LiDAR Market Size To Witness Huge Growth By 2031

On the other hand, low awareness about the benefits of LiDAR systems and the use of expensive components in LiDAR systems viz., laser scanner, navigation system, high-resolution 3D cameras, etc. collectively increases the cost of LiDAR systems. These factors are restraining adoption of LIDAR technology and restricting the growth of the market.

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Governmental organizations are boosting their maintenance budgets for system infrastructure while simultaneously funding initiatives for project development, modernization, and enhancement. As a result of the investments' success, ICT vendors now annually set aside funding for the growth of the online market. Global ICT exports are anticipated to increase 3.9% on average year from US$ 784.3 billion in 2021 to US$ 955.19 billion in 2030. Global supply has increased by 9.5% yearly since 2009. In terms of global ICT exports in 2021, Ireland came in first place with US$ 169. 32 billion. The rankings placed China at number 4, the United States at number 2, and India at number 3. Since 2009, Brunei has increased by 228.2% year over year, while Sierra Leone has decreased by 61.7% year over year.

By 2026, European ICT Revenue is likely to increase by 1.5% annually, from US$ 1,802,413 Million in 2021 to US$ 1,933,429 Million. The European market has increased by 3.1% annually since 2016. In terms of ICT Revenue in Europe in 2021, Germany came in first place with US$ 339,074 million. Positions 2, 3, and 4 in this ranking were held by the United Kingdom, France, and Ireland, respectively. Since 2016, Malta has increased by 16.5% year over year, while Italy has decreased by 0.2%.

Introduction of Light Detection and Ranging (LIDAR) systems have made the examination, detection and mapping of objects easier than conventional methods. Use of laser light provides accurate and precise data points in short time. LIDAR systems are used over conventional surveying methods due to their ability to provide highly accurate data and 3D images in a shorter time. Improved automated processing ability of LIDAR systems in terms of image resolutions and data processing capabilities over other technologies are the major factors that are presently driving the global LIDAR market. Other factors that are supplementing the growth of LIDAR market as a whole are rising demand of 3D imaging technology across various application areas, and the increasing adoption of aerial LIDAR systems to explore and detect places, historic details, etc.

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Players in the market are adopting product launch and collaborations as their key developmental strategies to meet the customer demands and increase their customer base. Partnerships would help the players to set a common technology platform and share the technological requirement. This would ultimately help the market players to enhance their product portfolio through less investment and increase their market share across various regions. The cost cutting in operations would enable the manufacturers to invest into advertisement activities and increase the awareness about the LIDAR systems across diverse industry verticals and geographies. Recently, in October 2014, Phoenix Aerial Systems collaborated with Pulse Aerospace to launch a single-rotor unmanned aerial system for Ranger LIDAR system- The Vapor 55TM. Eventually, the rise in the use of LIDAR systems across various industries would supplement the growth of global LIDAR market.

The global LIDAR market is segmented based on type of LIDAR systems, components used, their application, end user sectors and geography. Static or terrestrial, aerial, mobile and short range are the various types of LIDAR systems elaborated in the report. The components of LIDAR systems discussed are laser scanner, inertial navigation system, camera, GPS receiver and micro-electro-mechanical system.

The report also includes corridor mapping, seismology, and exploration and detection purpose as some of the major application of LIDAR systems. End-user segment consists of LIDAR systems that are used across various industry verticals viz., defense and aerospace, civil engineering, archaeology, forestry and agriculture, mining industry and transportation. A study with respect to region is conducted to perform in-depth analysis if LIDAR technology across various geographies. The regions examined are North America, Europe, Asia-Pacific and LAMEA.

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KEY BENEFITS

The study highlights the global LIDAR market with current market situation and forecast the adoption of LIDAR technology across varied industry verticals to look for the prominent investment pockets in the market
Market analysis unveils the dominant aspects viz., improved automated processing of data in LIDAR systems, performance of LIDAR systems as compared to other technologies, rising demand of 3D imaging, which drives the global LIDAR market
Trends of the global market are outlined to determine the overall attractiveness and single out market trends to gain a stronger foothold in the market
Microscopic analysis of segments is conducted to gauge the potential of the market. The segments highlight the major favorable conditions for the growth of global LIDAR market
Porters five force's model helps in analyzing the potential of buyers & suppliers with a competitive sketch of the market, which help market players in making better decisions
The value chain analysis of the industry provides a clear view of key intermediaries involved and elaborates their roles and value addition at every stage in the chain

KEY MARKET SEGMENTS

MARKET BY PRODUCT TYPE

Terrestrial / Static
Aerial
Mobile
Short-range

MARKET BY APPLICATION

Corridor mapping
Seismology
Exploration and detection
Others

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MARKET BY COMPONENTS

Laser
Inertial navigation system
Camera
Gps/Gnss receiver
Micro Electro Mechanical System (MEMS)

MARKET BY END-USER

Defense and aerospace
Civil Engineering
Archaeology
Forestry and Agriculture
Mining Industry
Transportation

MARKET BY GEOGRAPHY

North America
Europe
Asia-Pacific
LAMEA

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