Pune, India, Aug. 14, 2023 (GLOBE NEWSWIRE) -- The global LiDAR market size was valued at USD 1.90 billion in 2022 and is anticipated to expand from USD 2.31 billion in 2023 to USD 7.94 billion by 2030, exhibiting a CAGR of 19.3% during the estimated period. The growth is due to the increasing demand for automated cars for gathering accurate data. The technology is extensively deployed in surveying, mapping, and infrastructure planning.
Fortune Business Insights™ provides this information in its research report, titled “Light Detection and Ranging (LiDAR) Market, 2023-2030”.
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List of Key Players Mentioned in the LiDAR Market Report:
- FARO Technologies, Inc. (U.S.)
- Hexagon AB (Sweden)
- Innoviz Technologies Ltd. (Israel)
- LeddarTech Inc. (Canada)
- Leica Geosystems (Switzerland)
- Ouster Inc. (U.S.)
- Sick AG (Germany)
- Teledyne Technologies (U.S.)
- Trimble Inc. (U.S.)
- Valeo S.A. (France)
Report Scope & Segmentation:
| Report Coverage | Details |
| Forecast Period | 2023-2030 |
| Forecast CAGR | 19.3% |
| 2030 Value Projection | USD 7.94 Billion |
| Market Size in 2023 | USD 2.31 Billion |
| Historical Data | 2019-2021 |
| No. of Pages | 200 |
| Report Coverage | Revenue Forecast, Company Profiles, Competitive Landscape, Growth Factors and Latest Trends |
| Segments Covered |
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| Regions Covered |
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| LiDAR Market Growth Drivers | Increasing Demand for 4D LiDAR Solutions for Several Industrial Verticals to Propel Market Growth |
| Increased Demand for LiDAR from Unmanned Aircraft Systems, Engineering, Construction, and Other Applications to Aid Market Growth |
Browse Detailed Summary of Research Report with TOC:
https://www.fortunebusinessinsights.com/light-detection-and-ranging-lidar-market-101969
Russia-Ukraine War Impact:
Supply Chain Disruption on Account of the Conflict May Hamper Industry Expansion
The Russia-Ukraine war has a profound impact on the raw material price system and supply chain relationship. Ukraine is known for the production of electronic components. The war may lead to disturbances in the manufacturing capabilities of the product. The conflict could lead to an unstable atmosphere in the global and European regions.
Segments:
Hardware Segment to Lead Impelled by Growing Product Demand in Numerous Sectors
On the basis of component, the market is fragmented into software and hardware. The hardware segment is slated to record considerable expansion throughout the estimated period. The expansion is impelled by the upgradation in hardware solutions.
Mechanical Segment to Gain Traction Propelled by Rising Need for New and Advanced LiDAR Sensors
Based on type, the market for LiDAR is classified into solid-state and mechanical. The mechanical segment held a major share in the market and is expected to grow at a substantial pace over the study period. The growth is driven by the rising automotive LiDAR demand for advanced driving assistance systems.
Ground-based Segment to Emerge Prominent Impelled by Rising Demand for Ground-based LiDAR
On the basis of deployment, the market is categorized into airborne and ground-based. The ground-based segment is set to hold a dominating share in the market and is expected to register considerable expansion over the forecast period. The surge is propelled by rising product usage in various applications such as autonomous vehicles, corridor mapping, and others.
Medium Range Solutions Segment to Register Notable Surge Owing to Soaring Demand in Numerous Applications
On the basis of range, the market for LiDAR is subdivided into long range, medium range, and short range. The medium range segment is estimated to exhibit notable growth over the projected period. The expansion is driven by the surging adoption of these solutions in exploration, mapping, engineering, environment, and other applications.
Automotive Segment to Hold Major Share Driven by Soaring Need for New and Advanced Sensors
By industry, the market is fragmented into smart infrastructure, aerospace and defense, automotive, oil & gas, environment sector, and others. The automotive segment is touted to register appreciable expansion over the projected period. The growth is impelled by the increasing demand for LiDAR applications such as autonomous vehicles and advanced driver assistance systems.
Based on geography, the market for LiDAR is segregated into Asia Pacific, Europe, North America, Latin America, and the Middle East & Africa.
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Report Coverage:
The report gives an analysis of the pivotal trends boosting the global business scenario throughout the forecast period. It further offers an insight into the key factors driving the market growth over the coming years. Additional factors include merger agreements, acquisitions, and various strategies adopted by leading industry players for strengthening their industry positions.
Drivers and Restraints:
Surging 4D LiDAR Demand to Propel Industry Expansion
One of the major factors impelling the LiDAR market growth is the increasing deployment of the technology for machine vision, autonomous vehicles, and factory automation. The technology demand is set to rise with the evolution of autonomous cars.
However, the industry growth may be affected by the rising usage of transportable and low-cost photogrammetry for surveying and mapping purposes.
Regional Insights:
North America to Hold Dominating Share Impelled by Rising Adoption of 3D and 4D Technologies
The North America LiDAR market share is anticipated to register appreciable growth over the forecast period. The region will hold a dominant market share considering the rising adoption of core 3D and 4D technologies.
The Asia Pacific market is estimated to exhibit a substantial CAGR over the study period. The growth is due to a rise in mapping and survey activities.
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Detailed Table of Content:
- Introduction
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Key Insights
- Key Industry Developments – Key Contracts & Agreements, Mergers, Acquisitions and Partnerships
- Latest technological Advancements
- Porters Five Forces Analysis
- Supply Chain Analysis
- Qualitative Insights-Impact of Russia-Ukraine War on Global LiDAR
- Impact of Russia-Ukraine War on Global Light Detection and Ranging (LiDAR)
- Global LiDAR Analysis, Insights and Forecast, 2019-2030
- Key Findings / Segmental Definitions
- Market Analysis, Insights and Forecast – By Component
- Hardware
- Software
- Market Analysis, Insights and Forecast –By Type
- Mechanical
- Solid-state
- Market Analysis, Insights and Forecast – By Deployment
- Ground-based
- Airborne
- Market Analysis, Insights and Forecast – By Range
- Short Range
- Medium Range
- Long Range
- Market Analysis, Insights and Forecast – By Industry
- Automotive
- Aerospace and Defense
- Smart Infrastructure
- Environment Sector
- Oil and Gas
- Others
- Market Analysis, Insights and Forecast – By Region
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- Latin America
TOC Continued...!
Competitive Landscape:
Key Companies Enter Strategic Deals to Strengthen Industry Footing
Major market players are focused on adopting a series of strategic initiatives for expanding the reach of their products. These include merger agreements, partnerships, and collaborations. Additional steps comprise an upsurge in the formation of alliances and research and development activities.
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Key Industry Development:
February 2023 – Innoviz Technologies inked a collaboration with General Laser to drive sales for the company’s LiDAR products in the Europe market.
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