Mordor Intelligence announces the publication of their research report on the global LiDAR market. The report titled, “Global LiDAR Market - Market Size, Trends, and Forecasts,” discusses the current landscape and outlook of the market.
The global LiDAR market was valued at USD 1.33 billion in 2015 and is forecasted to grow at a CAGR of 12.72% and reach USD 2.42 billion by 2020. One of the best known application of LiDAR is in agriculture. It is used to create a topographical map of fields in order to determine sun exposure and gradients of a particular farm land. This technology helps farmers to achieve highest crop yield by indicating key areas for the usage of expensive fertilizers.
Market segmentation is based on:
Raman LiDAR is the most dominant technology, holding 33.2% of the market. It is followed by Rayleigh and fluorescence LiDARs. Fluorescence LiDAR (Na/K/Mg) is expected to be the fastest growing market owing to its higher accuracy and data collection efficiency. By 2020 corridor mapping and topographical surveying are expected to become the highest grossing sectors. The English, Dutch and Spanish governments have already commenced programs regarding collection of topographical data and are actively sharing the information with third-party organizations to assist citizens of their respective countries. Other countries in the Eurozone are expected to follow this trend.
The use of LiDAR for military applications is expected to gradually increase, owing to an increase in military sizes and adoption of better technology. Currently North America, followed by Europe, is the biggest LiDAR market. However, Asia-Pacific is expected to surpass both these regions.
The LiDAR market is dominated by SICK AG, Hokuyo Automatic Co Ltd., Velodyne LiDAR, Quanergy, Phoenix Aerial Systems, 3D Laser Mapping, Quantum Spatial, Airborne Imaging Inc., Avent LiDAR technology, Faro Technology, GeoDigital and Leica GeoSystems AG.
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