LiDAR Market size to exceed $1.1bn by 2023

LiDAR Market size is expected to reach USD 1.1 billion by 2023, according to a new research report by Global Market Insights, Inc.

The industry is characterized by key notable players offering advanced, diverse and cost-effective solutions. Rising urbanization and large scale infrastructural development will contribute to the growth of global LiDAR market size timeline. over the forecast Heavy investments in infrastructural development and strategic alliances will remain the key strategies in the ecosystem.

Increasing acceptance in automobile safety application, environmental mapping arenas, rising acceptance in the corridor mapping and civil engineering for monitoring & 3D-modeling applications will fuel the LiDAR market share from 2016 to 2023.

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Rising adoption of technology in commercial as well as government applications such as railways, forestry and roadways management are among other growth drivers set to fuel growth rates in the coming years.

Operations are subject to regulations established by FEMA and USGS LiDAR Guidelines and base specifications. Varied nominal pulse spacing and vertical accuracy standards have been established by regulatory authorities for its operability. Specialized operations in high risk areas are subject to jurisdiction of standalone guidelines and base specifications for the National Geospatial Program of the U.S. government.

The technology has successfully acquired the photogrammetry systems customers due to its subtle operational deliverance and higher accuracy. Rising applications of UAVs in commercial operations linked would increase LiDAR market share. Lack of awareness and customer education is recognized as a business risk for the industry owing to negligence and loss of potential customers.

Mobile mapping systems have witnessed remarkable developments attributed to surging demand for accurate and high-resolution geospatial data. Introduction of internet mapping has increased the need for geospatial data.

Browse key industry insights spread across 150 pages with 79 market data tables & 46 figures & charts from the report, “LiDAR Market Size By Application (Corridor Mapping, Civil Engineering, Military & Defense, Government, Topographical Surveys), By Product (Short Range, Mobile, Terrestrial, Airborne), By Component (Navigation, Data Storage & Management Systems, Laser Scanners, GPS), Industry Analysis Report, Regional Outlook (U.S., UK, Germany, China, Japan, India, Mexico, Brazil), Application Potential, Competitive Market Share & Forecast, 2016 - 2023” in detail along with the table of contents:

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Key insights from the report include:

• Mobile LiDAR market share accounted for about 20% of the overall revenue in 2015. Ability of eliminating the need for mobilization costs, collect up to 1,000,000 points per seconds saves time, increases the safety of data by removing the need for traffic diversion and provides safety for project personnel.

• Airborne LiDAR market size accounted for about 40% of the revenue in 2015. It offers high accuracy and detailed local elevation data, can cover large area, increasing productivity and reduce the environmental impact.

• Rising need of accurate elevation data for roads and construction projects for validating initial quantity estimates would support the civil engineering demand.

• U.S. LiDAR market size was valued at over USD 85 million in 2015 and would grow at 9.3% by 2023. Increasing adoption of 3D imagery by the U.S. government and advent of industrial automation would support the industry growth.

• Key competitors in LiDAR industry include 3D Laser Mapping Ltd., Renishaw, Saab, Leica Geosystems, Aerometric and Faro Technologies. The industry is characterized by mergers and acquisitions to extend their presence across the globe. Companies support customer relations and sales by offering raw material handling, operator training, service training and automated testing equipment. They can also maintain control over certain key component technologies by creating an internal supply network.

Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.

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This release was published on openPR.