LiDAR Market size to exceed USD 1.1 billion by 2023: Global Market Insights Inc. LiDAR Market size is expected to reach USD 1.1 billion by 2023, according to a new research report by Global Market Insights, Inc. The industry is characterized by key notable players offering advanced, diverse and costeffective solutions. Rising urbanization and large scale infrastructural development will contribute to the growth of global LiDAR market size over the forecast timeline. Heavy investments in infrastructural development and strategic alliances will remain the key strategies in the ecosystem. Increasing acceptance in automobile safety application, environmental mapping arenas, rising acceptance in the corridor mapping and civil engineering for monitoring & 3D-modeling applications will fuel the LiDAR market share from 2016 to 2023. Rising adoption of technology in commercial as well as government applications such as railways, forestry and roadways management are among other growth drivers set to fuel growth rates in the coming years.
Operations are subject to regulations established by FEMA and USGS LiDAR Guidelines and base specifications. Varied nominal pulse spacing and vertical accuracy standards have been established by regulatory authorities for its operability. Specialized operations in high risk areas are subject to jurisdiction of standalone guidelines and base specifications for the National Geospatial Program of the U.S. government. The technology has successfully acquired the photogrammetry systems customers due to its subtle operational deliverance and higher accuracy. Rising applications of UAVs in commercial operations linked would increase LiDAR market share. Lack of awareness and customer education is recognized as a business risk for the industry owing to negligence and loss of potential customers. Mobile mapping systems have witnessed remarkable developments attributed to surging demand for accurate and high-resolution geospatial data. Introduction of internet mapping has increased the need for geospatial data.
1|Page