Recent reports state that the scope of LiDAR technology in
the current scenario is yet to see its peak. Projections state that the LiDAR
market is all set to scale up to USD 2,273 million by 2024. It stood at USD 844
million in 2019. These figures point to a CAGR of 18.5 per centin a span of
five years. The unprecedented growth of LiDAR markets can be attributed to the
increasing demand of LiDAR software application in UAVs, construction,
engineering, and other industry verticals.

The same rings true for the increasing usage of LiDAR in GIS
(geographical information systems) applications. 4D LiDAR and its new areas of
application is another driving force for LiDAR technology. Read on for more.

Scope of LiDAR

The improved capabilities of LiDAR data processing and image
processing, especially in comparison to other technologies, are driving the
growth of LiDAR systems, globally. Besides, 3D imaging technology is making
deep inroads into several areas of application to increase the scope of this
technology. Aerial LiDAR systems are in demand for exploring and detecting
historic details, places, terrains, farmlands, forests, manually
created/natural formations, etc.

Increasing awareness of the reach and benefits of LiDAR
systems is helping users in different ways. These systems are banking on
cost-effective components like navigation system,laser scanners,
high-resolution 3D cameras, etc. to bring LiDAR tools and applications within
the reach of more people. Overall, the scope of Lidar survey and mapping, LiDAR
data processing, LiDAR aerial imaging is growing exponentially with every
passing year. The growth trend is likely to continue in future!

CAGR Projections in
LiDAR Technology

As per LiDAR technicians at SBL Corp, the CAGR
of medium-range LiDAR, which detects objects falling in the range of 200–500
meters, will be highest between 2019 and 2024. Medium-range LiDAR systems are
mainly used in engineering, exploration, mapping, environment, etc. where
cost-effectiveness and precision are a must.

In context to services, GIS services are
expected to register their highest growth in the period 2019 to 2024. Effective
vegetation mapping and forestry is widely enabled by GIS topological modeling,
data analysis, geometric networks, cartographic modeling and hydrological
monitoring. The GIS experts at SBL are equipped to capture and analyze
different types of geospatial data linked to GIS and LiDAR services.

The scope of ground-based LiDAR technologies is
increasing by the day to garner higher market support. It’s believed that
ground-based LiDAR technologies will crown the LiDAR market because of their
many installation types. Ground-based LiDAR apps are increasing the efficiency
of meteorology, corridor mapping, environment, driverless cars, etc. in a big
way. These affordable applications face less stringent approval and regulatory
criteria when used for surveying and mapping purposes.

Short range LiDAR systems, which have a wide
presence in environmental applications, are also expected to dominate the LiDAR
marketplaces in future. Useful for surveying and monitoring environmental
resources, these short-range applications (enabled by LiDAR) find immense scope
in coastline management, forest management, pollution modeling, precision
forestry, wind farms and agriculture.

Explore LiDAR Markets
with SBL Corp

Discover the scope and benefits of LiDAR technologies with
SBL Corp. We provide benchmarked solutions to capture topography, construction
sites, map disaster areas, etc. Besides, we have the latest tools and
techniques to process data and conduct research for forestry, vegetation lands,
urban development and more. Get in touch with our LiDAR and other GIS services
to take your business to the next levels of success, today