The Global LiDAR Market size is expected to reach $3.5 billion by 2028, rising at a market growth of 18.4% CAGR during the forecast period.
A precise 3-D virtual image of an item can be made using cutting-edge remote sensing technology known as light detection and ranging (LiDAR). It is a laser tool with high intensity with a MEMS scanner and a GPS transceiver, which are used in conjunction with LiDAR to produce 3D and 2D images. Seismology, geomatics, aerial laser swath mapping, archaeology, atmospheric physics, geomorphology, and other fields employ LiDAR in various ways.
LiDAR can deliver precise information even in the presence of obstacles like walls, bridges, tunnels, and others owing to its qualities. In the geospatial sector, LiDAR is utilized to gather data in remote areas and is usable in any weather. LiDAR technology made it simpler to inspect, find, and map items than traditional techniques. This approach is preferred over traditional surveying techniques because it can quickly produce 3D images and highly accurate data.
The primary reason propelling the development of the LiDAR market is the improved automated processing capability of LiDAR systems in regard to picture resolution and data processing capabilities compared to other technologies. Similar to RADAR, LiDAR is utilized for ranging and detection applications. However, in terms of precision and response speed, it is more capable than RADAR. LiDAR can more accurately capture surface information and the position of the object.
Additionally, it can accurately obtain 3D topography data from the surface of an item. In contrast, RADAR relies on antennae for transmission and receiving, which causes a delay in some environments. This has increased the inclination of users towards LiDAR systems, which consequently accelerates the expansion of the market.
The industries associated with the LiDAR ecosystem were adversely affected by the COVID-19 outbreak. LiDAR systems had a significant impact on producers as well as end users. The pandemic severely affected the oil & gas exploration solutions industry. LiDAR is used in the exploration industry for mining and oil & gas applications. Due to the COVID-19 pandemic, many consumers did not choose LiDAR products because of the high initial cost of the LiDAR systems and the production companies' financial instability. These circumstances lessened the impact of the growth perspectives that the deployment of LiDAR systems and technologies in ADAS and autonomous cars was expected to generate.
LiDAR adoption is gaining traction as the need for sophisticated 3D imaging technology grows across a range of surveillance and security applications. One of LiDAR's key advantages is its outstanding precision in detecting water runoff for mining or agricultural areas, different climatic variations on slopes, inland water flow, and other phenomena. LiDAR computes a 3D real-time model of the physical world by measuring the laser points' time of flight (ToF). The LiDAR sensor can precisely determine the proximity to each object based on the time interval between the outgoing and the reflected pulse.
The perception systems of AVs through sensors deliver sufficient data under optimal operating conditions to enable autonomous mobility. By incorporating LiDAR technology, self-driving cars can identify items in their immediate vicinity and make informed decisions. It is the most crucial element in making self-driving cars a reality since it serves as a vehicle's "pair of eyes." As they compete to create safe autonomous vehicles, many automakers are using this technology.
It is projected that adopting portable, affordable photogrammetry technology for mapping and surveying will constrain the LiDAR industry's expansion. Active sensors help LiDAR drones recognize objects on the ground, and they subsequently fire laser beams to measure their distance from ground targets. While photogrammetry systems allow users to view and compute the distance of entities in 3D, they also use photographs that are transferred from 3D and 2D cartometric models to give the impression that objects are below the surface of the earth.
On the basis of type, the LiDAR market is divided into solid-state and mechanical. The solid-state segment recorded a significant revenue share in the LiDAR market in 2021. A silicon chip serves as the foundation of a solid-state LiDAR. Since there are no moving parts, it is smaller and more vibration-resistant, allowing for high production rates and lower costs. The widening array of uses for this form of LiDAR in autonomous vehicles, drones, and robots explains the segment's growth.
On the basis of range, the LiDAR market is fragmented into short range, medium range, and long range. The short range segment procured the highest revenue share in the LiDAR market in 2021. Short range LiDAR is widely employed in both airborne and ground-based applications. In addition, the short range is used in applications including robotics, security, and automotive.
Based on service, the LiDAR market is classified into aerial surveying, asset management, GIS service, ground-based surveying, and others. The GIS service segment witnessed a considerable growth rate in the LiDAR market in 2021. A Geographic Information System (GIS) may quickly and easily include items obtained by LiDAR for analysis and interpretation. With the help of this remote sensing technique, users may gather extremely dense point samples of characteristics in three dimensions.
