The airborne Light Detection and Ranging (LiDAR) system market size will grow at a notable rate on the back of rising penetration of exploration, corridor mapping and Advanced Driver Assistance Systems (ADAS) systems. Surging investments in driverless cars and heightened awareness about LiDAR systems will encourage stakeholders to expand their geographical presence.
Fortune Business Insights™ has delved into these inputs in an upcoming research report, titled, “Airborne Light Detection and Ranging (LiDAR) System Market, 2023-2030.”
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COVID-19 Impact-
Supply Chain Disruptions Challenge Growth Prospect
The exploration activities dipped during the COVID-19 pandemic as organizations and governments had to postpone their research projects. The slowdown in the oil & gas sector could have a telling impact on the global outlook. Furthermore, the dip in air traffic had an indirect influence on the business outlook as LiDAR systems are highly sought-after to monitor the passengers’ flow in real-time. Given that manufacturers use it to monitor supply chains, disruptions became pronounced. Meanwhile, the rising adoption of LiDAR in construction applications could add fillip to the industry growth.
Segments-
In terms of product type, the market is segmented into mobile, airborne, terrestrial and UAV. Based on component, the industry is segregated into Navigation Inertial Measurement Unit (IMU) devices, laser scanners, GPS component and others. With respect to application, the market is fragmented into exploration, corridor mapping, environment, Advanced Driver Assistance Systems (ADAS) and others. On the basis of geography, the industry includes Europe, North America, Asia Pacific and the Rest of the World.
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Drivers and Restraints-
Surging Demand for 3D Images to Foster Industry Growth
Leading players are likely to cash in on the prevalence of 3D images in a host of applications, including topographical surveys, military and defense, corridor mapping and civil engineering. The airborne Light Detection and Ranging (LiDAR) system market share will witness a notable uptick on the back of expanding footfall of corridor mapping, city planning and 3D mapping. Expanding applications of UAVs could add fillip to LiDAR-based mapping systems. With rising traction for improved safety features, autonomous cars are likely to be equipped with LiDAR systems for navigation and GPS. LiDAR systems will increasingly be mounted on unmanned vehicles to provide versatility and portability. However, the prevalence of lightweight and low-cost photogrammetry systems could dent the growth prospect.
Regional Insights
North America to Witness Investments Galore with Rising Investments in Driverless Cars
Stakeholders expect the U.S., Canada, and Mexico to emerge as lucrative destinations following the rising footfall of driverless cars. Moreover, the ADAS has become trendier across the region, encouraging leading companies to boost North America market revenue. Technological advancements will be pronounced with expanding mapping and surveying applications. Modernization of GPS components and increasing exploration activities will boost regional growth.
Asia Pacific airborne Light Detection and Ranging (LiDAR) system market growth will be noticeable owing to rising infrastructure development. With LiDAR modernization programs gaining an uptick across China, Australia and India, stakeholders are likely to foster their footprint. Expanding automotive sector and the soaring popularity of UAV systems could provide impetus to the regional market.
Competitive Landscape-
Stakeholders Focus on Product Launches to Bolster Portfolios
Leading companies are likely to invest in technological advancements, product rollouts, and R&D activities to expand their geographical presence. With soaring investments in innovation and advanced design, stakeholders could inject funds into mergers and acquisitions.
- February 2021: Phoenix LiDAR Systems announced its collaboration with Nordic Unmanned Systems to provide a customer-focused solution.
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Some of the Leading Companies Profiled in the Market:
- Trimble Navigation Limited (U.S.)
- RIEGL USA Inc, Inc. (U.S.)
- Faro Technologies Inc. (U.S.)
- Velodyne LiDAR, Inc (U.S.)
- Leica Geosystems Holdings AG (Switzerland)
- 3D Laser Mapping (U.K.)
- Phoenix LiDAR Systems (U.S.)
- Hexagon AB (Sweden)
- Teledyne Technologies (U.S.)
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