|Status : Published||Published On : Jun, 2022||Report Code : VRSME9131||Industry : Semiconductor & Electronics||Available Format :||Page : 200|
The global LiDAR market size was valued at USD 2.1 billion in 2021 and is expected to grow to USD 7.5 billion by 2028, with a CAGR of 22% between 2022 and 2028. LiDAR, sometimes known as laser imaging detection and ranging, is a type of light detection and ranging. LiDAR technology is a type of remote sensing that measures varying distances from the earth using light. To offer precise geographic information about the position, the data is combined with other information gathered from airborne assets after being evaluated by the light pulses. LiDAR is also called as 3D laser scanning since it is seen as a blend of 3D scanning and laser scanning. There is increased use of LIDAR systems in several industries including topographic map creation, construction engineering, analysis and monitoring of coastline data, and reservoir water level monitoring. Use in forestry applications, disaster management services, and integration in ADAS technology for the automobile sector will offer potential opportunities for market growth.
The advent of 4D LiDAR, increased market demand for 3D imagery in applications like topographic surveys, corridor mapping, civil engineering, military & defense, etc. are the trends prominent in the LiDAR market.
Another ongoing trend in the LiDAR Market is the growth of start-ups, primarily as a result of investments from automobile manufacturers. The automotive industry is now at the forefront of adopting and requesting LiDAR technology for a variety of applications. LiDAR technology can be used in driverless taxis, carpooling, ride-hailing services, and mobility-on-demand services in the automotive industry. Car manufacturers are increasingly producing self-driving and driverless vehicles. As a result, they are investing heavily in startups such as Uber, Lyft, and others. These investments are expected to propel LiDAR technology.
The COVID-19 pandemic had an impact on the market growth of the global LiDAR industry. The economic uncertainty, temporary shutdown of businesses, low confidence among consumers, delay in logistic activities, decline in automotive sector, and impact on construction and real estate projects are the factors that has hampered the growth of LiDAR market during the coronavirus period. Nevertheless, due to the relaxation of the constraints, the light detection and ranging (LiDAR) business is anticipated to pick up steam in the post-pandemic scenario.
Insight by Type
Mechanical LiDAR dominates the market owing to extensive adoption in several applications like volumetric mapping, engineering, military, and corridor mapping, thereby propelling LiDAR’s market growth.
Insight by Component
Laser scanners contribute the largest share in the LiDAR market owing to increased adoption in aerial scanning and mapping operations along with increased deployment to transmit and detect laser pulses based on ToF principle.
Insight by Technology
4D LiDAR technology is anticipated to have a high CAGR during the forecast period owing to increased adoption in applications like architecture, engineering, and construction (AEC) industry, autonomous cars, AR/VR, entertainment, robots. Many manufacturers are producing discrete and full form LiDARs to meet the needs of their customers. The availability of a diverse product portfolio also draws a diverse range of consumers to the market. Furthermore, 4D LiDAR systems are gaining traction in the market.
Insight by Product
Airborne segment contributes the largest share in global LiDAR market owing to surge in adoption of aerial mapping devices. Aerial LiDAR is a highly accurate and reliable method of creating digital elevation models that has largely replaced photogrammetry. This system is more accurate and has a larger coverage area. It offers more comprehensive area mapping in shorter time intervals.
Insight by End-Use Application
Environment accounts for the largest share in the global LiDAR market owing to increased adoption in surveying and monitoring environments in applications like coastline management, pollution modeling, wind farms, agriculture, precision forestry, and forest management.
Viral and Non-Viral Vector Manufacturing Market Report Coverage
Base Year Considered
Market Size in 2021
Revenue Forecast in 2028
Segments Covered in the Report
By Type, By Component, By Technology, By Product, and By End-Use Application
Market Trends, Drivers, and Restraints; Revenue Estimation and Forecast; Segmentation Analysis; Impact of COVID-19; Companies’ Strategic Developments; Market Share Analysis of Key Players; Company Profiling
Regions Covered in the Report
North America, Europe, Asia-Pacific, Middle East, and Rest of the World
Increased Adoption of LiDAR in the Construction Industry
One of the key factors propelling the growth of the light detection and ranging (LiDAR) market is the increase in the use of mid- and high-level precision GPS receiver in the construction industry. All facets of building activity, from surveying and mapping to project viability analysis, are becoming more and more reliant on LiDAR technology. Additionally, engineers may conduct precise feasibility assessments and create designs that meet project criteria with the use of laser scanners that are directed by global positioning systems and extremely sensitive cameras. As a result, the number of LiDAR service providers has increased significantly. Large-scale construction projects, like megaprojects for civil construction sites, are frequently using GPS technology, thereby propelling the LiDAR’s market growth.
