Dallas, TX -- (ReleaseWire) -- 05/23/2014 -- According to a new market research report of "LiDAR Market by Components (INS, Laser, GPS/GNSS, Camera, MEMS), Product Types (Airborne, Mobile, Terrestrial), Applications (Corridor Mapping, Forestry, Mining, Topographic Surveying, Volumetric Mapping) - Analysis & Forecast (2013 - 2018)", published by MarketsandMarkets is expected to grow at a CAGR of 16.64% from 2013 to 2018 and reach 551.26 million by 2018. The data mentioned is for dedicated LiDAR systems only.
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Light Detection and Ranging (LiDAR) is a technique which deals with mapping of 3D objects and topography with the use of laser diode and scanning unit. The major driving factors for the market are: technological superiority of LiDAR, large potential market, and automation in all steps of processing in LiDAR systems. All these drivers are boosting the penetration rate of LiDAR technology in the mapping market. Four major types of LiDARs are covered in the report. They are namely; airborne, terrestrial, mobile, and short range LiDARs. The total LiDAR market value in the year 2012 was $218.87 million out of which, currently, the major share is contributed by the airborne LiDAR type.
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Though LiDAR was developed in the early 1960s, it was just used for military and the government applications only. However, due to the technological developments and reduction in cost of LiDARs, it is heavily penetrating into the commercial and industrial sectors. The market research report Global LiDAR Market - Forecast & Analysis (2013 - 2018) covers both the government/military and the commercial applications of LiDAR systems. The few of the major applications currently harnessing LiDAR technology are: corridor mapping, forestry, mining, topographic surveying, and volumetric mapping. The extensive research study conducted resulted in identifying civil engineering and planning application as one of the top revenue grossing application for LiDAR systems. However, the highest growth rate is expected for the corridor mapping application which is estimated to grow at a rate of more than 20% annually from 2013 to 2018.
With its expertise in airborne surveying and 3D imaging, Optech has managed to acquire more than 20% of the LiDAR market share in the year 2013. One of the reasons for this high market share: it offers standalone as well as integrated LiDAR systems to customers. Thus it is able to serve all types of customers; small as well as big. However, Optech is a regional player with its prime focus on North America; regions such as; Europe and APAC don’t have an Optech’s presence. This could be seen as the potential opportunity to expand business solutions geographically.
The secret behind the immense success of Optech is their ability to come up with new products and solutions at regular intervals. For example, in a span of one year Optech released following products in the market: Lynx SG1 Mobile Mapper (Survey Grade), Pegasus HA500 ALTM, gyro-stabilized survey solution for airborne mapping, LiDAR sensor H300, and so on. For its unprecedented contribution to the LiDAR technology and industry, Optech has been presented with various awards. Recent awards presented by JALBTCX (Joint Airborne LiDAR Bathymetry Technical Center of Expertise) include “532 Award” and the “Sebastian Sizgoric Technical Achievement Award”.
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The total market which is currently valued at $218.87 million is estimated to grow at an excess rate of 15% annually. The total market is divided among various product types such as: airborne, terrestrial, mobile, and short range. The maximum contribution currently is from the airborne LiDAR type. One of the reasons for the highest share of airborne LiDAR is its high average selling price. Also, as compared to other types, airborne LiDAR Market is mature and reliable. Thus, it is preferred by users for whom the budget is not a constraint. However, the airborne LiDAR Market has the lowest CAGR among all the product types. This indicates the shift in trend in the LiDAR market. Due to innovations in terrestrial and mobile LiDAR systems, the cost-benefit ratio for these LiDAR types is expected to surpass that of airborne LiDAR system. It can be said that the terrestrial and mobile LiDAR systems are disrupting the airborne LiDAR Market to some extent.
Geographical split for each and every type is included in the report. The report describes the overall market into four major geographical segments, namely, North America, Europe, APAC, and ROW. North America and Europe are the market leader in the overall LiDAR Market followed by APAC. In ROW, the Middle East, and Africa is coming up with this technology because of its benefits in a wide range of applications.
As the name suggests, Corridor mapping is mapped a particular stretch of area with certain specific installations. These installations can be transmission lines, telecommunication towers, or railway network. Electric utility firms frequently face the challenge of providing an adequate energy to markets due to ever-increasing demands. To stay up with these demands, utility firms are required to install new power lines (transmission and distribution) and maintain existing power cable corridors. Each effort needs comprehensive surveying and georeferenced measurements. Also, the increased penetration rate of mobile and wireless cellular devices has compelled service providers to provide better network coverage. Thus, network service providers are constantly planning and mapping the corridors for laying the relaying telecommunication towers. The LiDAR generated data has been found very suitable for topographic and geographic information and many telecommunication companies are starting to rely on LiDAR data sets for information on natural and man-made obstructions to lines and networks.
Major companies covered in the report are: Airborne imaging, Inc. (U.S.), Leica Geosystems (U.S.), Optech Incorporated (Canada), Trimble Navigation Limited (U.S.), RIEGL Laser Measurement Systems GmbH (Austria), and Renishaw Plc (U.K.).
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