The global market for LIDAR (light detection and ranging) will reach $1 billion by 2020, according to a forecast by market research firm ASDReports, which predicts a huge 16.32 percent compound annual growth rate over the next five years.
The study attributes the surge to LIDAR expanding from traditional functions like corridor mapping and cartography, into new fields like driver assistance systems.
“Aerial surveying is set to receive a boost with the development of the Geiger-mode LiDAR technology which enables high-resolution data collection even from higher elevations. At the same time, mobile LIDAR systems are becoming more compact and affordable, especially in the automotive sector, with the introduction of Velodyne LIDAR’s ‘puck’ device.”
The Asia-Pacific market will see the fastest growth, according to the report.
