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LiDAR Market Share, Size, Key Players,Analysis, Research and
Forecasts to 2024 | Hexa Research
“ LiDAR Market Size Projected Grow At 12% CAGR Till 2024.”
30 April 2019, Global LiDAR market was worth USD 260 million in 2015. It is estimated to grow at a CAGR of
12% from 2016 to 2024 (forecast period). Rising demand for 3D imaging technology in a variety of
applications is an important market driver. The adoption of aerial systems for detection and exploration of
historic details is increasing. Vendors are in the process of introducing several novel products in this space.
These factors are propelling market growth.
However, LiDAR system’s components like laser scanner, navigation systems, high-resolution 3D cameras,
etc. are expensive. This coupled with poor consumer awareness may hamper its future prospects.
The market is segmented as per applications, products, components, and regions. Applications are divided
into civil engineering, government, topographical surveys, corridor mapping, and military & defense. Civil
engineering, which includes areas like power line deployments and flooded mapping, would grow at a CAGR
of 17% over the forecast period.
Topological surveys, and military & defense are projected to grow at a steady rate till 2024. Government
applications could increase owing to technological developments in forestry management, railways,
roadways, etc.
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