Terrestrial Laser Scanning Market worth $4.4 billion by 2023
Added: (Thu Apr 25 2019)
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The terrestrial laser scanning market report provides an analysis of the market from 2018 to 2023. It discusses industry and technology trends prevailing in the market, along with the market drivers, restraints, challenges, and opportunities. The terrestrial laser scanning market is projected to grow from USD 3.0 billion in 2018 to USD 4.4 billion by 2023, at a CAGR of 8.17% from 2018 to 2023.
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The terrestrial laser scanning market in Asia Pacific is expected to witness substantial growth during the forecast period, due to the increase in infrastructural projects and rise in demand for new survey projects are driving the terrestrial laser scanning market in China, Japan, and India.
By application, the Building Information Modeling (BIM) application segment is expected to grow at the highest CAGR during the forecast period. There has been an increase in the rate of 3D scanning requirements from the Architectures and Civil Engineering services around the world, due to the increase in infrastructural projects. The digitalization in the construction and infrastructure industries will be required to terrestrial laser scanning to collect digital data for assets management. Increasing global land survey applications coupled with increasing demand for data collection of different land development projects are likely to drive the demand for terrestrial laser scanning.
Based on solution, the terrestrial laser scanning services segment of the terrestrial laser scanning market is expected to grow at the highest CAGR during the forecast period. Services are used in cater demand from different end-use industries. Terrestrial laser scanners are expensive and high-capital intensive equipment, which is not affordable for every end user, due to this outsourcing of the laser surveys and scanning have witnessed the growth in the market. The overall demand for the survey industry is driving with the economic development form the emerging countries in the terrestrial laser scanning market.
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Based on region, the terrestrial laser scanning market has been segmented into 5 regions, namely, North America, Europe, Asia Pacific (APAC), the Middle East, and the Rest of the World. North America is estimated to account for the largest share of the terrestrial laser scanning market in 2018. The terrestrial laser scanning market is expected to witness significant growth in the emerging economies of the Asia Pacific region, such as China, Japan, and India.
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