Current Growth of the LIDAR Services Market
According to a BIS Research report, the 2021 market for LIDAR detection systems is expected to be around $1.5 billion. The high growth rate in the last three years is due to the high demand for worldwide airborne imaging systems. Recent innovations in LIDAR surveying has enabled the technology to reach a wider segment of industry consumers. Here’s everything to know about the growing LIDAR services market.
What is LIDAR Technology?
LIDAR is a revolutionary airborne mapping technology that delivers a cost-effective way to collect accurate terrain data. The technology has been in existence for several years now but there are only a handful of global LIDAR manufacturers. LIDAR detection differs from photogrammetry by providing a real-time view of terrain using lasers to reflect images into a 3D model. Photogrammetry uses 2D photo images and translates them into 3D measurements.
The Growing LIDAR Market
LIDAR services can be used in a variety of industries. Some popular applications include mining, oil and gas, aerospace and defense, and transportation and logistics. According to a Market Research LIDAR Market Report, the highest market penetration rate for LIDAR detection systems is unmanned aerial vehicles. Companies are specifically designing these systems for small drones because they’re cost-efficient and lightweight.
Key Market Segments
Governmental organizations and major companies are increasing funding for a number of industries. Cost-effective remote sensing solutions are highly needed for forestry and agriculture, civil engineering, aerospace and defense, and ground transportation and logistics. The mining industry is the biggest consumer for LIDAR surveying. Its market share was 36.4% in 2016 and is expected to have an 11.9% revenue growth rate by 2021 in the market.
Earth science and research are expected to experience significant growth in the LIDAR market over the next few years. Its highest application needs include archaeology, flood modeling, coastline management, and pollution modeling. The automotive sector is also expected to hold higher LIDAR market shares with the implementation of technologies such as automatic emergency braking and advanced driver-assistance systems.
The market for LIDAR services is seeing expansive growth across all industries. As cloud-based processing automation continues to be developed, the applications in the global market will significantly increase. To find out more about how LIDAR services can benefit your industry, contact ACI Corporation today for more information.