It was in 2018, that a breakthrough in LiDAR technology enabled the world to witness a prominent surge in the adoption of numerous systems and solutions integrated with LiDAR. As per news reports, a team of 18 researchers mapped over more than 61,000 structures in the Maya lowlands in 2018, which provides the scientists information to study the most extensive maps of the Mayan civilization till date. Reports claim that a discovery like this was only possible through airborne LiDAR, which offered a new growth prospect to the overall LiDAR in mapping market.
The progression in overall LiDAR in mapping market can be attributed to the rising demand for improved urban planning on the grounds of expanding urban population and emergence of smart cities concept worldwide. In line with this, a surge in demand for reduction of risks associated with natural disasters like floods, earthquakes, and volcanic eruptions, has also triggered the need for LiDAR in mapping solutions.
Even though the 21st century is witnessing a massive demand for such solutions, high cost of resources being used for single project operations would serve as a main obstacle in the market growth, negatively influencing the revenue generation. However, its increasing demand for modern surveying techniques across oil and gas fields and innovative transformations about cost association would offer a lucrative growth path to the overall LiDAR in mapping industry.
Global Market Insights, Inc., predicts that the worldwide LiDAR in mapping market will record a valuation of USD 4 billion by the end of 2026, in lieu of the below mentioned trends:
Also Read: Automotive LiDAR market: What’s in store?
LiDAR mapping in oil and gas production and exploration industry
The deployment of LiDAR in mapping industry has been of immense importance to the oil and gas sector. The intervention of government bodies in order to identify new sources of energy and take subsequent steps further, would also potentially accentuate the market share in the years to follow.
Government authorities have been making extensive use of LiDAR in mapping technology to locate suitable locations to place pipelines for O&G industry. Let alone the government initiatives, private companies have also been standing at the forefront to make use of this technology for quick and safe mapping of distant oil and gas fields. Say for example, a Brazilian O&G inspection services provider- Terra Drone Brazil, in 2019, announced performing an extensive aerial LiDAR mapping for the country’s state owned energy firm- Petrobas with an intent to identify cracks, corrosion, and surface welding defects in ballast tanks and cargo.
Novel innovations in LiDAR in mapping business space
Elaborating further on the market strategies being undertaken by various industry majors in the field, it is pivotal to mention that these companies have been looking forward to introducing low cost LiDAR sensors to target the expanding mapping market around the globe.
Citing an instance for the aforesaid, recently, a German automaker- Robert Bosch announced developing a LiDAR sensor that allows self-driving cars to have a 3-D view of the road. This innovation comes on the heels of company’s idea of offering low cost technology to its customers, which accelerates the development of self-driving automobiles.
Also Read: How drone based LIDAR is changing the game
Town planning- a new market domain for LiDAR in mapping solutions
Construction and surveying segment have emerged as a remunerative vertical for the global LiDAR in mapping market, recently, courtesy- the technology’s widespread use in town planning. With population gradually rising and urbanization expanding at a rapid pace, need for new constructions have been dramatically rising. This has indeed compelled the construction companies to make use of drones equipped with LiDAR technology for performing survey-grade topographic mapping. A fundamental use of this technology significantly reduces operational costs and human risks in difficult terrains.
Japan- a potential growth ground for LiDAR in mapping industry
With about 1500 earthquakes striking the nation almost every year, Japan has emerged as a profitable growth ground for LiDAR in mapping industry. Thanks to the elevating demand for improving disaster management systems across the country.
Speaking of its rising prominence in the region, the Japanese government had in 2017, deployed LiDAR mapping systems to asses post disaster damages created by the Kumamoto earthquake that occurred in the country in 2016. The acquired data was used for creating strategies to effectively deliver and distribute relief resources during the occurrence of such emergencies.
All in all, the above-mentioned trends are expected to open new growth opportunities for the adoption of LiDAR in mapping solutions worldwide, in turn propelling the global market progression over the forthcoming years.
