Lidar Market Set for Expansion

The global lidar market is expected to reach $1.1 billion by 2023, according to a new report by Global Market Insights Inc.

Rising urbanization and large-scale infrastructural development will contribute to the growth of the market size over the forecast timeline. Heavy investments in infrastructural development and strategic alliances will remain the key strategies in the ecosystem.

The U.S. lidar market size was valued at over $85 million in 2015, and is expected to grow 9.3 percent by 2023. Increasing adoption of 3D imagery by the U.S. government and the advent of industrial automation are cited as reasons for industry growth.

Increasing acceptance in automobile safety application, environmental mapping arenas, rising acceptance in the corridor mapping and civil engineering for monitoring and 3D-modeling applications will also be factors in the expansion.

Global Market Insights is a market research and strategy consulting firm.