LiDAR Market Size To Reach $944.3 Million By 2022

LiDAR Market Size To Reach $944.3 Million By 2022

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California, US: The global LiDAR market is expected to reach $ 944.3 million by 2022, according to a new study by Grand View Research, Inc. Technological advancements in automated processing ability in image processing and data processing capabilities are anticipated to be the major factors to spur growth.

Rising government initiatives towards the adoption of these systems and increasing automation leading to reduced human efforts are also expected to drive demand. The LiDAR market is expected to witness significant growth owing to large infrastructure investments along with the need for road mapping. Further, the segment is also expected to witness high growth due to increased penetration across wind projects, transportation agencies, and urban data acquisiton. Increased resolution by the use of mobile mapping as compared to airborne mapping is the result of reduced standoff distance.

LiDAR technology applications in government and commercial areas, which include railways, roadways management, and forestry, are also expected to spur growth owing to increasing demand for adoption of technology coupled with 3D imagery solutions over the forecast period. This technology has witnessed major evolutions with surge in eminence of laser beams driving the demand. 3D imaging and scanning are considered to be its major application, which are frequently used in the healthcare, manufacturing, and automotive sectors. It has successfully acquired the clientele of photogrammetry systems due to its higher accuracy and subtle operational deliverance. Surging applicability of UAVs in commercial operations is directly linked to industry growth.

Increased adoption of direct visualization using point splatting, façade modeling using LASERMAPs, and automated indoor modeling are some of key factors expected to drive the demand over the forecast period. Increasing speed of acquisition, better handling of sensors, and higher accuracy would have a major impact on the general use of low-cost mobile mapping systems.

Source: ForexTv.com