(MoneyNewsWire.Net, November 23, 2021 ) The growing demand for 3D imaging technology coupled with an expanding number of new applications demanding lidar technology is accelerating the growth of the global LiDAR Market. Also, other factors such as the performance of the lidar systems being susceptible to environmental traits fuel the development of the LiDAR market. According to Renub Research, Global LiDAR Market will reach US$ 3.92 Billion by 2027.
Worldwide LiDAR Industry is expected to grow with double digit CAGR of 15.75% from 2021 to 2027
LiDAR has become an authenticated method for collecting very dense and accurate elevation data over landscapes, shallow-water areas and project sites. LiDAR, which attains for ranging and light detection, is a remote sensing method that does light in the design of a pulsed laser to measure ranges (variable distances) to the Earth. These light pulses, coupled with additional data recorded by the airborne system, generate precise, 3D information about the shape of the Earth and its surface characteristics.
LASER and Inertial Navigation System components are expected to witness demand globally
On the basis of type, the global lidar industry is segmented into Terrestrial, Aerial, Mobile and Short Range. Aerial Lidar is an accurate and thorough process of creating digital elevation models, thereby replacing photogrammetry. This system delivers enhanced accuracy and more extensive area coverage as compared to its terrestrial counterparts. It provides more comprehensive area mapping in comparatively shorter time intervals.
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Notwithstanding, LASER and Inertial Navigation System components are expected to witness enhanced demand for more expensive adoption globally. Laser scanners are utilized to record an intensity value to provide a return signal strength that can be crucial to distinguish objects of variable reflectivity. Laser scanner Lidar produced 2D point cloud data, which can be used in Corridor Mapping, Seismology, and Exploration & Detection application.
Global LiDAR Market was US$ 1.63 Billion in 2021
Over the years, improvements in Lidar mapping systems and their enabling technologies penetrated different verticals, like Defense & Aerospace, Civil Engineering, Archaeology, Forestry & Agriculture, Mining and Transportation, increasing the market scope of the LiDAR market. In the aerospace and defense industry, LiDAR is used for tracing low flying aircraft, as they work efficiently in all weather conditions and accurately calculate the target's dimension and distance.
United States and Canada are the most Advanced LiDAR Market
North America, led by the United States and Canada, is the most technologically superior market globally. IT Services and IT-based manufacturing are in demand for LiDAR data across the continent. Applications in civil engineering and the intelligent automation industry need LiDAR datasets to create innovative software, such as advanced game development in the region.
Moreover, LiDAR based mapping solutions are agile in Europe and can be used on a stationary or moving vehicle. Due to this, they are being adopted by a growing number of industries in Europe, especially for application in environment, engineering, construction and exploration, proving the effectiveness and therefore, demand for LiDAR technology. China, Japan, and India are the most significant revenue-generating countries in the Asia Pacific. China is expected to maintain their dominant position in the LiDAR market throughout the forecast period.
COVID-19 Impact on the Global Lidar Market
The COVID-19 outbreak has affected industries across the globe. The COVID-19 pandemic has impacted the organizations because the outbreak has started to shut down various production effects in the Lidar ecosystem. It has impacted both end-users and manufacturers of LiDAR globally. Among applications, the Lidar market for exploration applications is to get affected the most by COVID-19.
Key Industry Players
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. All the companies focus on strategic activities such as new partnerships, product launches, mergers, and acquisitions to capture the highest market share.
Renub Research latest report "Global Lidar Market By Type (Terrestrial, Aerial, Mobile and Short Range), Components (LASER, Inertial Navigation System, Camera, GPS GNSS Receiver, MEMS (Micro Electro Mechanical Systems), Application (Corridor Mapping, Seismology, Exploration & Detection and others), End-User (Defense & Aerospace, Civil Engineering, Archaeology, Forestry & Agriculture, Mining and Transportation), Region (North America, Europe, Asia Pacific, South America, Middle East and Africa), Company analysis (Faro Technologies Inc, Hexagon AB, Vaisala Oyj Sick AG, and Teledyne Technologies Inc.)" provides a detailed analysis of Global Lidar Market.
Follow the link for the full report with detailed TOC and list of figures and tables: https://www.renub.com/lidar-market-p.php
Type – Global Lidar Market
4. Short Range
Components – Global Lidar Market
2. Inertial Navigation System
4. GPS GNSS Receiver
5. MEMS (Micro Electro Mechanical Systems)
Application – Global Lidar Market
1. Corridor Mapping
3. Exploration & Detection
End-User – Global Lidar Market
1. Defense & Aerospace
2. Civil Engineering
4. Forestry & Agriculture
Region – Global Lidar Market
1. North America
3. Asia Pacific
4. South America
5. Middle East and Africa
• Recent Development & Strategies
• Financial Insights
1. Faro Technologies Inc
2. Hexagon AB
3. Vaisala Oyj
4. Sick AG
5. Teledyne Technologies Inc
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