Global LiDAR Market Report, published by Variant Market Research, forecast that the global market is expected to reach $1636 million by 2024 from $360 million in 2016; growing at a CAGR of 20.8% from 2016 to 2024. By geography, Asia Pacific and RoW are expected to grow at a CAGR of 26.2% and 25.3%, respectively, during the forecast period.
Technological advancements, increasing use of drones for multiple applications, adoption of LiDAR in various government sectors, as usage of laser light provides accurate and precise data in short time, are the major drivers of the market. Moreover, research and development of self-driven cars in automotive sector and growth of 3D printing market are also expected to boost the market growth.
By product type, aerial accounts about 50.8% of total market, followed by mobile with 24.5% in 2016. In applications, corridor mapping and exploration and detection held the majority of share with 48.7% and 36.6% respectively in 2016. Furthermore, by end user, civil engineering and forestry & agriculture held the share of 34.4% and 19.7% respectively in 2016.
Asia-Pacific is the fastest growing region in the LiDAR market, and is expected to continue this trend due to rising product launches and increased low-cost manufacturing activities in the region. North America accounts the largest share of the market with 46% followed by Europe with 32.4%.
The key market players include Hokuyo Automatic Co Ltd., Velodyne LiDAR, Quanergy, Phoenix Aerial Systems, 3D Laser Mapping, Quantum Spatial, Airborne Imaging Inc., Avent LiDAR technology, GeoDigital and Leica GeoSystems AG. For instance, in January 2017, Velodyne LiDAR opened megafactory in San Jose for large scale production of 3D LiDAR sensors.