According to a comprehensive new market research report, the overall Lidar market is expected to reach over US$1.8 billion by 2023, up from US$819.1 million in 2018, at a CAGR of 17.2%. Encouragement from the governments and institutes for the adoption of Lidar while conducting geological surveys is the major factor driving the growth of this market. Introduction of technologically enhanced Lidar is also fuelling the market.
The report, titled “LiDAR Market by Type (Mechanical LiDAR and Solid-State LiDAR), Installation (Airborne and Ground-Based), Application (Corridor Mapping, ADAS & Driverless Car, and Engineering), Range, Component, Service, and Geography – Global Forecast to 2023” is published by MarketsandMarkets.
The ground-based installation is expected to hold the largest share of the Lidar market by 2023. The ground-based Lidar systems cost less and have less stringent approval criteria for mapping or survey, which leads to the larger size of these systems in the Lidar market.
The Lidar market in Asia-Pacific (APAC) is expected to grow at the highest CAGR between 2018 and 2023.
For full details, including access to the report directly, click here.
Source: GIM International
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