LiDAR Sensor For Environmental Market to Reach $653.8 Million By 2027

According to a new report published by Allied Market Research, titled, LiDAR Sensor For Environmental Market By Technology, Installation Type, Service, and Application: Global Opportunity Analysis and Industry Forecast, 2020-2027”, the global LiDAR sensor for environmental market size was valued at $249.30 million in 2019, and is projected to reach $653.8 million by 2027, registering a CAGR of 15.10%. North America region is expected to be the leading contributor to the global LiDAR sensor for environmental market during the forecast period, followed by Europe and Asia-Pacific.

The LiDAR sensor is an emerging technology that helps to capture high-definition 3D data of geospatial surfaces. Innovations in laser technology help to bring price corrections in LiDAR products. Simultaneously, changes in demands and preferences of urban population unveil newer environmental LiDAR applications apart from conventional military applications. Sophistication of 3D imaging technology leads to increase in corridor mapping activities by LiDAR systems.

Improvements in automated processing ability of LiDAR systems, in terms of image resolution, and prompt data processing capability over other technologies are the major factors that drive the global LiDAR sensor for environmental market growth. Other factors that supplement the growth of the market include rise in demand for 3D imaging technology across various application areas and increase in adoption of aerial LiDAR systems to explore and detect places and historic details. 

However, less awareness about benefits of LiDAR systems and use of expensive components in these systems, such as laser scanner, navigation system, and high-resolution 3D cameras, collectively increase the cost of LiDAR systems. Hence, these factors limit adoption of LiDAR sensor systems. Furthermore, increase in need for LiDAR-captured data in newer applications and emergence of 4D LiDAR creates numerous growth opportunities for the market growth.

The global LiDAR sensor for environmental market is segmented on the basis of technology, installation type, service, application, and region. On the basis of technology, the market is divided into 2D LiDAR, 3D LiDAR, and 4D LiDAR. By installation type, the market is bifurcated into airborne LiDAR and ground-based LiDAR. On the basis of service, it is divided into aerial surveying and ground-based surveying. On the basis of application, it is divided into forest management, coastline management, air pollution, water pollution, agriculture, and others.

Region wise, the LiDAR sensor for environmental market trends have been analyzed across North America, Europe, Asia-Pacific, and LAMEA. The North America segment was the highest revenue contributor in 2019. Also, the North America segment serves as the top investment pocket of the global market. This is attributed to the growth in developments of advanced technologies as well as relatively higher awareness about the environmental protection among population with the support of organizations such as Environmental Protection Agency (EPA), The Nature Conservancy, and National Research Council.

COVID-19 Impact Analysis

The COVID-19 has impacted severely on the global electronics and semiconductor sector, due to which production facility as well as new projects have stalled which in turn have the significant demand in the industries. The operations of the production and manufacturing industries have been heavily impacted by the outbreak of the COVID-19 disease; thereby, leading to slowdown in the growth of the LiDAR sensor for environmental market in 2020. 

Key Findings Of The Study

• The 2D LiDAR segment is projected to be the major type over the forecast period followed by 3D LiDAR. 
• APAC and North America collectively accounted for more than 63% of the LiDAR sensor for environmental market share in 2019.
• Asia-Pacific is anticipated to witness highest growth rate during the forecast period.
• China was the major shareholder in the Asia-Pacific LiDAR sensor for environmental market analysis, accounting for approximately 42.20% share in 2019.

The key players profiled in the report include Faro Technologies Inc., Geodetics, Leica Geosystems AG, MeaTech (Measurement Technologies) solutions LLP, Mitsubishi Electric Corporation, RIEGL, Sick AG, Topcon Positioning Group, Trimble Inc., and Vaisala. These players have adopted various strategies such as product launch, acquisition, collaboration, and partnership to expand their foothold in the LiDAR sensor for environmental industry.