Global LiDAR Market Driven by Demand for 3D Imagery Technology, to Touch US$605.5 Million at 15% CAG
The global LiDAR market had a value of US$225 million in 2013 and is expected to be valued at US$605.5 million by 2020. The global LiDAR market is forecast to grow at a 15% CAGR in the period between 2014 and 2020.
Growth in demand for 3D imagery and 3D mapping in the recent past has resulted in fast development of the global LiDAR market. At present, the demand for 3D imagery is high in consumer, government, and commercial applications. Orthodox mapping is being rapidly replaced by LiDAR technology in many regions across the globe, thus boosting the global LiDAR market.
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Aerial LiDAR in Coastal Application Leading the Global Market
The global LiDAR market is segmented based on technology, application, and regions. By technology, the global LiDAR market is divided into two types, namely aerial and terrestrial. In 2013, aerial LiDAR mapping grabbed a larger share of the global LiDAR market. By application, the global LiDAR market was led by coastal LiDAR, which includes applications such as coastal habitat mapping and ocean floor mapping. Some other LiDAR applications that contributed to the growth of the global market include forestry, infrastructure, transmission lines, transportation, defense, and aerospace.