25% CAGR Growth To be Achieved by LIDAR Market by 2023 Know About the Incredible Factors Driving the Market

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Key players profiled in this report Quantum Spatial (Aerometric, Inc.) , Faro Technologies , Beijing Beike Technology Co., Ltd (Isurestar) , Leica Geosystems , Teledyne Optech Inc. , Riegl Laser Measurement Systems GmbH , Velodyne LiDAR, Inc. , Yellowscan , Geokno India Pvt. Ltd.

With the introduction of LiDAR (Light Detection and Ranging) system, inspection, detection and mapping are easier than conventional methods. Laser light provides accurate and accurate data points in a short time. Because LiDAR systems can provide high-precision data and 3D scanning of images in a short amount of time, they are used in comparison to traditional survey methods. The improved image processing capabilities of LiDAR systems and data processing capabilities compared to other technologies are key drivers in the current global market. Another factor that complements the growth of the LiDAR market is the growing demand for 3D imaging technology across a variety of applications and the increasing adoption of public LiDAR systems to detect and detect locations, historical details, and so on. Recognition of the benefits of LiDAR systems and the use of expensive components in LiDAR systems, such as laser scanners, navigation systems, and high-resolution 3D cameras, increases the overall cost of LiDAR systems. These factors reduce the adoption of LiDAR technology and limit the growth of the LiDAR market.
The market is expected to grow at an CAGR of 25% over the next five years. LiDAR systems are used in a wide range of applications such as corridor mapping, engineering, environment, ADAS and unmanned vehicles, exploration, urban planning, cartography, meteorology and others. In addition, the growing LiDAR market is accelerating with the increasing number of corridor mapping for road mapping.

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The major players in the LiDAR market are Quantum Spatial (Aerometric, Inc.) , Faro Technologies , Beijing Beike Technology Co., Ltd (Isurestar) , Leica Geosystems , Teledyne Optech Inc. , Riegl Laser Measurement Systems GmbH , Velodyne LiDAR, Inc. , Yellowscan , Geokno India Pvt. Ltd. , Trimble Inc. , Sick AG
This market is segmented by components, products, applications, services and geography. Products-based markets include public LiDAR, ground-based LiDAR, UAV LiDAR, and solid LiDAR. Among these products, ground-based LiDAR accounted for the largest market share in 2017 due to increased demand for construction and engineering applications.
The solid LiDAR Market is expected to show the highest growth rate during the forecast period. Solid-state LiDAR systems use a laser scanner to create 3D images of the environment, which are automatically processed for monitoring, warning, braking and steering. The growth of the solid-state LiDAR market can be targeted at advances in the automotive industry, especially in unmanned vehicles and advanced driver assistance systems (ADAS) applications. Solid-state LiDAR can be used in a variety of automotive applications, including ADAS, automotive. The preference for self-propelled vehicles and the requirements for ADAS application promote market growth.

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The GIS service market is seeing significant growth opportunities due to increased demand for GIS services in canopy height estimation, forest planning and harvest planning applications. This application has been adopted mainly by the government for forest management and crop planning. The growing interest of the government is expected to encourage the entire LiDAR market.
North America is dominating the LiDAR market by providing new opportunities for small, versatile and affordable LiDAR systems with increased investment by large companies in ADAS and automotive-free vehicles. General Motors (GM), Google (US) and Apple (US) are all in the automobile manufacturing competition. Major companies such as Trimble, Faro and Velodyne are based in the United States and are also a major contributor to the US market.

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