The LiDAR market is set to grow at a CAGR of 14.14% during the forecast period 2018 to 2023. As per the market research report, the market will hit US$4158.8 million in terms of valuation by the end of 2023. The market growth will be driven by automated processing in LiDAR systems. Based on the research report, better efficiency than other technologies will accelerate growth in the market till 2023. Although the high cost of products will have a negative impact on the global LiDAR market’s growth during this period. Concerns regarding high cost will likely become a threat. The LiDAR market report published by expert analysts includes primary and secondary data and suggests that component, functional areas, technology, and product type segments are anticipated to witness tremendous growth till 2023. Factors such as rising demand for 3D imaging will be major growth factors during the forecast period and cloud-based processing of collected data points is also said to be supporting the market globally, however, the growth projected for the forecast period could be affected by the shortage of professional services which could negatively affect activities taking place across the market. The availability of substitutes is another challenge the market could face till 2023.
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Other prominent players in the LiDAR market include Beijing Surestar Technology Co. Ltd, Quantum Spatial, YellowScan., and Geokno India Pvt. Ltd. These companies also focused on providing wide range of products, and services related to LiDAR products, thereby contributing significantly in generating high market value for LiDAR market.
The LiDAR market is segregated into different market segments based on component, functional areas, technology, and product type. For a comprehensive analysis of the market, the component, functional areas, technology, and product type segments are further split into smaller segments. The product type segment is categorized into airborne LiDAR, terrestrial LiDAR, and others. Furthermore, based on technology, the global market is also segmented into 1D, 2D, and 3D. Based on the market segmentation analysis, the report covers market forecasts. On the basis of components, the global market is split into sub segments including navigation positioning systems, laser scanner, and other components. Based on functional areas the market is segmented into ADAS driverless cars, cartography, corridor mapping, engineering, environment, meteorology, and urban planning.
Automation of the LiDAR processing system will support the market growth from 2018 to 2023. As per the market research report, the global market for LiDAR is anticipated to grow at a healthy rate across all the component, functional areas, technology, and product type segments. However, the presence of active threats such as the increasing demand for product substitutes could hamper the market growth. Business activities across imaging have also been examined and studied by imaging industry’s experienced analysts. The LiDAR market research report covers findings with predictions and forecasts till 2023.
The LiDAR market, with its segments, is present in different parts of the world. Imaging based regional markets are also covered in the market research report. The regional markets are Asia-Pacific, Europe, North America, the Middle East and Africa and the rest of the world. Automated LiDAR processing systems is anticipated to be a major factor for growth across the imaging space during the forecast period. The regional market in North America is classified as the United States, Mexico, Canada, and others. The imaging sector based regional markets in Europe are split into Italy, Germany, France, and the United Kingdom. In the Asia Pacific region, the market is segmented into China, India, Japan, and others. Imaging based businesses in these regional markets are anticipated to grow due to the growing applications such as planning monitoring activities related to roadways during the forecast period 2018 to 2023. Although the market’s growth could be affected by the lack of awareness. The analysts have also segmented markets of the Middle East, Africa, and the rest of the world.
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