LiDAR in mapping market value to exceed $4 Bn by 2026, growing at over 25%: Report

Asia Pacific LiDAR mapping market rise during the forecast period will be driven by increasing demand for improving disaster management systems across the developing countries including India, China, and Japan.

LiDAR in mapping market value to exceed $4 Bn by 2026, growing at over 25%: Report
LiDAR in mapping market value to exceed $4 Bn by 2026, growing at over 25%: Report

LiDAR in mapping market value to exceed $4 Bn by 2026, growing at over 25%: Report

According to the latest report “LiDAR in mapping market by platform", by Global Market Insights, the market valuation of LiDAR mapping will cross $4 billion by 2026. The rising demand to reduce the risks associated with natural disasters such as floods, volcanic eruptions, and earthquakes is supporting the demand for LiDAR in mapping solutions.

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Some major findings of LiDAR in mapping market report include:

  • The market growth is attributed to the growing demand for improved urban planning due to the rising urban population and the development of smart cities
  • The increase in the demand for modern surveying techniques for oil & gas field inspection and archaeological surveys to ensure the hazard-free operation is proliferating the adoption of LiDAR mapping tools across Latin America
  • Companies operating in the real-estate sector are increasingly deploying LiDAR mapping technology for ground surveying due to the requirements of high accuracy and precision for the Digital Elevation Model (DEM)
  • Leading players operating in the LiDAR mapping market are Fugro, Faro Technologies, Topcon, and Leica Geosystems
  • The drone mapping platform is expected to grow at a significant growth rate due to their ability to operate in difficult terrains and extreme weather conditions.

The LiDAR in mapping market growth is attributed to the increase in government efforts to identify new sources of energy. Government authorities are using LiDAR in mapping technology to locate suitable locations to place pipelines for the oil & gas industry.

The private companies are also utilizing LiDAR technology for quick & safe mapping of distant oil & gas fields. For instance, in July 2019, the Brazilian oil & gas inspection services provider, Terra Drone Brazil carried out an extensive aerial LiDAR mapping for Brazil’s state-owned energy company, Petrobas.

This LiDAR mapping identified the corrosion, cracks, and surface welding defects in cargo & ballast tanks of fuel storage facilities. This helped in the timely maintenance and business continuity for Petrobas.

LiDAR in mapping requires huge resources that include LiDAR equipment, software, and skilled professionals. The total cost of resources deployed for a single project is high, hindering LiDAR in mapping market demand. Data acquisition requires a long-time period, restraining its deployment on several infrastructure projects.

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Construction & surveying application is expected to grow significantly over the forecast timeline due to the rising demand for LiDAR in mapping technology for town planning. The construction companies are using drones equipped with LiDAR technology for survey-grade topographic mapping. This process significantly reduces human risks and operational costs in difficult terrains.

Governments across the globe are entering into strategic alliances with prominent market players for several mapping & surveying projects. For instance, in June 2019, Ordnance Survey, the national mapping agency of the UK, signed an agreement with Terra Drone Europe to provide UAV (fixed-wing, multi-rotor) equipped with LiDAR technology for mapping & surveying services. The deliverables will include Digital Terrain Models (DTM), orthomosaics, and digital surface models.

The increasing demand for improving disaster management systems across the developing countries including India, China, and Japan is fueling the LiDAR in mapping market revenue in the Asia Pacific region. For instance, in May 2017, the Japanese government deployed LiDAR mapping systems to assess post-disaster damages, which occurred due to Kumamoto earthquake in 2016.

The acquired data was used for developing strategies to efficiently deliver and distribute relief resources during the occurrence of such emergencies. LiDAR in mapping systems are being deployed extensively for geotagging of earthquake-prone areas and to assess the impact of landslides caused by earthquakes.

The companies operating in the LiDAR mapping market are focusing on introducing low-cost LiDAR sensors to target the growing mapping markets across the world. For instance, in September 2019, LeiShen Intelligent Systems launched its new series of affordable and low-cost LiDAR sensors, which targeted Chinese SMEs.

The new product, automotive-grade hybrid LiDAR CH16 3D, is priced at USD 0.0599 per unit and will help the company gain significant traction among small enterprises in the region. The companies are also concentrating on innovative LiDAR sensors to meet the changing demands of their customers.

Browse key industry insights spread across 290 pages with 320 market data tables and 26 figures & charts from the report, “LiDAR in mapping market size 2020-2026” in detail along with the table of contents:

https://www.gminsights.com/industry-analysis/lidar-in-mapping-market