LiDAR in Mapping Market Share, Trend & Growth Forecast to 2032

 

As per a recent research report, LiDAR in Mapping Market to surpass USD 15 Bn by 2032.

The global LiDAR in mapping market is expected to expand exceptionally through 2032 owing to the rising popularity of service providers across end-user organizations because of the lack of skilled experts and budgetary restrictions.

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Expanding population, growing trend of urbanization, and climate change are potentially driving the market dynamics. The LiDAR in mapping market is highly competitive attributed to low product differentiation as well as competitive pricing.

Leading market competitors are making significant R&D investments to create cutting-edge hardware and software that will provide accurate and thorough data points. For instance, in February 2022, FARO Technologies, Inc. introduced an upgrade to the FARO Focus Swift Mobile Scanner. Users can now take 10-20 second colorized anchor scans, which improves accuracy and detail in crucial regions.

The LiDAR in mapping market has been divided in terms of platform, drone, terrestrial, hand held & back pack, component, application, and region.

Based on platform, the terrestrial segment held over 60% market share in 2022. The demand for comprehensive three-dimensional data for various applications, such as urban planning, is expected to increase during the projected period, leading to significant growth for the terrestrial segment. The high population density in some developed cities is a result of extensive urbanization and industrialization. This has led to an upsurge in demand for advanced township planning techniques that can create precise 3D city models.

With respect to drone, the multi-rotor drones segment is slated to expand exponentially through the forecast years credited to the increased need for precise mapping in less time and money. More than two rotors are used in the design of multi-rotor drones, which provide increased power and stability at a lighter weight. These drones are mostly utilized in radio-controlled and other UAV applications.

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In terms of hand held & back pack, the hand held segment is poised to witness strong growth by the end of the research period. The demand for hand held mapping LiDAR is driven by the expanding requirement for the best-performing mapping solutions in a compact solution. Handheld scanners are more portable due to their lightweight and low cost.

From the regional front, the Middle East & Africa LiDAR in the mapping industry is estimated to grow at over 15% CAGR from 2023 to 2032. The rise in government support for autonomous mapping and the rising number of smart city applications is likely to foster the regional growth. The MEA market is also expanding because of the growing demand for cutting-edge surveying technology for mines and oil fields. LiDAR technology is being used by oil businesses in the area to increase productivity and cut expenses.

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Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.

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