Home > Pressrelease > Global LiDAR in Construction Market size worth $1.5 Bn by 2030
Global LiDAR in Construction Market size worth $1.5 Bn by 2030
- Published Date: September 16, 2022
LiDAR in Construction Market size is slated to cross USD 1.5 billion by 2030, according to a new research report by Global Market Insights Inc.
Growing demand for Building Information Modeling (BIM) in the construction sector and surging demand for advanced mapping solutions as the chief drivers for the LiDAR in construction industry. The availability of LiDAR technology resulted in a significant modification in the terrain mapping landscape owing to its wide applicability in a range of end-use applications, such as floodplain mapping, forest inventory, hydrology, geomorphology, landscape ecology, survey assessments, and coastal engineering & volumetric calculations.
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Increasing use of drones in mapping and surveying applications to impel UAV utilization
The global UAV LiDAR in construction sector is estimated to observe more than 15% CAGR through 2030. The increasing demand for LiDAR-mounted unmanned aerial vehicles popularly known as drones for various mapping and surveying applications will fuel the expansion of the UAV segment.
Soaring demand for real-time scanning to push mechanical LiDAR application in construction sector
The LiDAR in construction market report further recognizes heavy demand for mechanical LiDAR in the construction sector. Widespread penetration of LiDAR technology across real-time scanning and navigation applications due to its 360-degree coverage will proliferate the demand for mechanical LiDAR technology. For instance, in 2021 the mechanical type segment held around 95% of the industry share and will depict massive growth trends by the end of 2030.
Browse key industry insights spread across 320 pages with 404 market data tables and 39 figures & charts from the report “LiDAR in Construction Market Size By Product (UAV, Airborne [Bathymetric, Topographic], Terrestrial [Static, Mobile]), By Type (Solid-state, Mechanical), By Application (Surveying, Mapping, Elevation Modelling, Ecological Analysis), By End-user (Government, Private), COVID-19 Impact Analysis, Application Development Potential, Regional Outlook, Price Trend, Competitive Market Share & Forecast, 2022 – 2030” in detail along with the table of contents:
Elevated demand for public safety to propel LiDAR penetration in the government sector
The cumulative demand for LiDAR-mounted solutions to safeguard public and infrastructural security will accelerate the segment growth. Additionally, the distribution of LiDAR technology for various surveying and mapping applications to aid in reducing defects in the public infrastructure. The government segment accounted for for approximately 35% of the revenue share in 2021 and is set to amass substantial gains by 2030.
Rising need for infrastructural development to augment surveying application segment growth
The surveying application segment captured over 25% of the LiDAR in construction market share in 2021 and is poised to grow remarkably between 2022 and 2030. The prominence of data derived through LiDAR technology to support infrastructure and network management services in various sectors, such as utilities, railways, roads, and oil & gas, will boost product adoption.
North America emerges as a prominent revenue pocket
The North America LiDAR in construction market size was valued at USD 190 million in 2021. The region may emerge as a major hub for this industry on account of mounting government regulations and the need for optimization of construction operating expenses in the region. Moreover, the rise in migration has increased the requirement for new residencies and infrastructural connectivity, thereby pushing the regional market growth.
Product range development to remain a key growth strategy
The strategic landscape of the industry is expected to witness a series of product developments and strategic mergers with private and public organizations by industry players. Some of the key players profiled in the LiDAR in construction market include Cepton, Beijing SureStar Technology Co. Ltd., Continental AG, Firmatek, FARO Technologies, Inc., Genesys International Corporation Limited, GeoSLAM, Geokno, Hexagon AB (Leica Geosystem), Outster Inc., NV5 Inc. (Quantum Spatial), Phoenix LiDAR Systems, Redtail LiDAR, Quanergy Systems, Inc., RIEGL Laser Measurement Systems GmbH, Teledyne Technologies (Teledyne Optech), Sick AG, Topcon Positioning Systems, Inc., Velodyne Lidar, Trimble Inc., and Yellowscan.