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LiDAR in Construction Market Size

Report ID: GMI5336
Published Date: Sep 2022
Report Format: PDF

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LiDAR in Construction Market Size

LiDAR in Construction Market size valued at USD 450 million in 2021 and is projected to grow at around 10% CAGR from 2022 to 2030.

Burgeoning demand for 3D printing in the construction industry will propel the use of LiDAR. Governments of developing nations have also been implementing various initiatives to utilize advanced mapping technologies, including LiDAR, to produce high-resolution maps for engineering works & projects related to state planning.

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The soaring popularity of BIM technology implemented with LiDAR will also push the growth of the LiDAR in construction market. Prominent companies in the industry have also been engaging in rigorous research and development activities to enhance the accuracy of LiDAR technology systems to hold a strong position in the market. In addition, they have been adopting several strategic measures, such as partnerships, collaborations, mergers, and acquisitions, to improve their business standing in the upcoming years.

LiDAR in Construction Market Report Attributes
Report Attribute	Details
Base Year:	2021
LiDAR in Construction Market Size in 2021:	450 million (USD)
Forecast Period:	2022 to 2030
Forecast Period 2022 to 2030 CAGR:	10%
2030 Value Projection:	1.5 billion (USD)
Historical Data for:	2018 to 2021
No. of Pages:	320
Tables, Charts & Figures:	443
Segments covered:	Product, Type, Application, End-user
Growth Drivers:	Increasing demand for mapping Growing demand for 3D imaging Increasing adoption among environment & government applications Advent of Building Information Modeling (BIM) technology
Pitfalls & Challenges:	Software development gap Lack of standardization

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Lack of advancements in operational software may restrain industry progression

The absence of adequate software advancements to support technological innovations in LiDAR hardware is a major factor driving market growth. Existing software solutions have been failing to extract the full potential of hardware-based advancements including the advent of the solid-state LiDAR technology, which is preventing its adoption in certain industry verticals. Nonetheless, ongoing developments in LiDAR technology will encourage companies to adopt LiDAR in construction applications.

Authors: Suraj Gujar

Frequently Asked Questions (FAQ) :

The market size of LiDAR in construction sector surpassed USD 450 million in 2021 and is set to progress at over 10% CAGR from 2022 to 2030, says this GMI report.

The mapping application segment is predicted to capture more than 30% of the market share by 2030 on account of the rising need for a high resolution, compact, and low-cost mapping solution.

The solid state segment is expected to grow at more than 30% growth rate between 2022 and 2030 owing to its inexpensive nature, which makes it a preferable choice over its counterpart.

The Asia Pacific LiDAR in construction market is slated to grow at approximately 15% gains through 2030, as government organizations are relying on LiDAR technology companies for conducting bathymetric surveys.