Global LiDAR Market Projected to Experience Significant Growth by 2031, With Estimated Value of USD 4.83 Billion

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SkyQuest, a global market intelligence, innovation management & commercialization organization, published a report on, "LIDAR Market Size, Share, Growth Analysis, By LiDAR Technologies, By Component, By Type, By Installation, By Range, By Service, By End-use Application, By Region - Industry Forecast 2024-2031". According to the report, the Global LiDAR Market size was valued at USD 1.5 Billion in 2022 and is poised to grow from USD 1.7 Billion in 2023 to USD 4.83 Billion by 2031, growing at a CAGR of 13.8% in the forecast period (2024-2031).

Increasing demand for 3D imaging in application areas such as military & defence, geodetic surveying, civil engineering and road design is expected to propel the market growth during the forecast period. Textured 3D imaging is used in applications such as in 3D modelling, urban planning and road design. The installation of advanced security features is becoming increasingly popular. These vehicles have been integrated with LiDAR for GPS and navigation applications.

LiDAR is used in weather monitoring and environmental monitoring. For example, Canadian environmental centres use lidar technology to monitor pollutants in the atmosphere. LiDAR stations are critical in managing ash from volcanic eruptions that can impede air travel. The technology also sees applications in oil sands monitoring mapping. This multi-use LiDAR technology along with its improved accuracy is anticipated to fuel the growth of the market during the forecast period.

Airborne Segment to Dominate Due to Rise in Mapping Technologies

The airborne segment is the largest segment of the lidar market, which is expected to grow due to the rise in mapping technologies during the forecast period. Aerial LiDAR is an accurate and precise method for digital elevation model, which largely replaced photogrammetry.  Compared to its terrestrial counterparts, the system offers greater accuracy and greater coverage. Provides detailed field maps in a short time. Ground-based lidar is suitable for the earth’s surface and can be mobile and stationary. Static terrestrial scanning is a popular survey technique for surveillance, traditional geography, forensic research, and cultural heritage documentation. Mobile UAVs and lidar operate in both mobile and aircraft on the Earth’s surface and in the surrounding atmosphere.

ADAS Segment to Drive Market Due to Increasing Variety of Applications and Environments

ADAS are the driverless vehicles and the fastest growing end-use segment in the LiDAR market and are expected to grow at a CAGR of 12.4%. Driven by the deployment of LiDAR-based sensors for driving safety due to the increasing variety of applications and environments surrounding these EDAS Cameras and lidar are used for object detection and accident avoidance. Thus, it drives market growth.

North America is Dominating Due to Increasing Adoption of Technologies such as ADAS

North America is the largest region in the global LiDAR market. The region is using LiDAR technology for many applications such as urban planning, environmental monitoring, weather forecasting, and more. Increasing adoption of technologies such as ADAS and AEB is also driving market growth in the sector. Government regulations continue to support the sector’s growth by mandating the installation of automotive safety technology in heavy and light vehicles in the region.

On the other hand, Asia Pacific is the fastest growing region in the LiDAR market and is expected to grow at 13%. India, China and Japan are emerging as centres for drone technology and thus will encourage the development of lidar technology. The market is expected to remain profitable over the forecast period due to increasing investments. Brands are expanding their presence in Europe and Asia Pacific to enhance the customer experience.

Drivers

  • Fast Paced Developments and Increasing Application of Drone
  • Increasing Adoption in the Automotive Industry

Restraints

  • High Cost of The LiDAR Systems

Prominent Players in Lidar Market

The following are the Top Lidar Companies

Key Questions Answered in Lidar Market Report

  • How big is the Global LiDAR Market?
  • What is the current Global LiDAR Market size?
  • Who are the key players in Global LiDAR Market?
  • Which is the fastest growing region in Global LiDAR Market?

This report provides the following insights:

  • Analysis of key drivers (fast paced developments and increasing application of drone, increasing adoption in the automotive industry), restraints (high cost of the lidar systems), opportunities (rising investments from automobile giants), influencing the growth of Lidar Market.
  • Market Dynamics: Comprehensive information about the various products offered by the dominant players in the Lidar Market.
  • Product Development/Innovation: An overview of emerging trends, R&D activities and product launches in the Lidar Market. 
  • Market Growth: Detailed information on profitable growing industries. 
  • Market Trends: Complete information about new products, emerging geographical areas and recent developments in the market.
  • Competitive Analysis: An in-depth analysis of the market segments, growth strategies, revenue analysis, and products of the key market players.

Click here to read the report titled, 'Lidar Market Size, Share, Growth Analysis, By LiDAR Technologies, By Component, By Type, By Installation, By Range, By Service, By End-use Application, By Region - Industry Forecast 2024-2031'.
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