development of 12.66% CAGR by 2023 | Top Worldwide Key Players - Sick AG, Optech Inc., Faro Technology, Leica Geosystems AG, Trimble Navigation Limited, Velodyne LiDAR

In 2017, the global LiDAR market was valued at USD 1.69 billion and is projected to reach a value of USD 3.455 billion by 2023, recording a CAGR of 12.66% during 2018-2023 (the forecast period). The scope of this report is limited to solutions that are offered by the major players, including providers of laser scanners, GPS, and IMUs. Also, regions considered in the scope of the report include North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa.

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Increasing usage of drones across various applications, such as aerospace and defense, agriculture, and forestry, is a major factor driving the market growth. Moreover, rising investments in R&D of self-driven cars in the automotive sector are expected to positively impact the market. Research indicates that the revenue from the autonomous cars is anticipated to go beyond EUR 10 billion by 2020. LiDAR systems are expected to benefit from this growth, along with other intelligent devices as they are expected to assist in averting accidents. The growth of 3D printing market and the demand for 3D printed images are likely to offer potential opportunities for the LiDAR market. However, average LiDAR systems employed in autonomous cars cost around USD 60,000 to USD 80,000. Thus, relatively high cost of equipment for surveying applications, along with the lack of awareness about LiDAR technology, is challenging the market growth.

The Key Market Players Include:

• Sick AG
• Optech Inc.
• Faro Technology
• Leica Geosystems AG
• Trimble Navigation Limited
• Velodyne LiDAR

Other players in the market include Quantum Spatial, 3D Laser Mapping, Geodigital, Topcon Positioning Systems Inc., Denso, and Riegl Laser Measurement Systems GmbH.

Key Developments in the Market
• November 2017 - Velodyne Labs launched a LiDAR, with the world’s best resolution, longest range, and widest field of view. This factor boosted the autonomous vehicle and advanced safety market. The new Velodyne VLS-128, with 128 laser beams, produced the best resolution and will replace the HDL-64 LiDAR as the industry standard for high performance.
• April 2017 - 3D measurement solutions provider, Faro Technologies had acquired laser scanner manufacturer Nutfield Technology, which aims at expanding its presence in key markets, as well as improve upon its existing product lines.

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Rising Adoption In Government Sector Applications

Governments in different countries are using LiDAR technology for mapping, surveillance, monitoring, and topographical surveys predominantly in mining and oil & gas sectors. Enhanced features and low cost associated with these systems, when compared to conventional alternatives, are making it easily accessible for the government sector. Over the last 17 years, the UK Environmental Agency has been collecting LiDAR data and making it available to archeologists to visualize ancient landscapes. In 2016, in India, the state government of Telangana proposed the use LiDAR in preparation of high-resolution maps for use in various engineering tasks and projects across the state. LiDAR drones can help in creating rescue models, in order to analyze realistic situations and avert it in the situation of natural calamities. Recently, the Netherlands had a similar open-data scan of the country, which was presented in the form of a 3D web visualization. The project is led by TU Delft in collaboration with Netherlands eScience Center.

Increasing Rate Of Adoption Of LiDAR In The Automotive Sector To Drive The Market Growth

Across the globe, the automobile industry is flourishing. It is expected that the total number of vehicles in the world could double, to reach around 2.5 billion by 2050. LiDAR in automobiles are used in to perform functions like mapping, improved and advanced driver-assistance (ADAS), and enable fully self-driving vehicles. The LiDAR systems enable the avoidance of collisions, and thus, support the production and use of ADAS. When compared to traditional sensors, LiDAR functions better in the accurate profiling of static or dynamic objects that are impending over long distances. Also, it is less likely to provide missed or false alerts, making it much safer. With the self-driving cars close to becoming a reality, major giants, like Google, Tesla, and BMW, have started releasing their prototype models. LiDAR would turn cars into machines that are keenly aware of their surroundings, where they can generate accurate 3D snapshots of every object surrounding them. Thus, LiDAR technology quickly being seen as the solution to assisted driving automobiles.

Owing To the Opportunities Offered By Defense and Agriculture Sectors, North America Is Expected To Retain Its Lead

Owing to the increasing investments of business giants in North America, such as General Motors, Google Inc., and Apple Inc., towards ADAS and driverless cars, new opportunities are being offered to small, versatile, and low-cost LiDAR systems. In addition, major companies in the market, such as Trimble, Faro, and Velodyne are based in the United States, which is another major factor, contributing to the large share of North American market. Further, the US defense industry has increased its military and defense spendings, which has created opportunities for LiDARs to proliferate into the industry. The country spends approximately USD 596 billion on defense, which is greater than the combined spending of seven major countries.

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This release was published on openPR.