Global market LiDAR Market Report, published by Accurize Market Research, forecast that the global market LiDAR Market is expected to reach $1.7 billion by 2024 from $0.4 billion in 2016; growing at a CAGR of 21% from 2016 to 2024. By geography, the Asia Pacific and RoW are expected to grow at a CAGR of 26% and 25%, respectively, during the forecast period.

"LiDAR Market (By Component Type: By Geography: North America, Europe, Asia Pacific, RoW); Laser, Inertial Navigation System, Camera, GPS/GNSS Receiver, Micro Electro Mechanical System (MEMS); By Product Type: Terrestrial, Aerial, Mobile, Short Range; By Application: Corridor Mapping, Seismology, Exploration and Detection, Others; Defense and Aerospace, Civil Engineering, Archaeology, Forestry and Agriculture, Mining Industry, Transportation Global Scenario, Market Size, Outlook, Trend and Forecast, 2015-2024".

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Increasing the use of drones for multiple applications, technological advancements, adoption of LiDAR in several government sectors, as the usage of laser light provides precise and accurate data in a short time, are the major driving factors of the market. In addition, the growth of the 3D printing market and research and development of self-driven cars in the automotive sector are also expected to enhance market growth.

Market Segmentation

By product type, aerial accounts for more than half of the total market, followed by mobile in 2016. By application, corridor mapping and exploration and detection held the majority of share in 2017. Moreover, by end-user, civil engineering and forestry & agriculture held the share of 34.4% and 19.7% respectively in 2016.

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By region, Asia-Pacific is the fastest-growing region in the global LiDAR market and is expected to lead the market due to rising product launches and increased low-cost manufacturing activities in the region. North America accounts for the largest share of the market followed by Europe.

Top players in the market

The key market players include Phoenix Aerial Systems, 3D Laser Mapping, Quantum Spatial, Hokuyo Automatic Co Ltd., Avent LiDAR technology, Velodyne LiDAR, Quanergy, Airborne Imaging Inc., GeoDigital and Leica GeoSystems AG.