Multiple Applications Driving The Expansion

The lidar market was valued at $1.90 billion in 2018, and it is expected to reach a value of $3.89 billion by 2024 at a Compound Annual Growth Rate (CAGR) of 12.76 percent during the forecast period, according to a new report from Mordor Intelligence. Over the years, advancements in lidar mapping systems and their enabling technologies penetrated into different verticals, like aerospace and defense, corridor mapping and topographical survey, automotive, mining, oil and gas, and other verticals, which are increasing the market scope of the lidar market.

LIDAR, which stands for light detection and ranging, is a remote sensing method that uses light in the form of a pulsed laser to measure ranges (variable distances) to the Earth. Advancements in laser scanning, GPS, and bandwidth have allowed for new lidar applications, such as mobile lidar known for mobile laser scanning (MLS), which is used for mapping, engineering, and self-driving applications.

The increasing use of drones, across various applications, such as aerospace and defense, agriculture and forestry, and natural resources management, among others, is expected to propel the industry's growth. The delivery and automation sectors are the leading sectors that invest in drone research.

Governments in different countries are using lidar technology for topographical surveys, mapping, surveillance, and monitoring in the mining and oil and gas sectors. Due to low cost and enhanced features, when compared to conventional alternatives, lidar is easily accessible for the government sectors.

North America is dominating the lidar market, owing to the rising demand for 3D imaging technology in the US and Canada. Additionally, the increased adoption of lidar in government agencies is further expected to fuel the market growth.

(Source: Mordor Intelligence news release. Image from file)

FMI: www.mordorintelligence.com