U.S. LiDAR Market to grow at 9.3% CAGR from 2016 to 2024

LiDAR market is poised to grow lucratively over the coming years owing to the high product demand from a wide set of sectors such as 3D surface modelling, topographic mapping, and biomass studies. Large scale urbanization leading to heavy investments in infrastructural developments will contribute significantly toward the overall industry growth. According to Global Market Insights, Inc., ”LiDAR Market was worth over USD 365.5 million in 2015 and is forecast to surpass a revenue of USD 1.1 billion by 2023.”

LiDAR industry finds application in government sectors, civil engineering, corridor mapping, and in topographical surveys. The government application is expected to dominate the industry with a revenue estimation over USD 340 million by 2023. Civil engineering application will also grow at a fast pace owing to its accuracy in elevating the data related to constructional projects.

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Underground applications of LiDAR industry which include scaling measurement, tunnel deformation, rockfall source detection, and cavern geometry will also fuel the market growth. The industry from corridor mapping is anticipated to grow at a CAGR of 21.5% over 2016-2023.

Airborne LiDAR is projected to collect a revenue of more than USD 400 million by 2023, owing to its capability to deliver high accuracy and productivity.
Mobile LiDAR industry is anticipated to register a CAGR of 22% over the period of 2016 to 2023. The growth can be attributed to its increasing implementation across the transportation sector and wind project.

Regional highlights pertaining to the global landscape are mentioned below:
• Asia Pacific LiDAR industry will exceed a revenue of USD 470 million by 2023, owing to the emergence of the new innovative products along with its growing implementation across this region.

• U.S. LiDAR market was worth over USD 85 million in 2015 and is predicted to exhibit an annual growth rate of 9.3% over the period of 2016 to 2023, driven by the increasing automation across the various industrial sectors coupled with growing implementation of 3D imagery by the U.S. government.

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Based on the component, LiDAR market is segmented into GPS, data storage & management systems, navigation, and laser scanners. Laser scanner is the most lucrative component of the industry with a CAGR estimation of more than 17% over 2016-2023, driven by the surging demand in the 3D scanning market.

Key market players are willing to offer advanced and cost-effective solutions to sustain their position in the LiDAR business. Industry participants in the LiDAR market are Intermap Technologies, Renishaw, Faro Technologies, Trimble Navigation, Leica Geosystems, RIEGL, 3D Laser Mapping Ltd, and Aerometric.

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