LiDAR Market

Market Overview:

The global LiDAR market size reached US$ 2.2 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 7.0 Billion by 2028, exhibiting a growth rate (CAGR) of 20.9% during 2023-2028. The increasing sales of AVs, rising construction activities, and the growing number of mining activities represent some of the key factors driving the market.

Light detection and ranging (LiDAR) is a remote sensing technology that uses laser light to measure distances and create precise 3D models of environments. Its system comprises a laser, scanner, and specialized GPS receiver that operates by targeting an object with a pulsed laser and calculating the time taken for the reflected light to return to the receiver. Its sensors can scan large areas quickly, detect obstacles and prevent accidents. It can be mounted on various platforms, including a tripod, aircraft, helicopter, drone, vehicle, and train. It is used for examining, detecting, and mapping of objects due to its high precision, low cost, and enhanced features as compared to conventional methods. It is also utilized to quickly assess damage to infrastructure after a disaster, such as a hurricane or an earthquake.

LiDAR Market Trends:

LiDAR is employed in the automotive industry to detect and track lane markings, which can be used for lane departure warnings and lane keeping assistance, measuring the distance between vehicles, and adjusting the speed of the vehicle accordingly. This, coupled with the increasing sales of autonomous vehicles (AVs) on account of rapid urbanization and inflating income levels, represents one of the major factors bolstering the market growth around the world. Moreover, the rising construction activities of roads, bridges, and tunnels on account of the growing global population and increasing investments in the development of smart cities are influencing the market positively. In addition, the rising use of LiDAR in energy production to survey sites for renewable energy projects, such as wind farms and solar power plants, is favoring the growth of the market. Apart from this, the growing usage of LiDAR systems in the aerospace and defense industries for tracking low flying aircraft, as they can accurately measure the dimension and distance of the target and perform efficiently in all weather conditions, is creating a positive outlook for the market. Furthermore, there is an increase in the adoption of LiDAR in the mining industry for mapping underground tunnels and identifying potential safety hazards. This, along with the rising number of mining activities, is propelling the growth of the market.

Key Market Segmentation:

IMARC Group provides an analysis of the key trends in each sub-segment of the global LiDAR market report, along with forecasts at the global, regional and country level from 2023-2028. Our report has categorized the market based on installation type, component and application.

Installation Type Insights:

• Airborne
• Terrestrial
   

The report has provided a detailed breakup and analysis of the LiDAR market based on the installation type. This includes airborne and terrestrial.

Component Insights:

• Laser Scanners
• Navigation Systems
• Global Positioning Systems
• Others
   

A detailed breakup and analysis of the LiDAR market based on the component has also been provided in the report. This includes laser scanners, navigation systems, global positioning systems, and others. According to the report, laser scanners accounted for the largest market share.

Application Insights:

• Corridor Mapping
• Engineering
• Environment
• Exploration
• ADAS
• Others
   

The report has provided a detailed breakup and analysis of the LiDAR market based on the application. This includes corridor mapping, engineering, environment, exploration, ADAS, and others. According to the report, corridor mapping represented the largest segment.

Regional Insights:

• North America
  • United States
  • Canada
• Asia-Pacific
  • China
  • Japan
  • India
  • South Korea
  • Australia
  • Indonesia
  • Others
• Europe
  • Germany
  • France
  • United Kingdom
  • Italy
  • Spain
  • Russia
  • Others
• Latin America
  • Brazil
  • Mexico
  • Others
• Middle East and Africa
   

The report has also provided a comprehensive analysis of all the major regional markets, which include 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. According to the report, North America (the United States and Canada) was the largest market for LiDAR. Some of the factors driving the North America LiDAR market included extensive research and development (R&D) activities, government initiatives, technological advancements, etc.

Competitive Landscape:

The report has also provided a comprehensive analysis of the competitive landscape in the global LiDAR market. Competitive analysis such as market structure, market share by key players, player positioning, top winning strategies, competitive dashboard, and company evaluation quadrant has been covered in the report. Also, detailed profiles of all major companies have been provided. Some of the companies covered include 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, Velodyne Lidar Inc., etc. Kindly note that this only represents a partial list of companies, and the complete list has been provided in the report.

Report Coverage:

Key Benefits for Stakeholders:

• IMARC’s report offers a comprehensive quantitative analysis of various market segments, historical and current market trends, market forecasts, and dynamics of the LiDAR market from 2017-2028.
• The research study provides the latest information on the market drivers, challenges, and opportunities in the global LiDAR market.
• The study maps the leading, as well as the fastest-growing, regional markets. It further enables stakeholders to identify the key country-level markets within each region.
• Porter's five forces analysis assist stakeholders in assessing the impact of new entrants, competitive rivalry, supplier power, buyer power, and the threat of substitution. It helps stakeholders to analyze the level of competition within the LiDAR industry and its attractiveness.
• Competitive landscape allows stakeholders to understand their competitive environment and provides an insight into the current positions of key players in the market.