The North America LiDAR market size projected to expand at a CAGR of 26% during the forecast period, 2021–2028. The growth of the market is attributed to increasing demand for 3D imaging in corridor mapping, city planning, topographical surveys, military and defense.
LiDAR is a remote sensing technique used to determine the accurate distance of an object between the two objects. Major components of LiDAR are GPS receiver, laser, and scanner. Airborne LiDAR and terrestrial LiDAR are two types of LiDAR, based on functionality. It uses oceanography and digital elevation or terrain model to collect the data. Private and government organizations use LiDAR-based helicopters, airplanes, and drones to collect crucial information. The COVID-19 outbreak has completely disrupted the market due to barriers faced on the export of prime parts.
Market Trends, Drivers, Restraints, and Opportunities
- Rising utilization of LiDAR technology in automotive applications is expected to drive the market growth.
- Increasing trend of self-driving cars is speculated to fuel the market growth during the forecast period.
- Growing implementation of LiDAR in the construction sectors is expected to fuel the growth of the market.
- Cost-effectiveness is the key driver of the market growth.
- Ongoing technological advancements and rising R&D investments are anticipated to proliferate the growth of the North America LiDAR market in the projected timeline.
- Lack of awareness about the LiDAR system can hamper the market growth.
- The in-accuracy in providing data in harsh weather condition can restrain the growth of the market.
- High cost of LiDAR can negatively impact the growth of the market.
- The advent of latest technologies and integration of the same with LiDAR sensors can create growth opportunities for the market.
- Sick Ag
- Trimble inc
- Quanergy Systems
- Velodyne LiDAR Inc
- Topcon Corporation
Key players competing in the North America LiDAR market are Sick Ag; Trimble Inc.; Quanergy Systems; Velodyne LiDAR Inc.; and Topcon Corporation.
Companies are engaging mergers, acquisitions, and partnerships to expand their market share. Moreover, they’re investing in R&D activities to leverage their market position.
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