LiDAR Market to Reach US$605.5 Million by 2020

LiDAR Market to Reach US$605.5 Million by 2020 on Account of Rising Demand for 3D Imagery: Transparency Market Research

ALBANY, N.Y.Transparency Market Research (TMR), a market intelligence firm, has recently published a study on the global LiDAR market. The report, titled LiDAR Market Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2014 2020, expects the market to register a CAGR of 15.0% over the period from 2014 to 2020 and reach a value of US$605.5 million by the end of the forecast period. The market was pegged at US$225 million in 2013.

LiDAR Market Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2014 2020

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A rise in the demand for 3D imagery from various end-use industries such as transportation, power transmission, and construction has fueled the global LiDAR market significantly. However, inadequate data standardization is likely to hamper the markets growth during the forecast period.

Based on product type, airborne LiDAR and terrestrial LiDAR are the two major segments of the global LiDAR market. Among these, the airborne LiDAR market emerged as the leader in 2013.

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Coastal, transportation, forestry, infrastructure, transmission lines, defense and aerospace, and flood mapping are the major application areas for LiDAR technology. The highest demand for LiDAR was reported from the coastal application segment in 2013, states the report.

According to the report, North America leads the global LiDAR market and is closely followed by Europe. However, analysts at TMR project the LiDAR market in Europe to surpass the North America market over the forecast period.

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3d Laser Mapping Ltd., Avent Lidar Technology, Airborne Hydrography Ab, Digitalworld Mapping Inc., Riegl Laser Measurement Systems Gmbh, and Quantum Spatial Inc. are the major participants of the global LiDAR market.

Innovations, technological development, and product enhancement are the key strategies adopted by market players in order to expand their businesses, reports the market study.

About TMR

Transparency Market Research (TMR) is a U.S.-based market intelligence company driven by high-pedigree consultants and researchers. TMR leverages its Syndicated Research, Custom Research, and Market Consulting expertise to help businesses make accurate decisions. TMRs exclusive blend of quantitative forecasting and trends analysis draws on proprietary data sources and techniques, while their data repository is continuously updated to reflect the latest trends.