According to the latest study titled ‘LiDAR in Mapping Market Size By Platform (Drones [Fixed Wing Drones, Single Rotor Drones, Multi Rotor Drones], Terrestrial [Stationary, Mobile], Airborne, Handheld and Backpack), By Component (Hardware, Software), By Application (Corridor Mapping, Construction & Surveying, Agriculture & Forestry, Mining & Quarrying, Education, Environmental, Transport, Emergency Services) Industry Outlook, Regional Analysis , Application Development, Competitive Landscape & Forecast, 2020 – 2026’ available with Market Study Report, LiDAR in mapping market is presumed to amass US $4 billion by the year 2026.
 

Increasing adoption of LiDAR in mapping solution for early detection of natural calamities like earthquakes, volcanic eruptions, and floods to reduce associated damages is propelling the LiDAR in mapping market growth. The technology is used for archeological surveys and inspection to ensure safe operations in O&G industry and helps in mapping suitable locations for placing oil and gas supply pipelines.
 

However, effective utilization of LiDAR in mapping solutions requires skilled professionals and heavy investment for LiDAR equipment and software. High set-up and operation cost, coupled with extended time taken for data acquisition is leading to restrained deployment of technology across infrastructure project, which in turn is hindering the LiDAR in mapping market growth.
 

Speaking of the application spectrum, LiDAR in mapping market from construction & surveying application segment is anticipated gain significant traction over the forecast period, owing to the extensive adoption of the technology for town planning. Growing urban population, coupled with increasing development of smart cities will further stimulate the segmental growth. Numerous construction firms are adopting LiDAR integrated drones for topographic mapping to eliminate human errors and save operation costs across difficult terrains.
 

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Considering the regional outlook, Asia Pacific LiDAR in mapping market is projected to register decent growth during 2020-2026, as nations like China, India, and Japan are increasingly adopting this technology to improve disaster management systems. LiDAR in mapping solutions is being deployed widely to geotag earthquake prone areas and to evaluate the damage caused by landslides during earthquakes.
 

The prominent players operating in LiDAR in mapping market are Velodyne LiDAR, Inc., Tetravue, Inc., Quanergy Systems, Inc., LeiShen Intelligent Systems Co., Ltd., Leica Geosystems AG, and Hesai Technology. These market behemoths are emphasizing on launching low-cost LiDAR sensors to serve the expanding mapping market.