Transparency Market Research: LIDAR Market to Hit $605M by 2020

A new Transparency Market Research report forecasts the LIDAR market to reach $605.5 million by 2020 from $225 million in 2013 and be driven by growing demand for three-dimensional imagery from government, commercial and consumer clients.

The report indicates that the transmission lines segment is poised to achieve “robust growth in the forthcoming years,” Transparency Market Research said Thursday.

Transparency Market Research said it expects North America to dominate the global LIDAR market as government support and high spending on research and development would drive defense application of LIDAR technology.

The report profiles Quantum Spatial, Firmatek, Optech and Mosaic 3d as the tier-one market players, with focus on new product development.

Transparency Market Research’s report sets the global LIDAR market’s compound annual growth rate at 15.3 percent from 2014 through 2020.