Global LiDAR Market Driven by Demand for 3D Imagery Technology, to Touch US$605.5 Million at 15% CAGR by 2020
The global LiDAR market had a value of US$225 million in 2013 and is expected to be valued at US$605.5 million by 2020. The global LiDAR market is forecast to grow at a 15% CAGR in the period between 2014 and 2020.
Growth in demand for 3D imagery and 3D mapping in the recent past has resulted in fast development of the global LiDAR market. At present, the demand for 3D imagery is high in consumer, government, and commercial applications. Orthodox mapping is being rapidly replaced by LiDAR technology in many regions across the globe, thus boosting the global LiDAR market.
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Aerial LiDAR in Coastal Application Leading the Global Market
The global LiDAR market is segmented based on technology, application, and regions. By technology, the global LiDAR market is divided into two types, namely aerial and terrestrial. In 2013, aerial LiDAR mapping grabbed a larger share of the global LiDAR market. By application, the global LiDAR market was led by coastal LiDAR, which includes applications such as coastal habitat mapping and ocean floor mapping. Some other LiDAR applications that contributed to the growth of the global market include forestry, infrastructure, transmission lines, transportation, defense, and aerospace.
By geography, the global LiDAR market is segmented into North America, Asia Pacific, Europe, and Rest of the World. North America dominated the global LiDAR market in 2013 thanks to high acceptance of 3D imagery and 3D mapping technologies, especially in the U.S. Europe emerged as the second largest regional market for LiDAR technologies with a share only slightly lower than that of North America. A large number of market players producing as well as adopting 3D imagery technology are based in Europe.
Booming 3D Imagery Technology Leading to Growth of Global LiDAR Market
Key market players are steadily coming up with innovations in 3D imagery, thus boosting the global LiDAR market.
Magic Leap, a startup in the United States, recently announced that they will offer a platform for game developers, artists, and filmmakers to use 3D imagery technology to showcase their creative vision. With bigger plans, Magic Leap has put big money on 3D mapping and 3D imagery technology.
The Dania Beach Company, which specializes in new 3D imagery technologies, is willing to welcome developers who have the potential to utilize their SDK. Dania Beach Company is willing to spend US$592 million to build a 300,000 square foot manufacturing area in Florida for its photonic light field chip. The photonic light field chip will be responsible for powering the company’s enlarged reality headset, which directly projects the display at a user’s eye, instead of on a screen.
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Many such advanced 3D imagery technologies being introduced by key market players have boosted the development of the global LiDAR market. Some of the leading participants of the global LiDAR market are Avent Lidar Technology, FARO Technology Inc.n 3D Laser Mapping Ltd., Firmatek 3D Mapping Solutions LLC, Mosaic 3D, Leica Geosystems AG, INtermap Technologies Corp., Optich Incorporated, DigitalWorld Mapping Inc., and Aerometric Inc.