The LiDAR market is estimated to achieve a size of about USD
605 million by 2020. It is predicted to grow at around 16 percent CAGR during
2014 to 2020. LiDAR is the short form of light detection and ranging and refers
to a laser profiling technology. This technology produces information with
respect to elevation and site to describe the earth’s exterior and other
characteristics.LiDAR systems are either terrestrial or air borne in nature.
They were abstracted in the 1960s for military purposes and environmental
analysis.
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The commercial implementation of LiDAR technology has
boosted in the last few decades. A usual LIDAR system consists of a laser
scanner, inertial measurement unit and global positioning system. Conventional
LiDAR technology was very expensive in the past. Hence, its applications were
limited wherein the region to be monitored was big. However, in the last twenty
years, technological developments in semiconductors have decreased the price
and size of LiDAR systems. The accuracy of images generated by these systems
has also augmented considerably.
This has caused growing awareness regarding LiDAR technology
and implementation of the same in recent times. The forthcoming large-scale
substitution of conventional mapping by mapping technologies of LiDAR is also
expected to increase the demand for the LiDAR market. The coming to front of
LiDAR technology has made the identification, analysis and mapping of objects
simpler than conventional procedures. Enhanced mechanized processing
capabilities of LiDAR systems in relation to data and image resolutions as
againstother technologies aredriving the demand for the LiDAR market at
present.
Another element contributing further demand for the
worldwide market includes accelerated 3D imaging technology demand in different
application sectors. The rising implementation of aerial LiDAR systems to
identify and discover places also propels the sales of the LiDAR market.
Conversely, low consciousness regarding the advantages of LiDAR systems and
utilization of costly constituents in LiDAR technology magnify the price of
LiDAR systems. These factors are likely to hinder the pace of the LiDAR market
and restrict it from growing.
Accelerated ecological concerns and intensifiedneeds for
homeland safetyare also predicted to grow the LiDAR market further. The
worldwide market is segmented on account of four categories. These are
products, applications, components and geographies.
For Market Research Report on “LiDAR
Market” Visit -http://www.grandviewresearch.com/industry-analysis/lidar-light-detection-and-ranging-market
Products Overview
The various products of the LiDAR market include
terrestrial, air borne, mobile and short range. Air borne LiDAR systems occupy
a major share in the worldwide revenue.
Applications Outlook
The different application sectors are civil engineering,
military and defense, corridor mapping, government and topographical
surveys.Enhanced demand for LiDAR systems across these sectors is also likely
to steer the market forward.
Components Overview
On account of components, the LiDAR market is fragmented in
view of data storage and management systems, GPS, laser scanners, inertial
navigation systems and others.
Geographies Outlook
The LiDAR market, on the basis of geographies, is fragmented
into Asia Pacific, Europe, rest of the world and North America.North America is
projected to lead the market during the forecast phase. It is expected to be
followed by Europe. The Asian Pacific LiDAR market is likely to display huge
growth in the years ahead. This is in view of augmented defense investments in
the region.
Information Source: Grand View Research
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