Redding, California, Aug. 04, 2022 (GLOBE NEWSWIRE) -- According to a new market research report titled, ‘LiDAR Market by Dimension Type (2D, 3D, 4D), Technology (Macro-mechanical LiDAR, Flash LiDAR), Installation Type, Wavelength, Range, Service, Application, End-use Industry, and Geography—Global Forecast to 2029’, the global LiDAR market is projected to reach $20.03 billion by 2029 at a CAGR of 28.4% from 2022 to 2029.
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Light detection and ranging (LiDAR) is a technology used to create high-resolution models of ground elevation with a vertical accuracy of 10 cm (4 inches). Lidar equipment includes a laser scanner, a global positioning system (GPS), and an inertial navigation system (INS) and is typically mounted on a small aircraft. It is used to examine both natural and manmade environments. LiDAR is used in different industries such as automotive, defense & aerospace, oil & gas, mining, civil engineering, forestry & agriculture, and transportation.
The growth of the global LiDAR market is driven by the rising adoption of LiDAR systems in UAVs, increasing adoption of LiDAR in engineering and construction applications, use of LiDAR for automated driving cars, the emergence of 4D LiDAR, and initiatives undertaken by the governments to promote LiDAR Usage. Safety threats related to UAVs and autonomous cars and the easy availability of low-cost and lightweight photogrammetry systems may restrain the growth of this market.
Furthermore, the increasing investments in LiDAR startups by OEMs, technological shifts with the adoption of solid-state LiDAR, flash LiDAR, and other LiDAR technologies are expected to create significant growth opportunities for players in this market. However, the high cost of LiDAR services and scarcity of geospatial data pose a challenge to the growth of this market.
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The global LiDAR market is segmented by dimension type, technology, installation type, wavelength, range, service, application, end-use industry, and geography. The study also evaluates industry competitors and analyzes the market at regional and country levels.
Based on dimension type, in 2022, the 3D segment is expected to account for the largest share of the global LiDAR market.. However, the 4D segment is expected to register the highest CAGR during the forecast period. The rapid growth of this segment is attributed to the high adoption of 4D LiDAR in applications such as self-driving cars, robots, and other autonomous systems. Besides automobiles, 4D LiDAR has architecture, engineering, construction (AEC), entertainment, and AR/VR applications.
Based on technology, in 2022, the macro-mechanical LiDAR segment is expected to account for the largest share of the global LiDAR market. The growth of this segment is driven by the widespread use of macro-mechanical LiDAR in various applications, such as corridor mapping, military, volumetric mapping, and engineering. However, the flash LiDAR segment is expected to register the highest CAGR during the forecast period. The rapid growth of this segment is attributed to emerging usage and high preferences for autonomous vehicles and defense. Flash LiDAR is widely deployed in autonomous cars with ADAS capabilities and robotics application where high speed and precision is required to create infographics. According to McKinsey Insights, by 2030, around 15% of vehicles are expected to be autonomous. Furthermore, the National Ocean and Atmospheric Administration (NOAA) plans to implement flash LiDAR to increase accuracy in the weather forecast.
Based on installation type, in 2022, the airborne segment is expected to account for the largest share of the global LiDAR market. The large market share of this segment is attributed 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 a short time. However, the terrestrial segment is expected to register the highest CAGR during the forecast period.
Based on wavelength, in 2022, the 905 nm segment is expected to account for the largest share of the global LiDAR market. The large market share of this segment is attributed to its performance superiority in wet weather conditions, power consumption, low cost, and availability. However, the 1550 nm segment is expected to register the highest CAGR during the forecast period.
Based on range, in 2022, the short range (up to 10 m) segment is expected to account for the largest share of the global LiDAR market. The growth of this segment is attributed to the need for strengthening active safety and improving mapping and navigation for industrial machinery, robots, and drones. Moreover, short-range LiDAR helps improve augmented reality apps for smartphones.
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Based on application, in 2022, the mapping and cartography segment is expected to account for the largest share of the global LiDAR market. The growth of this segment is attributed to the rising demand for LiDAR sensors in network and infrastructure management services in various sub-domains of industries such as oil & gas, utilities, roads, and railways. However, the advanced driver assistance system (ADAS) segment is expected to register the highest CAGR during the forecast period.
Based on end-use industry, in 2022, the government bodies segment is expected to account for the largest share of the global LiDAR market. The growth of this segment is attributed to the need for surveying and monitoring environments, including forest management, coastline management, pollution modeling, agriculture, wind farms, and precision forestry.
Based on geography, in 2022, North America is expected to account for the largest share of the global LiDAR market. The growing advancements in LiDAR technologies and their applications in core 3D and 4D imaging and the increasing adoption of technologies such as ADAS are expected to have a positive impact on the growth of this market in North America. However, Asia Pacific is expected to register the highest CAGR during the forecast period. The rapid growth of this segment is attributed to the increased focus on LiDAR modernization programs in the region. China, India, and Japan are expected to become the major markets in the region, as developed countries are expected to increasingly outsource their LiDAR mapping and surveying services to these countries in the near future.
Some of the key players operating in the global LiDAR market are Trimble Inc. (U.S.), Leica Geosystems AG - Part of Hexagon (Switzerland), Sick AG (Germany), TOPCON CORPORATION (Japan), Velodyne Lidar, Inc. (U.S.), RIEGL Laser Measurement Systems GmbH (Austria), BEA SA (Belgium), Pepperl+Fuchs (India) Pvt. Ltd. (India), FARO Technologies, Inc. (U.S.), VALEO (France), Teledyne Optech (Canada), Shanghai Hesai Technology Co., Ltd. (China), LeddarTech Inc. (Canada), Suteng Innovation Technology Co., Ltd. (China), and Hokuyo Automatic USA Corporation (U.S.).
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Scope of the Report
LiDAR Market, by Dimension Type
- 2D
- 3D
- 4D
LiDAR Market, by Technology
- Macro-mechanical LiDAR
- Flash LiDAR
- MEMS LiDAR
- Optical-phased Array
- Other Technologies
LiDAR Market, by Installation Type
- Airborne
- Topographic LiDAR
- Bathymetric LiDAR
- Terrestrial
- Mobile LiDAR
- Static LiDAR
LiDAR Market, by Wavelength
- 885 nm
- 905 nm
- 1064 nm
- 1550 nm
- Other Wavelengths
LiDAR Market, by Range
- Short Range (up to 10 m)
- Medium Range (10 m to 100 m)
- Long Range (More than 100 m)
LiDAR Market, by Service
- Aerial Survey
- Asset Management
- GIS Services
- Ground-based Survey
- Other Services
LiDAR Market, by Application
- Mapping & Cartography
- Coastline & Shoreline Mapping
- Pollution Tracking
- Wind Speed Measurement
- Oil & Gas Exploration
- Advanced Driver Assistance System (ADAS)
- Meteorology
- Other Applications
LiDAR Market, by End-use Industry
- Automotive
- Defense & Aerospace
- Oil & Gas
- Mining
- Civil Engineering
- Government Bodies
- Transportation
- Other end-use industries
LiDAR Market, by Geography
- North America
- U.S.
- Canada
- Europe
- Germany
- U.K.
- France
- Italy
- Rest of Europe
- Asia-Pacific
- China
- Japan
- South Korea
- India
- Rest of Asia-Pacific
- Middle East & Africa
- Latin America
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