Global LiDAR Market to Grow at CAGR of 15.75% from 2021-2027
The Global LiDAR market is competitive owing to various players such as Faro Technologies Inc, Hexagon AB, Vaisala Oyj, Sick AG, and Teledyne Technologies Inc.
The latest report by Renub Research, titled “LiDAR Market Size, Share, Global Forecast 2022-2027, Industry Trends, Growth, Impact of COVID-19, Opportunity Company Analysis” the LiDAR Market will be USD 3.92 Billion by 2027. LiDAR, which determines light detection and ranging, is a popular remote sensing system used to measure the exact range of an object on Earth surface, even though it was primarily applied in the 1960s during laser scanners were mounted to aeroplanes. LiDAR is one of the numerous promising sensor-based technologies is reflected in a combination of laser scanning and 3D scanning thus; it can also be described as 3D laser scanning. Prominently LiDAR technology is categorized into three type's Aerial, Terrestrial, Mobile and Short Range.
Moreover, the rising adoption of LiDAR systems in UAVs, the emergence of 4D LiDAR, and easing of laws related to the use of commercial drones in different forms are among the factors of the global LiDAR market. The main factor driving the LiDAR industry's growth is LiDAR systems' improved automated processing ability in model resolution and data processing capabilities over other technologies.
Inertial Navigation System and LASER components Demand are Rising Worldwide
Besides, the primary components of the LiDAR system are LASER, Inertial Navigation System, Camera, GPS GNSS Receiver, MEMS (Micro Electro Mechanical Systems. LiDAR uses a pulsed laser component to calculate an object's variable distances from the earth surface. These light pulses put together with the information collected by the airborne system generate accurate 3D details on the earth surface and the target object. Notwithstanding, inertial technology has been leveraged in a range of high-precision LiDAR implementations on a range of platforms including vehicle-based, and both operated and unmanned aerial systems.
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LiDAR technology is used in many applications, such as corridor mapping, seismology, exploration & detection and others. Light detection and ranging (LiDAR) corridor mapping is becoming an established system of creating detailed geo-referenced spatial information of a surrounding and its characteristics. LiDAR -based corridor mapping solutions are agile and are utilized on a moving vehicle or stationary.
Worldwide LiDAR Market Size was USD 1.63 Billion in 2021
Based on end-users verticals, the global LiDAR industry is segmented into Defense & Aerospace, Civil Engineering, Archaeology, Forestry & Agriculture, Mining and Transportation. LiDAR is widely used in civil engineering, find crucial importance in the LiDAR technology for the aerial and terrestrial scanning to provide valuable insights as to the existing architecture or details regarding the security of the inclinations and other factors, which could play a vital role in the growth of the plans for construction and other. In the agriculture industry, LiDAR is used for surveying fields with drones and automated tractor steering solutions. And Amazon forest uses LiDAR cameras and photography to create digital maps of neighborhoods, which it is also working to utilize for its delivery robots.
North America is the Leader in the LiDAR Technology Industry
Worldwide, North America is one of the significant technology developers, owing to increasing investments in accelerating innovations in the LiDAR landscape. Many industries in North America adopt these types of LiDAR systems, especially for application in the automotive industry. LiDAR is primarily used for the (ADAS) advanced driver assistance systems in automobiles for the driver's convenience, with a human-machine interface for safe guidance and smooth operation.
Additionally, as per the US Department of Transportation Data, 51% of freight miles are available in nations approved commercial vehicle platooning. LiDAR technology is used in (UAS) Unmanned Aircraft Systems. The US army and civil governments are increasing their operations for UAS, raising the demand for LiDAR in the US.
Moreover, countries such as India, Malaysia and China are anticipated to increase speeding in drone technology for defense in the forecast period. Asian Companies are being adopted by a growing number of industries, especially for application in engineering, construction, environment, and exploration, proving the effectiveness and, therefore, demand for LiDAR technology.
COVID-19 Impact on Global LiDAR Industry
The COVID-19 pandemic has affected the companies present in the LiDAR ecosystem. It has affected both end-users and manufacturers of LiDAR globally. Among applications, the LiDAR industry in gas and mining purposes and oil for exploration is hit the most by COVID-19. The commanded lockdowns over the world have impacted the economies of the countries globally.
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Major vendors in the LiDAR market, such as Faro Technologies Inc, Hexagon AB, Vaisala Oyj Sick A, and Teledyne Technologies Inc. These various companies prevalent in the market are challenged to provide innovative offerings changing technologies, which help consumers, business practices, and security needs.
Type - We have covered by type market breakup by 4 viewpoints (Terrestrial, Aerial, Mobile and Short Range)
Components - Renub Research Report covers by Components market breakup by 5 viewpoints (LASER, Inertial Navigation System, Camera, GPS GNSS Receiver, MEMS (Micro Electro Mechanical Systems)
Application – Our Report covers by application market breakup by 4 viewpoints (Corridor Mapping, Seismology, Exploration & Detection and others)
End-User – This Report covers by End-Users market breakup by 4 viewpoints (Defense & Aerospace, Civil Engineering, Archaeology, Forestry & Agriculture, Mining and Transportation)
Region - Report covers by Region market breakup by 5 viewpoints (North America, Europe, Asia Pacific, South America, Middle East and Africa)
All the key players have been covered from 3 Viewpoints (Overview, Recent Development, and Revenue) Faro Technologies Inc, Hexagon AB, Vaisala Oyj Sick A, and Teledyne Technologies Inc.
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