The overall LiDAR market is expected to reach USD 1,809.5 Million by 2023 from USD 819.1 Million in 2018, at a CAGR of 17.2% between 2018 and 2023. The growth of this market is fueled by the increasing use of drones equipped with LiDAR for greater accuracy, growing demand for 3D imaging technology, and encouragement from the governments and institutes for the adoption of LiDAR.

Teledyne Optech (Canada), Leica Geosystems (Switzerland), Reigl Laser Measurement Systems (Austria), Trimble (US), and Faro Technologies (US) are the leading players in the LiDAR market. Product launches and developments, agreements, contracts, partnerships, collaborations, acquisitions, and expansions are some of the key strategies adopted by the major players to gain a competitive edge in this market.

Teledyne Optech is involved in the development, manufacture, and support of advanced LiDAR and imaging-based survey instruments. The portfolio of Teledyne Optech comprises a wide range of products that enable sustainable business growth and diversify its business risk. The company has a wide product portfolio along with the presence across 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 and leverage the other company’s product portfolio. For instance, in September 2017, Teledyne Optech signed an agreement with Integrated Geospatial Innovations (IGI) (Germany). Through this agreement, IGI would offer LiDAR and camera services in Europe, and both the companies would strengthen their domain expertise. In addition, in 2016, Teledyne Optech partnered with MacDonald, Dettwiler and Associates (MDA) (Canada) to develop OSIRIS-REx Laser Altimeter (OLA) for space studies.

The portfolio of Leica Geosystems consists of an extensive range of products facilitating sustainable business progression and diversifies business threats; thus, if one product line stops performing well, the company has other businesses to balance its sales. The company adopts various strategies to sustain its business and cater to its customers. In 2016, Hexagon, the parent company of Leica Geosystems, acquired Paul MacArthur Limited (“SCCS”) (UK). SCCS is a leading supplier of surveying equipment to the infrastructure and engineering markets, and also a distributor for Leica Geosystems in the UK. This acquisition has enabled it to increase its presence in the European market. Likewise, the company has also been focusing on product launch and developments. For instance, in November 2017, the company launched ScanStation P50 laser scanner that has a scanning capability of up to 1 km.

Other key companies involved in the LiDAR market are Quantum Spatial (Aerometric) (US), Velodyne LiDAR (US), Beijing Surestar Technology (Isurestar) (China), Geokno (India), Sick AG (Germany), YellowScan (France), Leddartech (Canada), Geodigital (US), Topcon Positioning Systems (US), Blom (Europe), and Michael Baker International (US).

Related Reports:

LiDAR Market by Type (Mechanical LiDAR and Solid-State LiDAR), Installation (Airborne and Ground-Based), Application (Corridor Mapping, ADAS & Driverless Car, and Engineering), Range, Component, Service, and Geography - Global Forecast to 2023

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