Recent reports state that the scope of LiDAR technology in the current scenario is yet to see its peak. Projections state that the LiDAR market is all set to scale up to USD 2,273 million by 2024. It stood at USD 844 million in 2019. These figures point to a CAGR of 18.5 per centin a span of five years. The unprecedented growth of LiDAR markets can be attributed to the increasing demand of LiDAR software application in UAVs, construction, engineering, and other industry verticals.
The same rings true for the increasing usage of LiDAR in GIS (geographical information systems) applications. 4D LiDAR and its new areas of application is another driving force for LiDAR technology. Read on for more.
Scope of LiDAR Technology
The improved capabilities of LiDAR data processing and image processing, especially in comparison to other technologies, are driving the growth of LiDAR systems, globally. Besides, 3D imaging technology is making deep inroads into several areas of application to increase the scope of this technology. Aerial LiDAR systems are in demand for exploring and detecting historic details, places, terrains, farmlands, forests, manually created/natural formations, etc.
Increasing awareness of the reach and benefits of LiDAR systems is helping users in different ways. These systems are banking on cost-effective components like navigation system,laser scanners, high-resolution 3D cameras, etc. to bring LiDAR tools and applications within the reach of more people. Overall, the scope of Lidar survey and mapping, LiDAR data processing, LiDAR aerial imaging is growing exponentially with every passing year. The growth trend is likely to continue in future!
CAGR Projections in LiDAR Technology
· As per LiDAR technicians at SBL Corp, the CAGR of medium-range LiDAR, which detects objects falling in the range of 200–500 meters, will be highest between 2019 and 2024. Medium-range LiDAR systems are mainly used in engineering, exploration, mapping, environment, etc. where cost-effectiveness and precision are a must.
· In context to services, GIS services are expected to register their highest growth in the period 2019 to 2024. Effective vegetation mapping and forestry is widely enabled by GIS topological modeling, data analysis, geometric networks, cartographic modeling and hydrological monitoring. The GIS experts at SBL are equipped to capture and analyze different types of geospatial data linked to GIS and LiDAR services.
· The scope of ground-based LiDAR technologies is increasing by the day to garner higher market support. It’s believed that ground-based LiDAR technologies will crown the LiDAR market because of their many installation types. Ground-based LiDAR apps are increasing the efficiency of meteorology, corridor mapping, environment, driverless cars, etc. in a big way. These affordable applications face less stringent approval and regulatory criteria when used for surveying and mapping purposes.
· Short range LiDAR systems, which have a wide presence in environmental applications, are also expected to dominate the LiDAR marketplaces in future. Useful for surveying and monitoring environmental resources, these short-range applications (enabled by LiDAR) find immense scope in coastline management, forest management, pollution modeling, precision forestry, wind farms and agriculture.
Explore LiDAR Markets with SBL Corp
Discover the scope and benefits of LiDAR technologies with SBL Corp. We provide benchmarked solutions to capture topography, construction sites, map disaster areas, etc. Besides, we have the latest tools and techniques to process data and conduct research for forestry, vegetation lands, urban development and more. Get in touch with our LiDAR and other GIS services to take your business to the next levels of success, today