Surge in Adoption of Commercial Drones in Several Applications
LiDAR has been one of the most significant tools used in the commercial drone industry to gather reliable data. The need for the LiDAR market will rise as a result of the expansion of automation across a number of industries, which reduces the requirement for labour force employment and saves time. Technology developments in different LiDAR resolutions can be used effectively for a variety of tasks, like identifying runoff changes in mining or agricultural locations. The product also has non-conventional uses in monitoring and forecasting the weather and the environment.
The increased availability of low-cost sensors like laser scanners, Navigation and positioning systems, etc. along with the adoption of sophisticated technologies like VRT, yield mapping software, and GPS in agricultural products will accelerate the LiDAR’s market development.
LiDAR as compared to RADAR can more accurately capture surface information and the position of the object along with 3D topography data from the object surface.
The increased safety threats of UAVs and autonomous cars and easy accessibility of low-cost and lightweight photogrammetry systems for surveying and mapping applications may pose challenge in the market development of LiDAR technology. Furthermore, the rising cost of LiDAR services, less awareness about advantages of LiDAR systems, and restricted availability of geospatial data may further stymie market expansion.
The rising investments in several starts ups by automotive players, increasing prospects of SWIR-based design, advancement of geospatial solutions by adopting sensor fusion, government initiatives to promote the development of LiDAR drones for large-scale surveys, and technological development of solid-state, MEMS, Flash LiDAR, etc. will accelerate the market opportunities for LiDAR technology globally.
North America is expected to witness the largest share owing to increased adoption in the connected car systems and automotive sector. The use of LiDAR in forestry studies, urban mapping, building, and infrastructure is also helping the market in the United States to grow. Consequently, North America's market share will continue to grow globally.
APAC is anticipated to grow at a faster pace owing to increased emphasis on LiDAR modernization programs and surge in investment by domestic and international players in several developing countries like China, India, etc. in the region.
Due to a large number of competitors in the global market, the LIDAR market is highly competitive. Numerous manufacturers are entering the market as a result of the vast range of applications for LiDAR systems, thus increasing the degree of fragmentation. Many manufacturers are relying on the production of LiDAR systems by taking the requirements of the end use applications into consideration to increase their market share globally. Thus, the industry players are adopting several strategies such as product launches, M&A, contacts, product development, collaborations to sustain themselves in the LiDAR market.
For autonomous vehicles, delivery solutions, driver assistance, infrastructure, robotics, industrial, mapping, navigation, etc., Velodyne Lidar offers smart and robust lidar solutions. Velodyne, with its headquarters in San Jose, California, is well-known around the world for its extensive offering of ground-breaking lidar sensor technologies. The cost-effective Puck, the adaptable Ultra Puck, the autonomy-improving Alpha Prime, the ADAS and robotics-optimized Velarray, and the ground-breaking lidar software Vella are just a few of the sensing solutions offered by Velodyne's high-performance product line.
One of the leading Advanced Driver Assistance Systems (ADAS) in the market is LiDAR technology from Valeo. The first 3D laser scanner used in a series-produced car that satisfies the strict standards of the auto industry is the Valeo automotive LiDAR sensor. There are 560 patents worldwide that cover this sensor system for autonomous vehicles. Third-generation laser LiDAR technology from Valeo, which is expected to be commercially available in 2024, will take autonomous driving further by enabling drivers to delegate driving in a variety of situations, including at highway speeds of up to 130 km/h.
Recent Development by Key Players
In June 2022, Stellantis has selected Valeo's third-generation LiDAR to assist multiple models across its various automotive brands commencing in 2024. These vehicles will be certified for level 3 automation owing to the Valeo SCALA 3 LiDAR, enabling drivers to safely take their hands off the steering wheel and their eyes off the road.
In March 2022, Tacticaware, a Hexagon company that manufactures and produces the volumetric security system Accur8vision, and Ouster, Inc. officially launched their joint security solution: Ouster x Accur8vision. To target the multibillion-dollar physical security market, the solution combines Ouster's 3D digital lidar technology with Hexagon's industry-leading security software.
Key Players Covered in the Report
Some of the major players in the global LiDAR market include Trimble Inc., Velodyne Lidar, Valeo, Hexagon, Teledyne Geospatial, NV5 Global, Inc. (Previously Known as Quantum Spatial), SureStar, YELLOWSCAN, SICK AG, and FARO.
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The LiDAR Market research includes a comprehensive market segmentation analysis as well as projections for the analysis period 2022-2028.
Segments Covered in the Report
By End Use Application
Region Covered in the Report
• North America
- Rest of Europe
• Asia-Pacific (APAC)
- South Korea
- Rest of Asia-Pacific
• Rest of the World (RoW)
- Saudi Arabia
- South Africa
- Other Countries