According to the latest report by IMARC Group, titled “LiDAR Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028,” the global LiDAR market size reached US$ 2.2 Billion in 2022. Light detection and ranging (LiDAR) is a remote sensing technology that measures distances by emitting laser pulses and analyzing the light that is reflected. It measures the time taken by the light to travel to an object and back to the sensor. It is often equipped with a rotating mirror or a multi-beam laser scanner, which allows emission of laser pulses in multiple directions.
Global LiDAR Market Trends:
There is a considerable rise in the use of LiDAR in autonomous vehicles (AVs) by providing real-time 3D mapping and object detection capabilities and perceiving their surroundings, detecting obstacles, and navigating safely. This, coupled with increasing sales of AVs and significant growth in the automotive industry, represents one of the key factors augmenting the market growth around the world. Moreover, the rising adoption of LiDAR in forestry management to assess forest inventory, measure tree heights, estimate biomass, and monitor vegetation health is favoring the growth of the market. In addition, the growing usage of LiDAR in geology and natural resource exploration to study landforms, geological features, and mineral deposits is influencing the market positively. Apart from this, the increasing construction of roads, bridges, and tunnels on account of rapid urbanization and rising investments in the development of smart cities are propelling the growth of the market. Furthermore, the growing adoption of LiDAR technology in the defense and aerospace sectors to improve the accuracy and sensitivity of remote sensing and surveillance systems is creating a favorable outlook for the market. Looking forward, the market value is projected to reach US$ 7.0 Billion by 2028, expanding at a CAGR of 20.9% during 2023-2028.
- Based on the installation type, the market has been bifurcated into airborne and terrestrial.
- On the basis of the component, the market has been segregated into laser scanners, navigation systems, global positioning systems, and others. Laser scanners currently account for the biggest share of the market.
- Based on the application, the market has been divided into corridor mapping, engineering, environment, exploration, ADAS, and others. At present, corridor mapping dominates the market.
- Region-wise, the market has been segmented into North America (the United States and Canada); Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others); Europe (Germany, France, the United Kingdom, Italy, Spain, Russia, and others); Latin America (Brazil, Mexico, and others); and the Middle East and Africa. Amongst these, North America enjoys the leading position in the market.
- The competitive landscape of the market has also been examined, with some of the key players being Faro Technologies Inc, Innoviz Technologies Ltd., LeddarTech Inc., Leica Geosystems AG (Hexagon AB), NV5 Global Inc., Quanergy Systems Inc., RIEGL Laser Measurement Systems GmbH, Sick AG, Teledyne Technologies Inc, Trimble Inc., Valeo, and Velodyne Lidar Inc.
|Base Year of the Analysis
||Installation Type, Component, Application, Region
|| Asia Pacific, Europe, North America, Latin America, Middle East and Africa
||United States, Canada, Germany, France, United Kingdom, Italy, Spain, Russia, China, Japan, India, South Korea, Australia, Indonesia, Brazil, Mexico
||Faro Technologies Inc, Innoviz Technologies Ltd., LeddarTech Inc., Leica Geosystems AG (Hexagon AB), NV5 Global Inc., Quanergy Systems Inc., RIEGL Laser Measurement Systems GmbH, Sick AG, Teledyne Technologies Inc, Trimble Inc., Valeo and Velodyne Lidar Inc.
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