Increasing demand for the solid-state LiDAR systems due to the rise in their automotive applications; increasing use of drones; and awareness and encouragement from the governments and institutes in the LiDAR industry are the factors driving the growth of the market, globally. The LiDAR market is expected to grow at a CAGR of 25.8% during the forecast period. The LiDAR market includes key players such as Quantum Spatial (Aerometric, Inc.) (US), Faro Technology(US), Beijing Beike Technology Co., Ltd (isurestar) (China), Leica Geosystems - Part of Hexagon AB (Sweden), Teledyne Optech Inc. (Canada), Riegl Laser Measurement Systems GmbH (Austria), Velodyne LiDAR, Inc. (US), YellowScan (France), Geokno India Pvt. Ltd. (India), Trimble Inc. (US), and Sick AG (Germany).

Portfolio of Teledyne Optech (Canada) comprises a wide range of products that enable sustainable business growth and diversify its business risk. The company not only has a wide product portfolio, but it also has a presence across the major geographies. Teledyne Optech keeps a keen eye on the technological trends to sustain its growth. The company also focuses on partnerships and agreements to increase its revenue. For instance, in 2016, Teledyne Optech partnered with MacDonald, Dettwiler and Associates (MDA) (Canada) to develop OSIRIS-REx Laser Altimeter (OLA) for a space study, named, Origins, Spectral Interpretation, Resource Identification, Security, Regolith Explorer (OSIRIS-REx). OSIRIS-REx is an asteroid study and sample return mission planned by the NASA.

Offering portfolio of Leica Geosystems consists of an extensive range of products that facilitate sustainable business and helps diversify business threat, which means that if one product line is not performing, the company has other businesses to balance its sales. The company adopts various strategies to sustain in its business and cater to customers. In 2016, Hexagon, a parent company of Leica Geosystems, acquired Paul MacArthur Limited (SCCS) (U.K.). SCCS is a leading supplier of surveying equipment to the infrastructure and engineering market; it was also a distributor for Leica Geosystems in the U.K. This acquisition helped enhance Leica Geosystems market presence in the region. Likewise, the company focused on product development and innovation. In 2015, it developed Leica Pegasus:Backpack—an award-winning wearable backpack that captures the reality through components such as cameras and LiDAR profilers.

The other companies involved in this market include Quantum Spatial (Aerometric, Inc.) (US), Faro Technology(US), Beijing Beike Technology Co., Ltd (isurestar) (China), Riegl Laser Measurement Systems GmbH (Austria), Velodyne LiDAR, Inc. (U.S.), YellowScan (France), Geokno India Pvt. Ltd. (India), Trimble Inc. (US), and Sick AG (Germany).  

Related Reports:

LIDAR Market by Product (Aerial, Ground-Based, UAV, and Solid-State), Application (Corridor Mapping, Engineering, ADAS & Driverless Car, Exploration, Urban Planning, Cartography, & Meteorology), Component, Services, and Geography - Global Forecast to 2022

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