Top Facts You Didn’t Know About LiDAR market & Impact of COVID-19

Posted by Mrudula Anil Karmarkar on March 16th, 2023

Environmental surveying and mapping are the major applications of LiDAR. What are the other factors that are expected to challenge manufacturers in terms of R&D?

LiDAR or LADAR stands for ’Light Imaging, Detection, And Ranging’ or ’Light Detection And Ranging’. It is a surveying technique that calculates the distance to targeted objects by illuminating them using laser light. It is commonly used for making high-resolution maps and has several applications in geomatics, geodesy, archaeology, geology, and geography.

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.

Various organizations are focusing on enhancing their LiDAR technology to provide improved safe driving car technologies. For instance, in January 2022, Cepton, a US-based developer and manufacturer of LiDAR products, selected OSRAM's 905 nm edge-emitting lasers to combine high optical output power with low-power consumption light detection and ranging systems for providing enhanced ADAS solutions. The ADAS application segment is expected to witness notable growth owing to the rising incorporation of automotive safety and forward-collision avoidance systems.

This technology also finds use across geomorphology, forestry, seismology, laser guidance, atmospheric physics, and laser altimetry. LiDAR technology uses ultraviolet (UV), visible, or near infrared light to picture various objects. It can target an extensive range of materials; including rocks, clouds, rain, aerosols, chemical compounds, non-metallic objects, and single molecules.

The LiDAR instrument mainly comprises of a scanner, a laser, and a specialized GPS receiver. With respect to acquiring data over broad areas, helicopters and airplanes are the platforms commonly used. There are two types – topographic (for mapping the land) and bathymetric (primarily used for measuring elevations in the seafloor and riverbed).

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https://www.grandviewresearch.com/industry-analysis/lidar-light-detection-and-ranging-market/request/rs1

Some of the major products to have come out in the past few years include HYPACK’s NEXUS 800 UAV, which offers data acquisition solutions, LiDAR survey planning, post-processing, and analysis & product creation; as well as the ‘Leddar’ system, developed by ‘LeddarTech’ for the automobiles industry.

LiDAR Market Report Highlights

• The rising automation in various industries has reduced human efforts and increased efficiency. The technological superiority of LiDAR-based technology in several engineering projects is expected to propel the market growth over the forecast period
• The airborne segment is expected to remain dominant over the forecast period. The growth of the segment is attributed to the increasing adoption of aerial mapping devices
• North America is expected to emerge as one of the leading regional markets over the forecast period owing to the rising R&D investments and the high adoption of LiDAR solutions in the automotive sector and environmental scanning & modeling operations
• The growing demand for this technology in emerging economies such as India, Japan, and China is driving the growth of the market in Asia Pacific. Additionally, a rise in demand for technology across the automotive industry is contributing to the growth of the market
• The current market environment is witnessing intense competition among the key players for achieving market domination through product differentiation and quality enhancement

LiDAR is also used in monitoring weather conditions and environmental monitoring. For instance, the Canadian environment monitoring stations utilize LiDAR technology to monitor tropospheric pollution. LiDAR stations are crucial in monitoring the ash from volcanic eruptions that can interfere with air travel. The technology also finds its application in mapping the oil sand monitoring system. These multiple applications of LiDAR technology owing to its enhanced accuracy are expected to propel the growth of the market over the forecast period.

The lack of educated customers is considered a major restraint for the growth of the market. Ascertaining the scope of customer education is essential to reduce the costs of implementing and designing such customer awareness and education programs. Customer education and awareness are crucial for improving the capacity of the people to address development and environmental issues and for stimulating sustainable development.

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. Industry participants have entered into a strategic partnership with suppliers and distributors to strengthen their product portfolio and geographical presence. 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