LiDAR Market Reaching Nearly USD 4.71 Bn By 2030

Posted by rahul nikade on July 28th, 2022

LiDAR Industry Overview

The global LiDAR market size is expected to reach USD 4.71 billion by 2030, registering a CAGR of 9.8% during the forecast period, according to a new report published by Grand View Research, Inc. The market growth is attributable to the rising adoption of LiDAR technology in environmental mapping, automobile safety application arenas, and construction and architectural sectors for monitoring 3D-modeling applications, among others. As this technology is one of the key sensing technologies for enabling hybrid and fully autonomous driving, the rapid development of self-driving vehicles is expected to propel market growth.

LiDAR Market Segmentation

Grand View Research has segmented the global LiDAR market based on product type, application, component, and region:

Based on the Product Type Insights, the market is segmented into Airborne, Terrestrial, Mobile & UAV.

• The airborne segment dominated the market and accounted for a revenue share of 37.7% in 2021. The growth of the segment is expected to continue for the next few years owing to the increasing adoption of aerial mapping devices.
• The aerial LiDAR system is an accurate and thorough method of creating digital elevation models, thereby replacing photogrammetry. This system offers more extensive area coverage than its terrestrial counterparts and delivers large area mapping in shorter time intervals.
• Terrestrial LiDAR can be both mobile and stationary and operated only on the surface of the Earth. Static terrestrial scanning is a frequently preferred survey method for monitoring, conventional topography, forensics, and cultural heritage documentation.
• Mobile & UAV LiDAR operates in both mobile and aerial modes and works on Earth's surface and surrounding environment. The rising adoption of mobile and UAV LiDAR systems and the increasing number of new product launches are expected to draw massive investment from critical participants, driving the growth of the LiDAR market.

Based on the Component Insights, the market is segmented into Laser Scanners, GPS, Navigation (IMU), Others.

• The laser scanner segment dominated the market with a revenue share of 45.5% in 2021. In 2021, aerial scanning and mapping operations were expected to witness increased demand owing to their higher adoption worldwide.
• Laser scanners are used to record intensity values to provide a return signal strength that can be helpful to distinguish objects of variable reflectivity. Laser scanner LiDAR produces 2D point cloud data that is used in localization, mapping, and object & environment modeling.
• The laser scanner segment is expected to witness notable growth with a CAGR of 11.5% over the forecast period. Laser scanners can record an intensity value to offer a return signal strength that distinguishes objects of variable reflectivity.
• Laser scanner LiDAR produces 2D point cloud data that is used in localization, mapping, and environment modeling. With the reducing cost of laser technology, 3D scanning technology has gained various applications.

Based on the Application Insights, the market is segmented into Corridor Mapping, Engineering, Environment, Exploration, Advanced Driver Assistance Systems (ADAS), Others.

• The corridor mapping segment dominated the market with a revenue share of 38.1% in 2021. The Advanced Driver Assistance Systems (ADAS) segment is anticipated to register the highest CAGR of 13.9% over the forecast period owing to the surging incorporation of LiDAR-based sensors in various automotive safety applications.
• The corridor mapping segment is expected to witness a reduction in market share over the forecast period. Low-speed collision avoidance systems and driver assistance systems are among the most popular technologies.
• In the last few years, assisted driving automobiles have gained traction in the market; these automobiles use cameras and LiDAR to sense the environment around them and avoid accidents.

LiDAR Regional Outlook 

• North America
• Europe
• Asia Pacific
• South America
• Middle East & Africa (MEA)

Key Companies Profile & Market Share Insights

Various competitors in the market offer innovative solutions, which help consumers address changing technologies, business practices, and security needs. Europe comprises notable players who offer advanced solutions to meet varied application requirements. The key players in the market face intense competition to dominate the market, enabling market consolidation through strategic initiatives such as mergers & acquisitions.

Some prominent players in the global lidar market include

• Faro Technologies, Inc.
• Leica Geosystem Holdings AG
• Teledyne Optech Incorporated (A part of Teledyne Technologies)
• Trimble Navigation Limited
• RIEGL USA, Inc.
• Quantum Spatial, Inc.
• Velodyne LiDAR, Inc.
• Sick AG
• YellowScan
• GeoDigital

Order a free sample PDF of the LiDAR Market Intelligence Study, published by Grand View Research. 

About Grand View Research

Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.

Contact:

Sherry James

Corporate Sales Specialist, USA

Grand View Research, Inc.

Phone: 1-415-349-0058

Toll Free: 1-888-202-9519

Email: sales@grandviewresearch.com

Web: https://www.grandviewresearch.com

Follow Us: LinkedIn | Twitter