Light Detection and Ranging (LiDAR) technology is seeing widespread adoption among many industries thanks to its ability to collect data faster than conventional surveying.
The adoption of LiDAR equipment is increasing in archaeology, agriculture, atmospheric remote sensing, urban planning, forestry, military and more, according to the BCC Research report, Light Detection and Ranging (LiDAR): Technologies and Global Markets.
The global market for LiDAR technologies should grow from USD 3.1 billion in 2020 to USD 8.7 billion by 2025 with a compound annual growth rate (CAGR) of 22.7%.
- Transportation LiDAR technologies market should grow from USD 585.5 million in 2020 to USD 1.6 billion by 2025 with a CAGR of 22.9%.
- Coastal LiDAR technologies should grow from USD 514.8 million in 2020 to USD 1.3 billion by 2025 with a CAGR of 21%.
- Analysis of key market players: Faro Technologies, Firmatek and LeddarTech Inc.
Read the full report here.