The global LiDAR in construction market is expected to experience significant growth in the coming years, driven by increased demand for accurate data and improvements in LiDAR technology. The market size, share, growth, and future outlook of the global LiDAR in construction market are discussed in this article.
Market Size and Share
The global LiDAR in construction market was valued at $584.8 million in 2020 and is expected to reach $1.2 billion by 2028, growing at a compound annual growth rate (CAGR) of 9.3% from 2021 to 2028.
North America is currently the largest market for LiDAR in construction, accounting for approximately 40% of the global market share. This is due to the high adoption of LiDAR technology in the region, particularly in the United States.
However, the Asia Pacific region is expected to experience the fastest growth in the LiDAR in construction market, driven by increasing construction activities in emerging markets such as China and India.
Key Growth Drivers
- Increasing Demand for Accurate Data
The construction industry is increasingly reliant on accurate data to improve efficiency and productivity. LiDAR technology provides highly accurate 3D data, enabling architects, engineers, and construction professionals to plan and manage construction projects more efficiently.
- Growing Need for Sustainable Construction
Sustainability is becoming a key consideration in the construction industry, and LiDAR technology can play a significant role in sustainable construction. LiDAR can provide accurate data on existing structures, enabling architects and engineers to design sustainable construction projects that minimize waste and energy consumption.
- Advancements in LiDAR Technology
Advancements in LiDAR technology are driving growth in the LiDAR in construction market. These advancements include improvements in LiDAR sensors, data processing, and software, enabling more accurate and efficient data capture and analysis.
Future Outlook
The future outlook for the global LiDAR in construction market is positive, with continued growth expected in the coming years. Emerging technologies such as virtual and augmented reality, drones, and smart city development are expected to further drive the adoption of LiDAR technology in the construction industry.
Additionally, the COVID-19 pandemic has highlighted the importance of digital technologies in the construction industry, and LiDAR technology is expected to play a critical role in enabling remote work and reducing the need for on-site personnel.
Overall, the global LiDAR in construction market is expected to continue its growth trajectory, driven by key growth drivers such as increasing demand for accurate data, growing need for sustainable construction, and advancements in LiDAR technology.
Disclaimer: The views, suggestions, and opinions expressed here are the sole responsibility of the experts. No Everest Market Insights journalist was involved in the writing and production of this article.