North America LiDAR Market is projected to grow extensively over the predicted years. Owing to the technological developments in GPS and inertial navigation unit the Europe region is also expecting a steady growth. The revenue from Asia pacific region is expected to be USD 470 million by the year 2023. This is owing to the low-cost manufacturing activities.
Considering the global trends, Asia Pacific LiDAR market is estimated to exceed a revenue of USD 470 million by 2023, primarily driven by increasing low-cost manufacturing activities across the region. Huge investment by stakeholders in this region coupled with growing product launches further influence the regional growth.
Technological advancement in GPS and inertial navigation will drive Europe LiDAR market. Civil and corridor mapping will be the major application areas in the Europe, owing to the massive requirement for security systems in commercial areas such as airports, hospitals, and hotels.
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The LiDAR market can be segmented on the basis of products as airborne, terrestrial, mobile, short range. Mobile accounted for around 20% of the overall revenue in the year 2015. Capacity of removing the necessity for deployment prices, rises the security of data by eliminating the need for traffic deviation and offers safety for the project employees.
Various regulations have been established by regulatory authorities such as the united stated geological survey. There have been certain standards set by the regulatory bodies and programs such as national geospatial programs have been run by the US government for the necessity of high accuracy and high efficiency in LiDAR market.
LiDAR market in laser scanner will exhibit a CAGR of more than 17% over the period of 2016-2023, owing to its growing application in 3D scanning market and imaging maneuvers. Moreover, Data storage & management system, navigation, and GPS components will contribute positively towards LiDAR industry growth.
Global LiDAR industry is thriving on account of its proven application in every sector, right from archaeology to autonomous cars. The growing adoption of LiDAR technology in the commercial as well as the government sectors will surge the LiDAR industry share. Moreover, increasing rate of projects with demand for higher efficiency and Multiview point data will boost the overall market outlook. According to Global Market Insights, Inc., LiDAR Market share is anticipated to exceed USD 1.1 billion by 2023.
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