LiDAR in Construction Market Size

LiDAR in Construction Market Size

LiDAR in Construction Market size valued at USD 450 million in 2021 and is projected to grow at around 10% CAGR from 2022 to 2030.

Burgeoning demand for 3D printing in the construction industry will propel the use of LiDAR. Governments of developing nations have also been implementing various initiatives to utilize advanced mapping technologies, including LiDAR, to produce high-resolution maps for engineering works & projects related to state planning.

The soaring popularity of BIM technology implemented with LiDAR will also push the growth of the LiDAR in construction market. Prominent companies in the industry have also been engaging in rigorous research and development activities to enhance the accuracy of LiDAR technology systems to hold a strong position in the market. In addition, they have been adopting several strategic measures, such as partnerships, collaborations, mergers, and acquisitions, to improve their business standing in the upcoming years.

Lack of advancements in operational software may restrain industry progression

The absence of adequate software advancements to support technological innovations in LiDAR hardware is a major factor driving market growth. Existing software solutions have been failing to extract the full potential of hardware-based advancements including the advent of the solid-state LiDAR technology, which is preventing its adoption in certain industry verticals. Nonetheless, ongoing developments in LiDAR technology will encourage companies to adopt LiDAR in construction applications.