LiDAR Market Projected to reach $1,809.5 million by 2023 | Key players include Teledyne Optech, Leica Geosystems, Trimble, Faro Technologies and Velodyne LiDAR

According to the new market research report "LiDAR Market by Type (Mechanical LiDAR and Solid-State LiDAR), Installation (Airborne and Ground-Based), Application (Corridor Mapping, ADAS & Driverless Car, and Engineering), Range, Component, Service, and Geography - Global Forecast to 2023", The LiDAR market is expected to reach USD 1,809.5 Million by 2023 from USD 819.1 Million by 2018, at a CAGR of 17.2% during the forecast period.

Browse 68 market data Tables and 38 Figures spread through 151 Pages and in-depth TOC on "LiDAR Market - Global Forecast to 2023"

https://www.marketsandmarkets.com/Market-Reports/lidar-market-1261.html

LiDAR is the acronym of the term light detection and ranging. It works on the principle of time of light. The system uses light waves or light source in the form of pulsed laser to measure the distance between the objects. Through measuring distances, it makes 3D maps of terrain or earth surfaces which are not visible naturally by the human eye or through photogrammetry methods. LiDAR includes laser scanners, specialized GPS receivers, and high-precision clocks as components.

Request for Customization @ https://www.marketsandmarkets.com/requestCustomizationNew.asp?id=1261&utm_source=OpenPR

The objectives of the report includes forecast of the LiDAR market size in terms of value for type (Mechanical LiDAR and Solid-State LiDAR), Installation (Airborne and Ground-Based), Application (Corridor Mapping, ADAS & Driverless Car, and Engineering), Range, Component, Service, and Geography.

The market for Solid-State LiDAR to grow at the highest CAGR during 2018–2023

The market for Solid-State LiDAR is expected to grow at the highest CAGR during the forecast period. The higher CAGR of the market for solid-state LiDAR during the forecast period is attributed to the increasing range of applications of this type in the automotive and robotics industries. The solid-state LiDAR systems were specially introduced for the automotive industry. These LiDAR systems can also be installed in economy cars due to their low costs.

By Installation Ground-based LiDAR to grow at the highest rate during forecast period.

On the basis of installation, ground-based LiDAR expected to grow with the highest CAGR during forecast period. The ground-based LiDAR systems are used in the applications including small area scanning, corridor mapping, volumetric mapping, and defense area surveying. Mobile ground-based LiDAR is a new and emerging technology used in many applications such as corridor mapping, transportation, hydrology, forestry, and construction. Mobile ground-based LiDAR systems are mounted on a mobile platform, preferably on a terrestrial vehicle. The advantage of being mounted on a vehicle is that it enables the LiDAR to scan large areas accessible by road. The automotive sector is emerging as an application area for the mobile ground-based LiDAR systems, and the number of premium cars equipped with advanced driver assistance systems (ADAS) is rising every year. This is expected to further boost the market for mobile ground-based LiDAR systems.

North America to hold a major share of the LiDAR market in 2018

North America is expected to dominate the LiDAR during the forecast period. This growth can be attributed to the supportive government initiatives and increasing utilization of LiDAR systems by various institutes for various applications, such as corridor mapping, forestry, environmental, and exploration, along with some of the emerging applications including advanced driver assistance systems (ADAS) and urban planning. The growing awareness regarding the benefits of LiDAR systems, which include easy functionality, better quality, less complexity, and improved features, can also be the driving factors for the growth of the LiDAR market in the US. In addition, major companies such as Trimble, Faro, and Velodyne are based in the US, which is also a key factor leading to the large share of the US in the LiDAR market.

Speak to Analyst @ https://www.marketsandmarkets.com/speaktoanalystNew.asp?id=1261&utm_source=OpenPR

Major players operating in this market are Teledyne Optech (Canada), Leica Geosystems (Switzerland), Reigl Laser Measurement Systems (Austria), Trimble (US), Faro Technologies (US), Quantum Spatial (Aerometric) (US), Velodyne LiDAR (US), Beijing Surestar Technology (Isurestar) (China), Geokno (India), Sick AG (Germany).

Contact:
Mr. Shelly Singh
MarketsandMarkets™ INC.
630 Dundee Road
Suite 430
Northbrook, IL 60062
USA : 1-888-600-6441
sales@marketsandmarkets.com

About MarketsandMarkets™

MarketsandMarkets™ provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies’ revenues. Currently servicing 7500 customers worldwide including 80% of global Fortune 1000 companies as clients. Almost 75,000 top officers across eight industries worldwide approach MarketsandMarkets™ for their painpoints around revenues decisions.

Our 850 fulltime analyst and SMEs at MarketsandMarkets™ are tracking global high growth markets following the "Growth Engagement Model – GEM". The GEM aims at proactive collaboration with the clients to identify new opportunities, identify most important customers, write "Attack, avoid and defend" strategies, identify sources of incremental revenues for both the company and its competitors. MarketsandMarkets™ now coming up with 1,500 MicroQuadrants (Positioning top players across leaders, emerging companies, innovators, strategic players) annually in high growth emerging segments. MarketsandMarkets™ is determined to benefit more than 10,000 companies this year for their revenue planning and help them take their innovations/disruptions early to the market by providing them research ahead of the curve.

MarketsandMarkets’s flagship competitive intelligence and market research platform, "Knowledgestore" connects over 200,000 markets and entire value chains for deeper understanding of the unmet insights along with market sizing and forecasts of niche markets.

This release was published on openPR.