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Market Research Future (MRFR), a global market research company, published a report on, "LiDAR Market Research Report Information By Product Type, By Type, By Technology, By Component, By Functional Areas, And By Region – Industry Size, Share and Forecast Till 2030". According to the report, the LiDAR Market size was valued at USD 1.18 billion in 2021. The LiDAR market industry is projected to grow from USD 1.44078 Billion in 2022 to USD 5.82 billion by 2030, exhibiting a CAGR of 22.10% during the forecast period (2022 - 2030).
LiDAR technology is used in a wide range of geographic and environmental monitoring applications, such as land management & planning efforts, geologic mapping, forestry, agriculture, hazard assessment (landslides, lava flows, tsunamis, floods, and more), and watershed & river surveys. In airplanes and helicopters, LiDAR platforms are predominantly used for acquiring LiDAR data over broad areas.
Leading LiDAR market players are
Rising investment in LiDAR startups by automotive giants and technological shifts with the adoption of solid-state, MEMs, flash LiDAR, and others technology are the key market drivers enhancing market growth.
Scientists and mapping professionals use LiDAR systems to examine different environments accurately, precisely, and flexibly. LiDAR technology is used by NOAA scientists to make digital elevation models used in geographic information systems and produce more accurate shoreline maps, emergency response operations, and many other applications.
LiDAR Market USP Covered:
Industry Trends
Automotive OEMs choose sensing technologies that will enable ADAS and automated driving features. The LiDAR uses in vehicles are growing to enable these more advanced processes. LiDAR helps vehicles identify objects on or near the roadway to avoid collisions with pedestrians, cyclists, animals, and other vehicles with the ability to real-time map 360° view.
As vehicles become more intelligent, LiDAR has become indispensable in self-driving technology and safety features, allowing vehicles to control driving speed. Therefore the market is estimated to witness high revenue volumes very soon.
Municipal Corporations use LiDAR technology to survey properties required for property tax collection. The LiDAR survey of properties enables video recording with a 360-degree panoramic view, which helps municipalities to identify the un-assessed properties in their jurisdiction. LiDAR-based technology based on Geographic Information System (GIS mapping) helps get the right information about properties and improves the financial position of the corporation.
3D LiDAR is used in autonomous vehicles (AVs) and robotics applications. Most 3D LiDAR systems use a time-of-flight (ToF) principle to interpret the distance of objects from the source. The resulting data from 3D LiDAR is an environmental map in only three dimensions, i.e., X, Y, and Z.
Automated or robotic driving needs an accurate three-dimensional model of the world around them. The iconic spinning LiDARs use laser light pulses to gather depth information. Robo-taxis are gradually giving way to smaller and cheaper solid-state devices. However, LiDARs remain huge, power-hungry, and expensive for all high-end applications.
LiDAR Market Segments
The LiDAR market is segmented into technologies, product types, functional areas, components, and regions. The technology segment is sub-segmented into 1D, 2D, and 3D. The product type segment is sub-segmented into terrestrial LiDAR, airborne LiDAR, and others.
The functional area segment is sub-segmented into ADAS & driverless cars, cartography, corridor mapping, meteorology, urban planning & environment, engineering, and others. The component segment is sub-segmented into positioning and navigation systems, laser scanners, and others. The region segment is sub-segmented into Asia-Pacific, Europe, North America, and rest-of-the-world.
LiDAR Market Regional Analysis
North America dominates the global LiDAR market, headed by various LiDAR applications such as urban planning, meteorology, environment, etc. The US with several LiDAR companies contributing to technological and financial developments.
Europe is another lucrative market for LiDAR solutions. The presence of key players such as Hexagon AB, RIEGL Laser Measurement Systems GmbH, YellowScan, and the well-established automotive industry in this region substantiates the market shares. Additionally, the rise in aircraft production has increased the demand for LiDAR, creating vast market opportunities.
APAC is rapidly emerging as a promising LiDAR market. The presence of advanced laser, scanner, and GPS receiver providers fuels the growth of the LiDAR technology market. Furthermore, growing efforts and investments from various industry leaders in product development and expanding their businesses foster market revenues.
LiDAR Market Competitive Analysis
The LiDAR market is assessed to witness significant product launches and strategies, such as mergers & acquisitions, partnerships, collaborations, expansions, and product & technology launches. These market players invest significantly to drive research and development activities and expansion plans.
For instance, on Jun.09, 2023, Nissan Motors announced that it has added an intersection collision avoidance feature to its LIDAR-based ADAS technology. The technology is designed to instantly respond to the changing situation through the emergency application of the brakes or releasing the brakes. The systems can detect an object's speed, location, and potential risk of a collision from a lateral direction. Nissan's in-development LIDAR-based advanced driver-assistance technology now features intersection collision avoidance.
Click here to read the report titled, 'LiDAR Market Research Report Information By Product Type, By Type, By Technology, By Component, By Functional Areas, And By Region – Industry Size, Share and Forecast Till 2030'.
