The global LiDAR services market is projected to reach USD 2.6 billion by 2025 and projected to register 14.5% CAGR over the forecast period, from 2019 to 2025 according to Million Insights. LiDAR services find several application in automotive industry. In addition, government favorable policies for advanced driver-assistance systems (ADAS) and self-driving vehicles is fueling the market growth.
The rising usage of LiDAR systems in automated vehicles is the major factor to drive the growth of this market. In addition, significant growth of automobile products in developed and developing regions along with rising demand for high-tech electronic safety systems in vehicles is projected to propel the market growth in the next few years.
The stringent government norms for carbon emission is fueling the demand for next-generation technologies like advanced driving systems. Furthermore, LiDAR also used logistic, surveillance, and security in industrial automation. The growing usage of sensors in industrial automation and automotive industries is expected to propel the growth of LiDAR services market in the next six years.
The major factor is responsible for market growth is increasing 3D imaging technology. This technology is widely used in medical imaging devices, 3D X-ray imaging device, and robotic vision system. Thus, implementation of LiDAR system in 3D imaging is expected to boost the demand in healthcare industry.
In 2018, North America held the largest market share followed by Europe and Asia Pacific. Asia Pacific is projected to have strong growth during the forecast period due to rising awareness about benefits of this technology in industrial automation and automotive industry. Increasing demand for these services in several countries such as Japan, South Korea and China has led to rise in adoption of ADAS in automated cars.
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Further key findings from the report suggest:
• The GIS service segment is projected to gain popularity, as it involves advanced terrestrial laser scanning systems for data accessing in 3-dimentianal point clouds.
• The modelling is further bifurcated into city modelling and others. City modelling segment is estimated to gain maximum share in this segment.
• Rising adoption of LiDAR Unmanned Aerial Vehicles (UAVs) is expected to have positive impact on LiDAR services market growth.
• Rising adoption for LiDAR mapping across several applications such as corridor mapping is expected to open new avenues for the market growth.
• Suppliers are majorly focusing on maintaining operational cost, as availability of low-cost services has become a major concern for suppliers.
• The availability of substitutes with low cost automotive imaging LiDAR sensors by Sony Corporation and HTC Corporation is becoming challenge for market growth.
• GeoDigital; Kucera International; Harris Geospatial Solutions, Inc.; Quantum Spatial; Surdex Corporation; Fugro; Quanergy Systems, Inc. and Hexagon are key players operating in this market.
Million Insights has segmented the global LiDAR services market on the basis of product type, application, and region:
LiDAR Service Type Outlook (Revenue, USD Million, 2014 - 2025)
• GIS Service
• Asset Management
• Aerial Surveying
• Ground-Based Surveying
• City Modeling
LiDAR Services Application Outlook (Revenue, USD Million, 2014 - 2025)
• Corridor Mapping
LiDAR Services Regional Outlook (Revenue, USD Million, 2014 - 2025)
• North America
• South America
• Asia Pacific
• Middle East & Africa
• Saudi Arabia