New York, US, May 23, 2022 (GLOBE NEWSWIRE) -- LiDAR Market Overview:
According to a comprehensive research report by Market Research Future (MRFR), “LiDAR Market” information by Product-Type, by Technology, by Component, by Functional Areas and Region – Forecast to 2030” market size to reach USD 5.8 billion, growing at a compound annual growth rate of 22.1% by 2030.
LiDAR Market Scope:
The global LiDAR market is witnessing rising revenues. LiDAR technology is used in a wide range of geographic and environment monitoring applications, such as land management & planning efforts, geologic mapping, forestry, agriculture, hazard assessment (landslides, lava flows, tsunamis, floods, and more), and watershed & river surveys. In airplanes and helicopters, LiDAR platforms are predominantly used for acquiring LiDAR data over broad areas.
Dominant Key Players in LiDAR Market Covered are:
- Faro Technologies Inc. (US)
- Trimble Inc. (US)
- Teledyne Technologies Inc. (US)
- Hexagon AB (Sweden)
- Beike Tianhui Technology Co. Ltd (China)
- Quantum Spatial (US)
- RIEGL Laser Measurement Systems GmbH (Austria)
- YellowScan (France)
- Geokno India Pvt. Ltd. (India)
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Scientists and mapping professionals use LiDAR systems to examine different environments with accuracy, precision, and flexibility. LiDAR technology is used by NOAA scientists to make digital elevation models for use in geographic information systems, produce more accurate shoreline maps, emergency response operations, and many other applications.
Market USP Exclusively Encompassed:
LiDAR Market Drivers
Automotive OEMs choose sensing technologies that will enable ADAS and automated driving features. The LiDAR uses in vehicles are growing to enable these more advanced processes. LiDAR helps vehicles identify objects on or near the roadway to avoid collisions with pedestrians, cyclists, animals and other vehicles with the ability to real-time map 360° view.
As vehicles become more intelligent, LiDAR has become an indispensable component in self-driving technology and safety features, allowing vehicles to control driving speed. Therefore the market is estimated to witness high revenue volumes in the very near future.
Municipal Corporations use LiDAR technology to survey properties required for the property tax collection. The LiDAR survey of properties enables video recording with a 360-degree panoramic view, which helps municipalities to identify the un-assessed properties in their jurisdiction. LiDAR-based technology based on Geographic Information System (GIS mapping) helps get the right information about properties and improves the financial position of the corporation.
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3D LiDAR is used in autonomous vehicles (AVs) and robotics applications. Most 3D LiDAR systems use a time-of-flight (ToF) principle to interpret the distance of objects from the source. The resulting data from 3D LiDAR is an environmental map in only three dimensions, i.e., X, Y, and Z.
Automated or robotic driving needs an accurate three-dimensional model of the world around them. The iconic spinning LiDARs uses laser light pulses to gather depth information. Robo-taxis are gradually giving way to smaller and cheaper solid-state devices. However, LiDARs remain huge, power-hungry, and expensive for all high-end applications.
Segmentation of Market Covered in the Research:
The LiDAR market is segmented into technologies, product types, functional areas, components, and regions. The technology segment is sub-segmented into 1D, 2D, and 3D. The product type segment is sub-segmented into terrestrial LiDAR, airborne LiDAR, and others.
The functional area segment is sub-segmented into ADAS & driverless cars, cartography, corridor mapping, meteorology, urban planning & environment, engineering, and others. The component segment is sub-segmented into positioning and navigation systems, laser scanners, and others. The region segment is sub-segmented into Asia Pacific, Europe, North America, and rest-of-the-world.
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Regional Analysis
North America dominates the global LiDAR market, headed by various LiDAR applications such as urban planning, meteorology, environment, etc. The US with several LiDAR companies contributing to the technological and financial developments.
Europe is another lucrative market for LiDAR solutions. The presence of key players such as Hexagon AB, RIEGL Laser Measurement Systems GmbH, YellowScan, and the well-established automotive industry in this region substantiates the market shares. Additionally, the spurring rise in aircraft production has increased the demand for LiDAR, creating vast market opportunities.
APAC is rapidly emerging as a promising LiDAR market. The presence of advanced laser, scanner, and GPS receiver providers fuels the growth of the LiDAR technology market. Furthermore, growing efforts and investments from various industry leaders in product development and expanding their businesses foster market revenues.
Competitive Landscape
The LiDAR market is assessed to witness significant product launches and strategies, such as mergers & acquisitions, partnerships, collaborations, expansions, and product & technology launches. These market players make significant investments to drive research and development activities and expansion plans.
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For instance, on May 04, 2022, Innoviz Technologies, a leading perception technology vendor, announced securing a LiDAR order from one of the largest vehicle manufacturers in the world. This deal may serve as a catalyst for other car brands to adopt Innoviz's LiDAR platform for perception technologies among larger automotive OEMs. The more advanced processes, such as advanced driver assistance systems (ADAS) and autonomous driving features integrated into vehicles, need LiDAR for different perception technologies.
In another instance, on April 12, 2022, RTR Energy Solutions announced expanding its drone survey capabilities with LiDAR technologies. RTR Energy's drone surveying and inspection program are for the utility industry. The addition of LiDAR to their service offerings would enable significant time and money savings, allowing to review undulations and details to capture with the terrestrial survey.
RTR's inspection and survey team identify and diagnose issues that transmission and distribution companies need to understand customer interruption frequencies at their lowest rate. RTR solutions can ensure that field issues are identified and recorded with the utmost accuracy, using advanced drone tech, mobile apps, and remote observance hardware.
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