LiDAR Market Size, Share, Analysis, Demand, and Growth with a CAGR of 22.10% by 2030
Research Reports
Aug 03, 2023
The size of the LiDAR market was estimated at USD 1.18 billion in 2021. According to projections, the LiDAR market industry will increase from USD 1.44078 billion in 2022 to USD 5.82 billion by 2030, with a compound annual growth rate (CAGR) of 22.10% throughout the forecast period (2022 – 2030). The use of solid-state, MEMs, flash LiDAR, and other technologies are the primary market factors promoting market growth. Automotive industry giants are increasing their investments in LiDAR startups.
During the projection period, an increase in the need for 3D images is anticipated in sectors like military and defence, topographic surveying, civil engineering, and corridor mapping. Applications like 3D mapping, urban planning, and corridor mapping all use textured 3D pictures. Installations of cutting-edge security measures are increasing rapidly.
Additionally, 3D imagery is becoming more and more in demand for consumer, business, and governmental purposes. Numerous government applications make use of LiDAR. Planning and oversight of operations connected to the management of roads, railroads, cities, and forests. LiDAR is acknowledged as an enabling technology for self-driving car concepts in the consumer market. Due to its precision and speed, LiDAR is a good substitute for other technologies in photogrammetry, which is what is causing the global industry to expand.
Combining scientific mathematical computations with cloud-based processing of gathered data points for further analysis, the LiDAR processing system is automated. The LiDAR system can detect target objects more precisely and effectively thanks to this algorithm.
Additionally, some automatic LiDAR processing systems choose the best algorithm depending on the surroundings, while others let users choose their preferred algorithm through interaction. These characteristics increase LiDAR’s suitability for a wide range of applications, fostering global adoption and fueling market expansion. In light of this, recent years have seen an increase in the CAGR of the global LiDAR industry.
The LiDAR market major player such as
- Trimble Inc. (US),
- Faro Technologies Inc. (US),
- Teledyne Technologies Inc. (US),
- Beike Tianhui Technology Co. Ltd (China),
- Hexagon AB (Sweden).
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Segment Information:
A segmentation of the LiDAR market based on product type includes airborne and terrestrial LiDAR. In terms of revenue from the LiDAR Market in 2021, the airborne LiDAR segment retained the majority share. The widespread use of aerial mapping technology is mostly to blame for this. By creating accurate and comprehensive digital elevation models, the airborne LiDAR system replaces photogrammetry.
The LiDAR market is segmented into 1D, 2D, and 3D depending on technology. During the projection period, 2022–2030, the fastest-growing sector is anticipated to be the 3D technology segment, which dominated the market in 2021. This is a result of the widespread usage of 3D images in fields including topographic surveying, civil engineering, corridor mapping, and the military and defence. Thus, the growing use of 3D technology for LiDAR has a beneficial impact on market expansion.
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The data on the LiDAR market has been divided into laser scanners, navigational aids, and other components. The increasing use of Lidar components worldwide is to blame for this. In order to produce a return signal strength that may be used to distinguish between objects with differing reflectivity, laser scanners are employed to record capability values.
LiDAR data from laser scanners is used for mapping, object and environment modelling, and localisation.
The global LiDAR market has been divided into engineering, corridor mapping, environment, ADAS & driverless cars, urban planning, cartography, and meteorology based on functional categories. Due to the growing use of LiDAR-based sensors in numerous automobile safety applications, corridor mapping held the greatest segment share in 2021.
The analysis offers market insights for North America, Europe, Asia-Pacific, and the rest of the world, by region. The North American LiDAR market, which has 2021 sales of USD 0.54 billion, is anticipated to rise at a substantial CAGR throughout the research period.
This is due to the region’s growing adherence to administrative rules requiring the installation of particular automobile safety technologies in both light-weight and heavy-duty vehicles.
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Due to the availability of cutting-edge treatment technologies for the expansion of many industries and the rising adoption of technologies like ADAS and AEB, the Europe LiDAR market accounts for the second-largest market share. Additionally, the UK’s LiDAR market grew the fastest in the European region, while Germany’s LiDAR market had the greatest market share. From 2022 to 2030, the Asia-Pacific LiDAR Market is anticipated to experience the quickest CAGR growth. This is because domestic and international players are investing more money.
For instance, Outer LiDAR and Kudan Inc. worked together in November 2021 to increase their presence in Japan. In addition, the India LiDAR market had the quickest rate of growth in the Asia-Pacific region, while China’s LiDAR market had the greatest market share.
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