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LIDAR Market Trends, Key Vendors Analysis, Import & Export, Revenue by Forecast 2022
The global LiDAR market is projected to witness an impressive CAGR of 14.14% over the forecast period of 2018-2023, asserts Market Research Future (MRFR) in an extensively studied report.
Light detection and ranging (LiDAR) is the process which uses light waves to discern the dimensions of the Earth and its surrounding satellites. They are used in bathymetric and topographic purposes. LiDAR is experiencing high demand from the government sector in various countries. LiDAR is used in conjunction with drones or unmanned aerial vehicles (UAVs) for surveying territories of public infrastructural projects which boosts the market.
Growth in demand for high-end sensors in diverse applications is expected to stimulate the growth of the market. Sophisticated sensors and high-quality cameras of LiDAR provide high-resolution images owing to which LiDAR finds use in mapping and is also used in gathering real-time information.
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3D imaging of land provides accurate dimensions which is another factor likely to push the market further. 3D imaging LiDAR is increasingly adopted by government agencies for topographical purposes since they are equipped with time of flight (ToF) which allows for high precision capturing.
On the downside, the high costs associated with LiDAR system installation might restrict the growth of the market since they increase the overall cost of projects and are not preferred by small and medium enterprises (SMEs). Meanwhile, the emergence of self-driving cars is expected to provide an impetus to the growth of the global LiDAR market. Integration of LiDAR systems in vehicles can help revolutionize travel since they are able to discern objects from humans and can minimize collisions and reduce traffic.
Teledyne Technologies Inc. (U.S.), Faro Technologies Inc. (U.S.), Geokno India Pvt. Ltd. (India), Hexagon AB (Sweden), Trimble Inc. (U.S.), Quantum Spatial (U.S.), RIEGL Laser Measurement Systems GmbH (Austria), Beike Tianhui Technology Co., Ltd. (China), and YellowScan (France) are some of the key players operating the global LiDAR market.
The global LiDAR Market has been segmented based on product type, technology, component, and functional areas.
By product type, the global LiDAR market has been segmented into airborne LiDAR, terrestrial LiDAR, and others. The terrestrial segment is the leading segment and is expected to grow at the highest CAGR of 15.99% over the forecast period.
Technology-wise, the global LiDAR market has been segmented into 1D, 2D, and 3D. 2D technology is leading the market at present while the 3D technology segment is expected to be the fastest growing segment over the forecast period.
By component, the global LiDAR market has been segmented into laser scanner, navigation & positioning systems, and others. Laser scanners segment is the largest as well as the fastest growing segment which is anticipated to expand at a CAGR of 15.06% over the forecast period. The navigation & positioning segment is the second largest segment.
By functional areas, the global LiDAR market has been segmented into engineering, corridor mapping, environment, advanced driver-assistance systems (ADAS) & driverless car, urban planning, cartography, and meteorology. The corridor mapping segment is the largest segment while the ADAS segment is expected to be the fastest growing segment with a CAGR of 16.98% over the forecast period.
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North America, Europe, Asia Pacific (APAC), and the Rest-of-the-World (Row) are the key markets for LiDAR.
North America is dominating the global LiDAR market and is likely to reach a valuation of USD 1474.7 Mn by the end of the forecast period. The technological superiority and high investment in R&D activities are giving the region much-needed impetus for growth. Moreover, the presence of well-known players in the regions of the US and Canada coupled with the rapid adoption of the latest technologies supports the growth of the North America market. The North America LiDAR market is expected to capture a CAGR of 12.34% over the forecast period.
Europe is the second largest market and is expected to reach a valuation of 1,207.4 Mn with a CAGR of 15.13% over the forecast period.
The APAC market is predicted to grow at the fastest rate of 17.06% owing to massive investments in the region for the transformation of their industrial outlook.
In November 2018, Quanergy Systems, a manufacturer of LiDAR systems and smart sensing solutions announced a partnership with LiDAR USA, a renowned provider of surveying, heritage mapping solutions, and forensics. The collaboration aims to use affordable, cutting-edge technology to improve existing systems.
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