Global Lidar Market to top US$1.5 Billion

Research and consulting firm Esticast has projected a market value for the Lidar industry at US$1.5 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 US$332.2 million.

Demand for Lidar services have increased rapidly very quickly with Esticast finding civil engineering applications, the growth of the smart automation industry and demand for Lidar datasets to assist with software development, the big reasons. Overall market growth was found to be fastest in Asia Pacific with the region generating US$45.6 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% of market share, 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% 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 highest revenue in 2016 with US$136.6 million, but the highest growth was exhibited by Camera components having a 27.1% CAGR.