Global LiDAR Market Sees Impressive Growth, Forecast to Reach USD 4.29 Billion by 2027

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Technavio recently published a report on, “Light Detection and Ranging Market Growth by Product, Application, and Geography - Forecast and Analysis 2023-2027”. According to the report, the Global LiDAR Market size is estimated to increase by USD 4,289.97 million from 2022 to 2027. The market's growth momentum will progress at a CAGR of 24.45% during the forecast period.

Lidar market – Vendor Analysis

Vendor Landscape - The global lidar market is fragmented, with the presence of several global as well as regional vendors. A few prominent vendors that offer lidar in the market are:

What's New?

  • Special coverage on the Russia-Ukraine war; global inflation; recovery analysis from COVID-19; supply chain disruptions, global trade tensions; and risk of recession
  • Global competitiveness and key competitor positions
  • Market presence across multiple geographical footprints - Strong/Active/Niche/Trivial 

Vendor Offerings

  • DENSO Corp. - The company offers Frequency Modulated Continuous Wave or FMCW LiDAR in collaboration with Aeva Inc.
  • FARO Technologies Inc. - The company offers LiDAR technology through laser scanners and SCENE software.
  • Hexagon AB - The company offers LiDAR technology such as Leica TerrainMapper 2 and Sigma Space SPL100.

LiDAR Market - Segmentation Assessment

Segment Overview

This light detection and ranging (LiDAR) market report extensively covers market segmentation by product (airborne LiDAR and terrestrial LiDAR), application (corridor mapping, engineering, Adas and driverless cars, environment, and others), and geography (North America, Europe, APAC, Middle East and Africa, and South America).

  • The market share growth by the airborne LiDAR segment will be significant for market growth during the forecast period. The segment of the market includes LiDAR sensors installed on aircraft and unmanned aerial vehicles (UAVs). Airborne light detection and ranging (LiDAR) sensors are increasingly being used in a variety of applications. The applications include disaster management and defense operations related to national security issues. Hence, the LiDAR market is expected to witness significant growth during the forecast period owing to increasing efforts to deploy aerial LiDAR systems to ensure aircraft safety in commercial aviation.

Geography Overview

By geography, the global lidar market is segmented into North America, Europe, APAC, Middle East and Africa, and South America. The report provides actionable insights and estimates the contribution of all regions to the growth of the global LiDAR market.

  • North America is estimated to account for 39% of the global market growth during the forecast period. The US contributes a large share of the market revenue in the region. LiDAR solutions are primarily used for mapping applications in areas where accurate topographic maps do not exist and are also used for disaster management and mapping of ground displacements caused by earthquakes, landslides, and storms. Moreover, LiDAR solutions are being used for archaeological surveys throughout the region. Also, LiDAR sensors are widely used in automotive applications, in addition to geospatial mapping and disaster management applications.

LiDAR Market – Market Dynamics

Leading Drivers 

  • Expanding applications of LiDAR technology is a major driver for the LiDAR market during the forecast period.
  • Light detection and ranging (LiDAR) technology is gaining momentum in construction and engineering, and it offers several benefits to the construction and engineering industry, including improved team productivity and process efficiency, and accurate project cost estimates.
  • Point cloud data software can be used to estimate project costs when surveying construction sites using LiDAR technology.
  • Moreover, LiDAR technology can be used to determine the need for maintenance and repair of machinery and equipment in the field.
  • Hence, the introduction of such application-specific LiDAR solutions is expected to propel the market during the forecast period.

Key Trends 

  • The development of LiDAR sensors based on continuous-wave frequency modulation (CWFM) technology is an emerging LiDAR market trend during the forecast period.
  • Measurement of time and distance is one area of design improvement for LiDAR sensor manufacturers.
  • Most LiDAR sensors today use a simple time-of-flight approach for time and distance measurement, and they emit short pulses and use a precise clock to measure the time it takes for the laser beam to bounce off them.
  • But the next generation of LiDAR sensor makers is working on continuous wave frequency modulation (CWFM) technology for LiDAR sensors.
  • The original laser beam has a higher frequency and the two beams travel different distances and so when the first beam recombines with the second beam, they are at different frequencies.
  • Hence, such trends influence the market growth for LiDAR during the forecast period.

Major challenges 

  • The high cost of LiDAR sensors challenges the growth of the LiDAR market during the forecast period.
  • For instance, the price of a single Velodyne HDL-64 LiDAR sensor is around USD 75,000. LiDAR sensors have seen their costs drop rapidly in recent years.
  • But even this price poses a challenge for the LiDAR market globally as it is too expensive for mass adoption in various industries.
  • Data-based evidence shows that mass production is likely to significantly reduce the cost of LiDAR sensors. This is confirmed by multiple vendors such as Quanergy Systems Inc., Osram, and Velodyne LiDAR Inc.
  • The market vendors have announced plans to reduce the cost of LiDAR sensors used in various industries.
  • Hence, such challenges impede the market growth during the forecast period.

What are the key data covered in this LiDAR Market report?

  • CAGR of the market during the forecast period
  • Detailed information on factors that will drive the growth of the LiDAR Market between 2023 and 2027
  • Precise estimation of the size of the LiDAR Market size and its contribution to the market in focus on the parent market
  • Accurate predictions about upcoming trends and changes in consumer behavior
  • Growth of the LiDAR Market industry across North America, Europe, APAC, Middle East and Africa, and South America
  • A thorough analysis of the market's competitive landscape and detailed information about vendors
  • Comprehensive analysis of factors that will challenge the growth of LiDAR Market vendors

Click here to read the research report titled, “Light Detection and Ranging Market Growth by Product, Application, and Geography - Forecast and Analysis 2023-2027”.
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