Image by NOAA Ocean Exploration & Research via Wikimedia Commons.
Research and consulting firm Esticast has projected a market value for the LiDAR industry of $US1.5 billion (around $AUD1.88 billion) by 2024 in their latest analysis.
This projection represents a colossal growth of demand for LiDAR services in the intervening years, with the same report placing 2016’s LiDAR market value at $US332.2 million.
Demand for LiDAR services in all forms was highest in the US and other highly developed regions, with Esticast finding civil engineering applications, the growth of the smart automation industry and demand for LiDAR datasets to assist with software development.
Overall market growth was found to be fastest in the Asia Pacific however, with a compound annual growth rate (CAGR) of 28.2 percent over the forecast period. The Asia Pacific region generated $US45.6 million in revenue for 2016.
Esticast found that the aerial LIDAR segment was the largest application segment of the LIDAR market in 2016, with over 50 percent of market share,m attributed to improved sensor technology and growth in industry applications outside of the military. Other product type segments analysed in the report were terrestrial/static, short range and mobile. Terrestrial applications were found to have the highest growth of these, with a CAGR of 26.8 percent predicted by 2024.
The analysis also broke down the market by component, defining segments as Laser, Camera, GPS/GNSS receiver, inertial navigation systems and micro electro-mechanical systems (MEMS). Laser components generated the generated the highest revenue in 2016 with $US136.6 million, but the highest growth was exhibited by Camera component having a of 27.1 percent CAGR.
