LiDAR in Mapping Market to 2026 - Segment Outlook, Geographical Analysis by Key Players

14-09-2021

By Rahul Varpe

LiDAR in mapping market share is expected to surge through 2026, as the O&G sector progresses worldwide and governments continue to encourage the detection of more oil wells

The prevalence of natural disasters like volcanic eruptions, earthquakes and floods is a major factor driving the LiDAR in mapping market growth. This is on account of the fact that the rising occurrence of these disasters is increasing the demand for accurate mapping solutions, to reduce risks associated with these natural calamities. Growing population in urban areas is leading to surging need for improved urban planning and rising renovation activities of existing buildings. This factor, in tandem with growing need for modern techniques for surveying archaeological sites is contributing to the popularity of LiDAR mapping solutions across the globe.

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The LiDAR in Mapping Market is estimated to be worth USD 27 billion by the year 2026.

Estimates claim that construction and surveying application segment is expected to register considerable growth in LiDAR in mapping market during the estimated timeframe. Additionally, worldwide governments are collaborating with key industry players for numerous surveying and mapping projects.

Escalating investments in R&D activities by key LiDAR in mapping market players is paving the way for development of advanced LiDAR technology. Also, growing demand for accurate and precise ground surveying technology for DEM (Digital Elevation Model) is compelling real-estate companies to deploy LiDAR mapping technology.

However, steep costs involved in developing and deploying LiDAR in mapping technology may hinder the growth of the LiDAR in mapping market. LiDAR in mapping needs resources such as skilled professionals, software and LiDAR equipment, escalating the overall expenditure on resources.

Increasing consumption of non-renewable sources of energy and rising consumer awareness regarding environment conservation is propelling various governments to focus on using sustainable sources of energy. Governments across the globe are also utilizing LiDAR in mapping technology in oil & gas industry in order to identify ideal locations to install pipelines. In addition, private O&G companies are using LiDAR technology to detect unreachable oil & gas fields as well as for quick & safe installations of pipelines.

In July 2019 for instance, Terra Drone Brazil conducted extensive aerial mapping using LiDAR technology for Petrobas. This venture facilitated the Brazilian energy company to identify surface welding defects in ballast tanks and cargo. It also helped in timely maintenance of cracks and corrosion for the company thereby promoting business continuity.

Utilizing LiDAR technology for surveying topographic landscapes not only helps in reducing operational costs but also reduces the risks of occupational hazards to humans. Having understood the same, LiDAR in mapping technology is being increasingly adopted for real estate and town planning, which is fueling the industry outlook.

Speaking of which, Ordnance Survey, UK’s official mapping agency, signed a joint venture agreement with Terra Drone Europe in June 2019 in order to provide UAVs with LiDAR technology for surveying and mapping processes.

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Rising environment awareness, changing weather conditions and favorable government initiatives are leading to surging demand for advanced disaster management systems, especially in countries such as China, Japan and India. This factor along with growing need for assessing damage caused by earthquakes, landslides and other natural disasters is fueling the popularity of the LiDAR in mapping technology across Asia-Pacific region.

LiDAR mapping systems, for instance, were deployed by the Japanese government to assess post-disaster damage caused by the 2016 Kumamoto earthquake. The collected data was used to develop strategies to efficiently provide and distribute relief services during the occurrences of such crisis. LiDAR technology is also widely used in mapping systems to identify earthquake-prone areas and to assess the impact of earthquake-induced landslides.

Pet Tech Market: https://www.globenewswire.com/en/news-release/2021/05/20/2233046/0/en/Global-Pet-Tech-Market-revenue-to-hit-20-Bn-by-2027-Global-Market-Insights-Inc.html

About Author

Rahul Varpe

Rahul Varpe currently writes for Technology Magazine. A communication Engineering graduate by education, Rahul started his journey in as a freelancer writer along with regular jobs. Rahul has a prior experience in writing as well as marketing of services and products online. Apart from being an avid...