According to HTF Market Intelligence, the Global Light Detection and Ranging Market market to witness a CAGR of 9.8% during forecast period of 2023-2028. Light Detection and Ranging Comprehensive Study by Type (Airborne LIDAR, Mobile LIDAR, Static LIDAR), Application (Civil Engineering, Forestry & Agriculture, Transportation, Urban Mapping, Others), Installation (Airborne, Ground-Based), Component (GPS, Laser Scanners, Inertial Measurement Units). The Light Detection and Ranging Market market size is estimated to increase by USD 2.47 Billion at a CAGR of 9.8% from 2023 to 2028. The report includes historic market data from 2017 to 2022E. Currently, market value is pegged at USD 2.23 Billion.
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The Light Detection and Ranging (LiDAR) market refers to the industry involved in the development, production, and deployment of LiDAR systems and solutions. LiDAR is a remote sensing technology that uses laser pulses to measure distances and create 3D models of objects and environments. LiDAR technology has applications in various fields, including surveying, mapping, autonomous vehicles, robotics, and environmental monitoring. The LiDAR market includes hardware manufacturers, software developers, and service providers who offer LiDAR-based solutions to customers in different industries. The market is expected to grow rapidly in the coming years, driven by increasing demand for LiDAR systems in various applications and technological advancements that are making LiDAR more affordable and accessible.
Light Detection and Ranging Market market – Key Segment Analysis
The market share growth by the Airborne LIDAR segment will be significant during the forecast period. The segment is driven by the Increasing Applications in 3D Imaging Technologies.
Light Detection and Ranging Market market – Competition Analysis
The global Light Detection and Ranging Market market is seeing several joint ventures to intensify the capability of manufacturers and/or companies to establish geographic footprints to new territory. The vendors are accelerating M&A strategies to expand their geographical reach, which is shaping the market toward new growth cycle. The list of players that are profiled in the study are Teledyne Optech (Canada), Leica Geosystems (Switzerland), Trimble (United States), Faro Technologies (United States), RIEGL Laser Measurement Systems GmbH (Austria), Topcon (Japan), Velodyne LiDAR (United States), 3D Laser Mapping Ltd. (United Kingdom), IGI mbH (Germany), Beijing Surestar Technology (Isurestar) (China).
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Light Detection and Ranging Market
Market Drivers
- Increasing Applications in 3D Imaging Technologies
Market Trend
- Rising Use of Lidar Equipped Drone Technology
Market Opportunities
- Growing Utilization of Lidar Components in Automobile Industry
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What key data is demonstrated in this Light Detection and Ranging Market market report?
- CAGR of the market during the forecast period
- Detailed information on factors that will drive the growth of the Light Detection and Ranging Market market between 2023 and 2028
- Precise estimation of the size of the Light Detection and Ranging Market market and its contribution to the parent market
- Accurate predictions about upcoming trends and changes in consumer behaviour
- Value in dollar term and growth of the market industry across APAC, Europe, North America, South America, and Middle Eastand Africa; further broken down by major country within region.
- Thorough analysis of the market’s competitive landscape and detailed information about vendors
- Comprehensive analysis of factors that will challenge the growth of Light Detection and Ranging Market market players
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FIVE FORCES & PESTLE ANALYSIS:
In order to better understand market conditions five forces analysis is conducted that includes the Bargaining power of buyers, Bargaining power of suppliers, Threat of new entrants, Threat of substitutes, and Threat of rivalry.
- Political (Political policy and stability as well as trade, fiscal, and taxation policies)
- Economical (Interest rates, employment or unemployment rates, raw material costs, and foreign exchange rates)
- Social (Changing family demographics, education levels, cultural trends, attitude changes, and changes in lifestyles)
- Technological (Changes in digital or mobile technology, automation, research, and development)
- Legal (Employment legislation, consumer law, health, and safety, international as well as trade regulation and restrictions)
- Environmental (Climate, recycling procedures, carbon footprint, waste disposal, and sustainability)
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