Based on component, the LiDAR market is categorized into laser scanner, navigation & positioning system, and others. The laser scanner segment garnered the highest revenue share in the LiDAR market in 2021. The calculation of reflection time and the environment are scanned using laser scanners. Laser systems collect data and 3D photographs of the surroundings throughout the scanning process. Deflecting laser scanners use mirrors to give them a broad field of view.
Based on installation type, the LiDAR market is segmented into airborne and ground-based. The airborne segment garnered a remarkable growth rate in the LiDAR market in 2021. The aerial vehicles that carry airborne LiDAR systems are planes, helicopters, and drones. LiDAR is the right approach for inspection, surveying, and mapping since it allows for rapidly gathering 3D data. The expansion of the segment is attributed to the increased demand for topographic LiDAR in various surveying applications.
On the basis of application, the LiDAR market is divided into corridor mapping, engineering, environment, ADAS & driverless cars, exploration, urban planning, cartography, meteorology, and others. The engineering segment procured a significant revenue share in the LiDAR market in 2021. The segment's expansion is mostly attributable to the acceleration of urbanization and industrialization, which has increased the demand for effective town planning.
| Report Attribute | Details |
|---|---|
| Market size value in 2021 | USD 1.1 Billion |
| Market size forecast in 2028 | USD 3.5 Billion |
| Base Year | 2021 |
| Historical Period | 2018 to 2020 |
| Forecast Period | 2022 to 2028 |
| Revenue Growth Rate | CAGR of 18.4% from 2022 to 2028 |
| Number of Pages | 361 |
| Number of Tables | 673 |
| Report coverage | Market Trends, Revenue Estimation and Forecast, Segmentation Analysis, Regional and Country Breakdown, Competitive Landscape, Companies Strategic Developments, Company Profiling |
| Segments covered | Component, Range, Type, Service, Installation Type, Application, Region |
| Country scope | US, Canada, Mexico, Germany, UK, France, Russia, Spain, Italy, China, Japan, India, South Korea, Singapore, Malaysia, Brazil, Argentina, UAE, Saudi Arabia, South Africa, Nigeria |
| Growth Drivers |
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| Restraints |
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Based on region, the LiDAR market is analyzed across North America, Europe, Asia Pacific, and LAMEA. The North America segment witnessed the highest revenue share in the LiDAR market in 2021. The region has become a focal point for significant investments and chances for corporate growth on a worldwide scale. The usage of LiDAR in fields including urban planning, meteorology, corridor mapping, and the environment is credited with driving the expansion of the regional market. The market is also credited to LiDAR's use in ADAS & driverless cars, which is anticipated to experience rapid growth in the ensuing years.
Free Valuable Insights: Global LiDAR Market size to reach USD 3.5 Billion by 2028
The major strategies followed by the market participants are Product Launches. Based on the Analysis presented in the Cardinal matrix; Hexagon AB, Teledyne Optech, Inc. and Trimble, Inc. are the forerunners in the LiDAR Market. Companies such as Sick AG, FARO Technologies, Inc. and NV5 Global, Inc. are some of the key innovators in LiDAR Market.
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Sick AG, FARO Technologies, Inc., Teledyne Optech, Inc., Trimble, Inc., Hexagon AB (Leica Geosystems AG), NV5 Global, Inc., YellowScans, SureStar, GeoDigital and RIEGL Laser Measurement Systems GmbH.
By Type
By Range
By Service
By Component
By Installation Type
By Application
By Geography
The LiDAR Market size is projected to reach USD 3.5 billion by 2028.
Increasing adoption of 3D and 4D LiDAR are driving the market in coming years, however, Easy accessibility of other inexpensive and lightweight photogrammetry methods restraints the growth of the market.
Sick AG, FARO Technologies, Inc., Teledyne Optech, Inc., Trimble, Inc., Hexagon AB (Leica Geosystems AG), NV5 Global, Inc., YellowScans, SureStar, GeoDigital and RIEGL Laser Measurement Systems GmbH.
The Mechanical market acquired maximum revenue share in the Global LiDAR Market by Type in 2021; thereby, achieving a market value of $2.1 billion by 2028.
The Ground-based surveying market is leading the segment in the Global LiDAR Market by Service in 2021; thereby, achieving a market value of $1.2 billion by 2028.
The North America market dominated the Global LiDAR Market by Region in 2021; thereby, achieving a market value of $1.4 billion by 2028.
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